In the last couple of months, Ethereum Classic has turned out to be an incredibly strong competitor in the crypto niche, and was even slated to be listed on major cryptocurrency exchange – Coinbase.
Ethereum Classic or ETC came into “existence” when the original Ethereum team had decided to fork away from the token they created, due to the massive hack where hackers stole tones of tokens. The supporters of Ethereum Classic refused to participate in the fork on grounds of “immutability” – where they didn’t agree that owners of those stolen Ethereum tokens were eligible to get their tokens back.
Since then, it had gone through massive changes. For one, its prices did not go as high as the “new” forked away Ethereum. While that is the case, it found very huge support in Barry Silbert (who’s a former Wall Street bigwig), who bought it (massively), when it was only trading for US$0.50. Not only has he bought tonnes of ETCs, he also invested into building the token’s infrastructure and ecosystem through his flagship investment entity – the Digital Currency Group (DCG).
The ETC team puts up a good fight
The ETC team has been known to have been continuously putting up quite a challenge to their competitors (Ethereum included). For this, it is expected that by the end of this year, the ETC developers plan to:
- Incorporate sidechains to increase scalability and provide better efficiency
- Offer ability for 3rd party developers to create and deploy dApps (decentralized applications)
- Integrate ETC with IOT to enter a whole new market and capture a wider user base
Suffice to say, by having access to funds and a relatable ecosystem (i.e. tech), which is what its patron affords now, easily puts ETC on the map.
It is suspected that of Ethereum (ETH) is expected to shift their interests (to ETC) once the platform adopts the Proof of Stake (POS) protocol. In that case, many analysts are confident that the market value and interest for ETC will increase significantly. Miners of ETH will have no choice but to switch over to ETC. Of course, it is not a hard and fast rule, but weighing ETC’s potential in taking ETH’s place – it is indeed plausible, and makes for a worthwhile gamble.
To conclude, we do think that ETC stands a good chance to come back again as the “original Ethereum”, as ETC focuses on building up its functional capabilities. Its low price makes it a logical bet, at least for the long term. All these while ETH mostly focuses only its use case as a “smart contract” platform; while good at first, clearly is seeing a downtrend due to the fact that Initial Coin Offerings (ICOs) projects have been dwindling. Surely Ethereum (both ETC and ETH) have more potential than just enabling ICOs?
Anyhow, don’t take our word as investment advice – we are not investment advisors.
Journalist and Blogger. Azeem has a keen interest in blockchain technology and he frequently writes about different applications and services to make the general public aware of blockchain's extensive utility in daily life.