Ethereum Classic (ETC) Growing Against all Odds
When Bitcoin loses value, it is an excellent time for altcoins to improve their BTC ratio. Unfortunately, that doesn’t appear to be happening all that much right now, other than where the Ethereum Classic price is concerned. Unlike all other currencies, the Ethereum Classic price is still in the green over the past 24 hours.
Cryptocurrency markets are still pretty unstable. While things looked to be in a good place, this past morning has resulted in a lot of losses again. All major cryptocurrencies are down between three to seven percent. One exception is ETC, as the Ethereum Classic which price is still up and growing against all odds.
With most of the ETC trading volume originate from OKex, Upbit and Bithumb are also in the top three. Nowadays a lot of people are looking to diversify their Bitcoin holdings. The way things look right now, there is a lot more upswing potential for altcoins compared to Bitcoin, even though all markets are intrinsically linked to the world’s leading cryptocurrency first and foremost.
What is Ethereum Classic (ETC)
Ethereum Classic is the original Ethereum blockchain and allows for the implementation of decentralized applications and smart contracts. The project was born out of an unwavering belief in core principles. It symbolizes the importance of a cryptocurrency being fungible and its blockchain immutable.
Ethereum Classic continued the original blockchain and split from Ethereum in July 2016. It was predicted that the original chain would simply disappear after the fork, but mining and trading continued. Eventually, Poloniex listed ETC and the price reached one-third of ETH’s.
After bitter attacks in the various Ethereum subreddits, ETC made a Declaration of Independence saying that they believe in a decentralized, censorship-resistant, permission-less blockchain. They also believe in the original vision of Ethereum as a world computer that cannot be shut down, running irreversible smart contracts.
From their Declaration of Independence’s core principles, we can read:
“Code is law; there shall be no changes to the Ethereum Classic code that violate the properties of immutability, fungibility, or sanctity of the ledger; transactions or ledger history cannot for any reason be reversed or modified.”
These principles did not align with Ethereum and ETC no longer associates with the Ethereum Foundation.
The Ethereum Classic (ETC) team intentionally holds a low profile. The lack of high profile leader is in line with their core philosophy of ETC being decentralized and free from powerful human influence.
However, the majority of this team has over 10 years of experience in software engineering and understand how to build a system supposed to work for years.
Their main focus is on making Ethereum Classic a stable and usable technology. Opposite to move fast and break things.
ETC vs ETH
ETC diverges greatly from ETH when it comes to mining and coin supply. Ethereum has a built-in difficulty bomb that makes mining with proof of work harder over time. This will eventually force all miners to switch to proof of stake. ETC will pause this difficulty bomb and intends on sticking with proof of work.
Even though Ethereum had a bigger run upwards in the last years, the fact that people didn’t leave the original shows us its here to stay.
With most cryptocurrency markets in the red once again there is a lot of positive momentum in the ETC market right now. With ETC investors are investing in a commitment to an immutable blockchain.
Their team hopes, in the long run, there is value in sticking to your principles, and as we can see, they have good reasons to believe in that.
Overall, this coin is already in the top 15, and it looks like it is heading even higher.
Image 1 – Ethereum Classic (ETC) Charts – Source: http://coinmarketcap.com
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.