Ethereum Classic: What Is It?
Ethereum Classic runs smart contracts in a blockchain based, open-source, decentralized environment. An attack on the Ethereum network in 2016 led to the creation of the Ethereum Classic. As Ethereum was split into two blockchains, Ethereum Classic was the original, and Ethereum was the newer one.
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Ethereum Classic (ETC) is unique because it cannot be altered. This includes a history of the whole network, as well as the 2016 exploit.
Can ETC be considered for investment purposes?
It is still in the early stages of developing as a global payment network. Members of the Ethereum Classic community hold an idealistic perspective on blockchain technology. They believe that blockchains shouldn’t be altered. Taking into account that this technology was designed to be completely unmanipulable by humans is crucial.
The hard fork of 2016 was outdated in the eyes of the ETC idealists. In their view, the “Code is law” amendment retains the inherent immutability of an institution whose purpose is fundamentally different from that of global finance. This hard fork, according to them, sets a precedent that users can do as they like in the future.
Its special features: Ethereum Classic (ETC)
Ethereum Classic has a permanent ledger that makes it unique, but security and scalability concerns threaten its future.
Although Ethereum Classic (ETC) is capable of smart contracts, it is relatively less popular than Ethereum. As a result of a 51% attack, developers lost confidence in the network. According to analysts, Proof of Stake is critical to Ethereum Classic’s scaling capabilities and protection from future attacks.
ETC is often compared to Ethereum. Why?
There will be a continuing debate between Ethereum and Ethereum Classic (ETC), no matter which long-term cryptocurrency fans support.
While Ethereum Classic and Ethereum have had large price differences in recent years, it appears they have followed similar trends. Both markets declined in 2018 after rallying in 2017. They subsequently rebounded in 2021. Ethereum seems like a good investment right now. In terms of market cap, it is only slightly behind Bitcoin and is a giant in the world of cryptocurrencies. On top of its application for the rapidly growing blockchain industry, it is also capable of decentralized finance (DeFi) and nonflammable tokens (NFT).
Contrary to this, Ethereum Classic (ETC) is somewhat different. ETC has suffered from a lack of leadership, vision, and solid foundations. In early 2021, however, the search for low-cost coins pushed prices for ETC upward. Due to the soaring price, investment losses were reduced.
In light of Ethereum Classic’s controversy, is it worth considering as an investment?
Its price is lower than that of Ethereum (ETH), which is one of its advantages. Despite this, the organization lacks a road map to guide its future growth, seriously limiting its potential. After a recent bull run, it is likely that Ethereum Classic (ETC) will perform well for its investors in the long run.
