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Theravada, Mahayana, and Tibetan.
The main difference between Theravada and Mahayana Buddhism is their approach to enlightenment. Theravada focuses on individual realization and self-liberation, while Mahayana emphasizes compassion and the idea of helping all beings achieve enlightenment. Additionally, Mahayana includes a wider range of texts and practices than Theravada.
There are 3 main Buddhist denominations: Mahayana, Theravada, & Vajrayana.
They split into the Mahayana and Theravada. Theravada is called the Teachings of the Elders and is predominant in South East Asia (Burma, Thailand, etc). It is somewhat closer to basics of what the Buddha taught and is more concerned with personnel liberation. Mahayana is predominate in China, Tibet, Japan. In its teachings it includes discourses and analysis from later Buddhists. It too is primarily concerned with personnel liberation but also includes the importance of helping other sentient beings to reach liberation.
Mahayana is longer and easier path towards enlightenment and Vajrayana is quicker and more harsh and hardworking path towards the achievement of enlightenment.
The main difference is: In Theravada, one escapes cyclic existence over the course of many lifetimes (through trial and error). In Mahayana, one can reach their full Buddha nature and escape cyclic existence in this lifetime, or the next, or whenever you feel ready.
It is the modern branch which is the nearest to the original. Buddhism has at least two main branches, Theravada which started in 6th century BCE and Mahayana, 3rd century BCE.
Theravada, Mahayana, & Vajyana. The 2 most well known Buddhist sects are Zen & Tibetan. Zen falls under the Mahayana denomination, & Tibetan falls under the Vajyana denomination.
Theravada Buddhism focuses on the individual; Mahayana Buddhism focuses on society as a whole.
This is too complex to answer in full here, but please refer to this excellent website which has a detailed discussion of the schools and lineages:http://www.buddhanet.net/e-learning/history/schools.htmThe three branches of Buddhism are Mahayana Buddhism, Vajrayana Buddhism, and Theravada Buddhism.
Basically there are three main schools, Theravada, Mahayana and Trantric. The Theravada promotes self practise according to the Buddha's way of life; the Mahayana promotes practise inclusive of other beings while the Trantric promotes mystic qualities of being. To answer the question of which is the best practise of Buddhism will depend on the level of evolution of the person; his past lives; his quality of mind energy.
This is a short answer to your question. But much more detail is available online. At one time there were 3 great traditions in Buddhism. These were Mahayana, Theravada, and Hinayana. Two traditions are still active today, Mahayana and Theravada. In the Mahayana tradition a follower seeks to attain enlightenment not only for themselves but for the benefit of all sentient beings. These people are referred to as Bodhisattvas. The Mahayana tradition is the largest of the two Buddhist traditions active today. It was started sometime about 400 years after the Buddha's death. One of the great Masters of Mahayana was Nargajuna who taught on emptiness. The Theravada tradition was started after the Third Council after The Buddha's death. This council was held to remove some heretical beliefs and writings from the scriptures that were seeping into the teachings. The Buddha's teachings were written down and approved by this council and is know as the "Teachings of the Elders". The main goal of a Theravadan is to attain Buddha-hood. It is the oldest school and the one most closest to the early Buddhism. Hinayana tradition was for those who for seek enlightenment for themselves, but Hinayanists developed a set of rules that only a person who reincarnated as a man and become a Monk could attain enlightenment, which goes against The Buddha's teachings. As of today, there are no schools of tradition for Hinayana. It is effectively a dead tradition.