With rising inflation in the global economy, cryptocurrencies continue to gain traction as they are considered a hedge against a financial slump. This has created a revolution in the traditional sector of finance as more investors and financial institutions adopt the use of digital currencies like Bitcoin, Ethereum, Litecoin, Ethereum Classic, and many others with a wide range of other benefits they present.<\/p>\n\n\n\n
Ethereum Classic has proven to be one of the strongest performers through the cycles with a formidable market cap, thereby attracting an influx of developers, builders, and investors to the network. It is regarded as the first Ethereum hard fork and despite its strength, it has proven to also be a risky asset because of the controversies surrounding the creation of the token.<\/p>\n\n\n\n
In this article, we’d explore the Ethereum Classic ecosystem, the underlying values, and the future price potential based on experts’ opinions and our analysis.<\/p>\n\n\n\n
Ethereum Classic (ETC) is a blockchain protocol created in 2016 from the Ethereum network. ETC is an open-source network that aims to provide decentralized methods for hosting and developing applications, conducting on-chain transactions without intermediaries, etc. It functions in a deflationary policy which means that the token was built to be more valuable than the parent coin Ethereum which has a fixed supply. This blockchain was also a result of the DAO hack on the Ethereum protocol, resulting in a hard fork that aimed to return the funds that were lost in the attack to the main addresses.<\/p>\n\n\n\n
The difference between Ethereum and Ethereum Classic is not so prominent except in the community base and market cap. Due to the major part of the development team belonging to the Ethereum foundation, ETC has struggled to keep up with the advancement and feature development.<\/p>\n\n\n\n
The Ethereum Classic protocol cannot be modified, unlike the Ethereum blockchain, because of the governance of the protocol. Also, with regards to the governance process on each protocol, ETC operates on the collective contribution of both the network users and developers. Ethereum Classic emphasizes the development and security of its smart contract while maintaining the scalability of the blockchain. They aim to maintain the ease of operation among the developers as much computing power is not needed to mine or operate the network.<\/p>\n\n\n\n
At the time of Ethereum Classic’s inception, it was drafted that the Ethereum holders would be granted an ETC airdrop which helped in maintaining the supply capacity within the cryptocurrency market. However, as both chains evolved, the supply changed because of the functions of token maintenance on their protocols.<\/p>\n\n\n\n
The team behind the ETC is highly diversified as the blockchain is handled by many segments like the development quarter, and funds. Responsibilities on the network are shared by many of these teams while maintaining the separation in decision making and decentralization, making opportunities for the network used to be active members in chain improvements, mining farm development, and managing the events on the platform.<\/p>\n\n\n\n
To further strengthen its position as an Ethereum subsidiary, ETC has partnered with many significant individuals and firms, especially with the launch of the Ethereum Classic Investment Trust and collaboration with Chinese Exchange BTCC. Many projects have been launched in the protocol as a result of Barry Silbert, co-founder of the Digital Currency, started promoting Ethereum Classic on many financial media platforms.<\/p>\n\n\n\n
Recently, Grayscale Investments announced that Ethereum Trust has been rebranded to a SEC reporting firm, which added ETC to one of the leading investments of the digital assets manager with Bitcoin, Litecoin, Digital Large Cap Fund, and a few others. In addition, ETC Labs has partnered with Gitcoin to facilitate more technological projects and upgrades which in turn would attract investors and capital inflow. They also collaborated with BloqCloud and Swarm for the creation of BloqCloud Connect which will aid in Ethereum and Ethereum Classic infrastructure services while prioritizing high-end developments, quality projects, and upgraded security systems.<\/p>\n\n\n\n
Ethereum Classic is currently worth $<\/b>6.59<\/span><\/span><\/span><\/strong> USD. ETC has moved 0.44%<\/span><\/span><\/strong> in the last 24 hours with a trading volume of