With the continuing uncertainty in the digital coin market, many critics have been writing off Ethereum Classic (ETC) as a “dead coin” but things appear to change for the coin. With not clear cut use case, investors are concerned about the future of the once social media popular coin.
Many crypto critics have been dismissing Ethereum Classic but the community behind the coin is still hanging on the coins original objective. The outfit still believes in total transparency and immutability. Thing have not been all well behind the scenes despite a few improvements since the DAO smart contract saga that saw several millions dollars lost from the network.
Ethereum Classic (ETC) Getting Back on Track
The crypto-sphere is becoming highly competitive and many coins are starting to relook at their infrastructure to make them relevant for the future consumer demands. The recent introduction of a new web based Emerald wallet, this is one of the new signs that the ETC coin is repositioning itself to the market challenges of the future.
This is one step that got the recognition of Cardano’s Charles Hoskinson. Improving on transaction speeds is one of the issues that have bogged down the system and things are getting better by the day.
One thing that tore Ethereum Classic from the middle is the mass migration to the Vitalik led Ethereum. The original outfit was more developed than the new platform, starting from scratch has not been that easy. However, EC superiority still lies on implementing the PoS and PoW in the Calisto chains.
The beauty of Classic is its application of smart contracts and as a developer; you can creates DApps n the ecosystem. With scalability becoming a major problem in the crypto-sphere, ETC has its scalability cut out with a consensus governance structure is another driving force.
Ethereum Classic Soft Fork to Defuses ’Difficult Bomb’
Mining on the ecosystem has been a nightmare due to the ‘difficult bomb’ code in block 5,900,000 that relies on the original Ethereum outfit. This will force users of the block to upgrade their software in order to increase mining difficulty as the platform shifts to a new algorithm.
The soft fork will make mining profitable on the network and this might soon create hype around the coin to start seeing the coin popularity start growing.
According to Ethereum Classic’s Lusardi:
“There’s a lot of new algorithms being proposed like proof-of-stake, delegated proof-of-stake and byzantine fault tolerance, and within our community we’re not convinced that these newer versions of consensus are any more decentralized and we’re somewhat afraid that they may be more centralized than say proof-of-work.”
Past forks have always been seen as destructive with some miners sticking to the old codes by for network, things are looking smooth this is the only way to coin will remain relevant and start to gain traction going forward.
How is Ethereum Classic (ETC) Doing in the Market?
The entire digital coins market appears to be undecided on recovery with many coins still in the red. The BTC price drop has affected the whole market making it bullish for the last one month. However, things seem to be changing with green trading shifts punctuating the market.
Ranked 18, Ethereum Classic (ETC) is trading at $16.02 after a marginal gain of 2.75% against the dollar and 0.96% to BTC. This is a positive move and a breakout appears to be forming. With the developers team working on the project, staking on the coin at the moment might be a good idea as the coin gets back on track towards its all-time high of $45 recovery.