Ethereum Classic (ETC) At $75 By Q1, As New Excitement Coming Next Month
For crypto enthusiasts who have stayed a while in the crypto space, the conflict between Ethereum and its native cryptocurrency Ethereum Classic (ETC) is by no means a new phenomenon. Although the two coins are practically related, they share a couple of differences that make each of them unique.
From the DAO attack that led to the hard fork that saw the advent of Ethereum (also known as the new Ethereum) those who refused to move to the new platform might have been frowned upon but not anymore as experts predict a spike in ECL’s price.
What is Ethereum Classic?
For the uninitiated, Ethereum Classic is actually the original Ethereum Blockchain. Although it was abandoned by a majority of the Ethereum community after the DAO attack of 2016, it still retains the original immutable Blockchain code of Ethereum.
Basically, at the time of the introduction of Ethereum, the crypto space was all about enabling financial freedom and eliminating corruption. As a result, the Blockchain was made immutable in an effort to protect it against human whims.
But events after the DAO attack that saw about 50 million worth of Ethereum’s DAO tokens get stolen put a rift in the community with some supporting a hard fork to solve the vulnerabilities in the Blockchain while others resolving to stick with the original Blockchain. The DAO tokens have since been recovered, however, the rift between the two communities has grown wider over the years.
The Pros and cons of Ethereum Classic
Ethereum classic (ETC) is touted as the “decentralized immutable and unstoppable” alternative to Ethereum. Simply put, it is a continuation of the original Ethereum Blockchain that preserves the unhampered principles of Ethereum which are run on programmed smart contracts with zero downtime fraud, third party interference, and censorship.
The team that supports Ethereum classic argues that “code is law” and seeks to protect the original Ethereum from human whims. However, Ethereum classic remains incompatible with the “new Ethereum” and as a result does not get updates from its child Blockchain.
Furthermore, most of the heavy hitters of the Ethereum community including the creator and founder of Ethereum Vitalik Buterin, have all moved to the new Ethereum Platform since the DAO attack. In addition, most onlookers consider the continuation of Ethereum classic as an attack on the existence of Ethereum as the former is reportedly full of scammers.
Ethereum Classic News
As it stands currently, Ethereum Classic seems to be ready to retest new price heights despite the controversy and conflict between the two communities i.e. Ethereum and Ethereum Classic. ETC is currently following the broader selloff, changing hands at about $38 according to XBT.net.
However, the price more than doubled compared to its position ($13.95) early in the month of February. The rally on Tuesday was led by an upcoming launch of Callisto on March 5. It will be based on the Ethereum Classic protocol. And if projections by market experts are anything to go by, Ethereum Classic’s price might hit $75 or above in coming days.
When compared to Ethereum, Ethereum Classic (ETC) still has a long way to go. However, its recent price rally might be reason enough to encourage holders of ETC to keep at it as the coin maintains its position among the top 20 cryptocurrencies. No matter where you stand in the ETH verses ETC argument, there is no telling of what will happen next in this highly volatile market.