In essence, Ethereum Classic (ETC) represents a hard fork of Ethereum, the giant of the market. A hard fork means the cryptocurrency has replicated the code of Ethereum and works in a similar way with a few minute – or major – changes.
Ethereum Classic (ETC) is a blockchain that cannot be altered. Besides containing the records of the 2016 exploit, it also holds the complete history of the network.
Its developers are still hard at work in order to make it a global payment network. Ethereum Classic’s community has a fundamentally idealistic view of the blockchain. According to them, blockchains must not be altered. Last but not least, we have to remember that this technology was intentionally designed to prevent humans from manipulating it.
As far as the ETC idealists are concerned, they reject the reasoning that led to the hard fork of 2016 and invoke the “Code is law” amendment to ensure the immutability of a system that was built to be fundamentally different from the traditional global system.
ETC’s community condemned the hard fork. In their view, creating future forks would set a precedent of breaking the rules for any possible reason.
Ethereum Classic (ETC) – what makes it unique
The primary uniqueness of Ethereum Classic resides in its indisputable and permanent ledger, but its future appears to raise a number of concerns regarding scalability and security.
Despite offering smart contracts, Ethereum Classic (ETC) has not been as popular with users as Ethereum. Ethereum is known for its vision, support, and enormous developer support.
An attack series of 51% weakened the developers’ faith in the network. In order to scale the transaction limit and eliminate the threat of future attacks on Ethereum Classic, analysts have concluded that it will be necessary to use the Proof of Stake consensus mechanism.
Why always Ethereum Classic (ETC) vs Ethereum?
In light of all the controversy, it is fair to wonder if Ethereum Classic is a good investment?, Regardless of what the long-term cryptocurrency enthusiasts support, the Ethereum vs Ethereum Classic (ETC) debate will continue to exist.
Over the past few years, the price gap between Ethereum Classic and Ethereum grew larger, but it appears that they follow a similar pattern. In 2017, both rallied, declined in 2018, and re-rose in 2021.
Presently, Ethereum seems a better investment opportunity. With a market capitalization just behind the leader Bitcoin, Ethereum is a crypto powerhouse. In addition to facilitating Decentralized Finance (DeFi) and non-fungible token (NFT) sectors, it provides the core for the growing blockchain industry.
The Ethereum Classic (ETC), however, has a different tale to tell. It has struggled somewhat since it has not had much support, vision, or solid fundamentals. However, a meme coin trend in 2021 drove ETC’s price movement as investors searched for low-cost coins to pump. Therefore, investors have seen huge returns on their investments as the price skyrocketed.
Is ETC a good Investment? One of the major appeals of Ethereum Classic (ETC) compared to Ethereum is its lower price. Nevertheless a lack of a road map, somewhat, seriously denounces its worth and hampered its growth. Ethereum Classic (ETC) short-term outlook is downbeat, but after the recent bull runs, it can be expected that in the long-run ETC coin will fare well with its investors.