- Ethereum Classic is an ideal alternative for people wanting to stay on the Ethereum blockchain.
- Ethereum Classic is slowly gaining some traction from the market after the merger with Ethereum.
Ethereum is the second most popular cryptocurrency after Bitcoin. Interestingly, it also has another version called Ethereum Classic that claims to be quite similar to Ethereum. Ethereum Classic is the coin that clinked onto its original blockchain after a hard fork initiated by network hacks in 2016.
Many people had predicted that Ethereum Classic (ETC) would become more popular after the merger with Ethereum. This merge transitioned ETH into a proof of stake consensus algorithm from its previous proof of work. Thus with this, the price of ETC will be much lower due to being a store of value compared to ETH.
A Detailed Discussion about Ethereum Classic
The Ethereum blockchain took almost two years from 2015 to be developed by the current CEO Vitalik Buterin and its co-founders Gavin Wood and Charles Hoskinson. In just one year, the members of the Ethereum community engaged in an intense debate regarding a potential hard fork or split. There were two groups within those communities, one which supported the hard fork and another that didn’t. Therefore, the Ethereum Classic was started as a continuation by miners who wanted to avoid signing up for a hard fork.
Ethereum Classic didn’t plan to move into a proof of stake consensus when the merge was completed. This decision resulted in the tanking of Ethereum Classic’s value in the market compared to Ethereum. Officially, no development team is available for Ethereum Classic, as most updates are performed through open-source code. However, the merge was manageable for Ethereum Classic as plenty of new users flocked into its blockchain.
Only those investors or developers that preferred Proof of Work and an increased security model liked Ethereum Classic. Furthermore, the Mantis project was rolled out to thwart the attacks conducted by malicious hackers on Ethereum Classic. It was launched by IOHK, a blockchain infrastructure research and engineering company founded by Charles Hoskinson.
Is Ethereum Classic Providing an Investment Opportunity for the Future?
Like Ethereum, Ethereum Classic also functions over a smart contract network, ideal for hosting decentralized applications. With the rise in demand for ETC, the miners are also on edge regarding the prospectus of earning an increased amount. To showcase their development, Ethereum Classic conducted a hard fork for introducing a series of features called Magneto.
Before investing in the Ethereum classic, you should remember that the crypto markets are still volatile, with extreme ups and downs. Thus, it is up to you and the research you conduct before going in to have Ethereum classic. Many people often compare Ethereum and Ethereum Classic to find out the differences. Regarding differences unlike other coins, they are quite visible over the two Ethereum coins. But in terms of price, Ethereum is far superior to Ethereum Classic due to the larger services on offer.
Conclusion
Even though you can find plenty of drawbacks regarding the potential of Ethereum classic compared to Ethereum’s popularity, the development work Ethereum Classic is involved in could provide it the boost required to be an ideal investment for the future.
