Ethereum Classic: What on earth is it?
Ethereum Classic is a cryptocurrency that uses smart contracts as part of an open-source, decentralized blockchain. The Ethereum Classic chain was created in 2016 after an attack on the Ethereum network. Original Ethereum blockchain split into two, Ethereum Classic (the original blockchain) and Ethereum, which is the newer blockchain. Ethereum Classic preserves the history of the original Ethereum chain and it exists to uphold the principle “Code is Law.
Ethereum Classic (ETC) is a unique digital currency because it cannot be altered. This includes a history of the entire network, as well as the 2016 exploit.
With ETC no censorship, downtime, or third-party interference is possible with the applications running exactly as they are programmed.
Ethereum Classic makes it possible to write, deploy, and execute smart contracts anywhere without being censored; ETC is the leading platform for truly programmable money.
There is still much to be developed at ETC as a global payment network. Ethereum Classic’s members have an idealistic perspective on blockchain technology. According to them, blockchains shouldn’t be modified. I believe it is crucial to remember that this technology was designed in such a way that it cannot be controlled by humans.
Hard forking in 2016 wasn’t right in the eyes of ETC idealists. They argue that the “Code is law” amendment retains the inherent immutability of an institution whose purpose is fundamentally different from that of global finance. Using this hard fork, they say, sets a precedent for users to choose whatever actions they wish to take in the future.
What’s Different: Ethereum Classic (ETC)
Ethereum Classic possesses a permanent ledger that makes it unique, but concerns about security and scalability threaten its continued existence.
Despite the fact that Ethereum Classic (ETC) supports smart contracts, its popularity is considerably less than that of Ethereum.
Developers lost confidence in the network after a 51% attack. Proof of Stake is critical to the scaling capabilities of Ethereum Classic and the protection from more attacks in the future, according to analysts.
ETC is often compared to Ethereum. Why?
A continuing debate will rage between Ethereum and Ethereum Classic (ETC), regardless of which cryptocurrency long-term supporters support.
The price of Ethereum Classic and Ethereum appears to have followed similar trends, despite their price differences over the past few years. 2018 was a year of decline for both markets after a year of the rally in 2017. Following that, they rebounded in 2021. At the moment, Ethereum looks like a great investment. The market cap of the coin is next larger behind the leader Bitcoin, making it one of the biggest in the sphere of cryptocurrencies. Furthermore, it can facilitate decentralized finance (DeFi) and nonflammable tokens (NFT) besides applications for the rapidly expanding blockchain industry.
This is not the case for Ethereum Classic (ETC). Leaders, visions, and solid foundations have been lacking at ETC. At the beginning of 2021, however, a search for cheaper coins caused ETC prices to increase. A high price resulted in a reduction in investment losses.
Can Ethereum Classic be considered as an investment despite its controversy? The price of this coin is lower than that of Ethereum (ETH), which is an advantage. However, the organization does not have a road map for its future growth, which limits its potential. Nevertheless, there is a possibility that Ethereum Classic (ETC) will perform well in the long run for its investors, following a recent hike.