A bit more than two years ago in the Ethereum (ETH) blockchain was implemented hardfork. All known DAO hacking occurred because of an exploit that allowed the hacker to steal about $60 million in ETH.
In order to somehow influence the situation, the Ethereum community favored the implementation of a hardfork, in which the rollback of the network was carried out to the point of hacking. About 97% of users supported the proposal.
However, there were those who didn’t support hardfork. Those who believe that such a change is detrimental to the essence of the blockchain, as an unchanging system. The creators of Ethereum Classic (ETC) also argue that such changes can reduce the decentralization of the network, while the code is perfect, and the human error is a voluntary act. Making changes after each attack can reduce its stability.
In this regard, part of the community that opposed change, has become the community of Ethereum Classic.
Cryptocurrency Ethereum is the second largest market capitalization indicator for the blockchain platform in crypto space, while Ethereum Classic is ranked 15th, according to Coinmarketcap.
Ethereum and Ethereum Classic are very similar: both platforms offer smart contracts and have a high level of decentralization. However, until now, the crypto community has favored Ethereum. This doesn’t mean that the Ethereum Classic project was left without attention. ETC road map has great prospects and intentions to make the coin more attractive.
In Ethereum Classic there are several significant improvements. Recently, the development team has removed the “complexity bomb”, which currently excludes the possibility of switching to PoS. Due to this, mining became more profitable and maintains stability in the number of blocks extracted.
It will be interesting to see how Ethereum will continue to implement its monetary policy, as the team seeks to move from PoW to PoS.
After transition of ETH to PoS, most likely, a significant part of the capacities will switch to ETC mining. Again, there is no guarantee that after switching to PoS, Ethereum will remain a stable system, not to mention that after the new rules come into force, the reward of the miners will be reduced by 80% – from 3 ETH to 0.6 ETH.
If ETH implements the Casper protocol, it’s likely that most of the miners will switch to Ethereum Classic mining. And since ETC has relatively small capitalization (compared to ETH), the price of a token can show a rapid upward rally.
If the intensity of mining in the ETC network increases, it will lead to its growth, and, consequently, add value to the coin. It can be assumed that the ETC is set to mass sustainable growth in 2018. Achieving the $1000 mark isn’t impossible (but, of course, not until December of this year).
Just look at the evolution of ETH last year. The price of the coin for the year increased from $10 to $1,350, and ETC can do just that, or even more, thanks to the funding of Grayscale and the development team working on the development of ETC.
The Ethereum Classic project is a model of the perseverance and commitment of the community. Despite the difficulties, the philosophical debate that underlies his birth, the cryptocurrency continues to develop and flourish.
At the moment IOHK, the team behind the development of Cardano, has a group of developers who are actively working to make the Ethereum Classic (ETC) blockchain better.