Ethereum Classic (ETC) futureMay 17, 2023
Ethereum Classic is a decentralized computing platform and cryptocurrency that emerged following the infamous DAO hack on the Ethereum blockchain in 2016. The hack prompted a debate within the Ethereum community about the role of code and the possibility of hack reversal in blockchain laws. Ethereum Classic eventually diverged from Ethereum due to ideological differences and now exists as a separate cryptocurrency. But the question remains: Is Ethereum Classic worth investing in? In this article, we will compare ETC and ETH in terms of technical performance and market trends to help investors make informed decisions.
Comparison of Ethereum Classic and Ethereum
When it comes to decentralized digital platforms, security is a top priority. Ethereum Classic relies on the same blockchain technology as Ethereum, but it lacks Ethereum's robust network effects and faster innovation pace: Ethereum's transaction speed is around 15 transactions per second, while Ethereum Classic can make only 5 transactions per second. The next important thing is that Ethereum is more adaptable and responsive to threats. So, looking from the technical point of view, Ethereum Classic is inferior to Ethereum.
The things that make a project valuable in the cryptocurrency are market capitalization and the community that supports the project. Ethereum has a larger market capitalization ($220 billion to $2.5 billion) and a more active community than Ethereum Classic. Ethereum's community also has a higher number of developers actively building on the platform.
Ethereum Classic's Structure
The Ethereum Classic is a community-driven project with volunteers who work to maintain the blockchain. Anyone can participate in the Ethereum Classic community. The decentralized nature of Ethereum Classic makes it an ideal blockchain for those who value transparency, accountability, and independence.
Ethereum Classic Consensus Algorithm (PoW)
Ethereum Classic uses Proof-of-Work (PoW) consensus algorithm - a computational process that secures the blockchain and validates transactions. PoW is well-known because it is also used by Bitcoin and other blockchain networks. The PoW algorithm makes it difficult for attackers to manipulate the network, providing secure and stable blockchain technology. ETC plans to stick with PoW despite the upcoming upgrade to Proof-of-Stake (PoS) in Ethereum.
With PoS, validators must hold a stake in the network to participate in securing the blockchain. Ethereum Classic believes that sticking with PoW offers greater stability and security because of its familiarity. However, the move to PoS is inevitable, and Ethereum Classic may eventually adopt the upgrade for its network.
Ethereum Classic's Role After the PoS Upgrade
Ethereum Classic will still be running on PoW while Ethereum moves to PoS. This arrangement presents an opportunity for ETC to serve as a backup for Ethereum in case of future issues. However, it also means that Ethereum Classic may eventually become less relevant in the ETH ecosystem. Ethereum Classic values independence and expects to provide stable and secure blockchain technology through PoW.
Ethereum Classic Future Price Prediction
As the ETC price has been on the rise lately, many people want to know what Ethereum Classic's future will be. Real-time ETC to USD price update shows $18.36.
As Changelly.com analysts say, the technical indicators suggest that the current market feeling is Bearish 72%, with a Fear & Greed Index score of 54. Over the last 30 days, Ethereum Classic has had 43% green days and 5.36% price volatility.
As it is expected, the minimum cost of Ethereum Classic will be $15.04. The maximum level that the Ethereum Classic future price can reach is $20.03. The average trading price is expected around $25.02.
Based on the technical and market comparisons, it is not difficult to see that Ethereum Classic is not a wise investment choice compared to Ethereum. ETH shows superior technical performance. The robust network effects, big community and popularity of ETH make it more likely to continue growing in the future. What about investing in Ethereum Classic - it may not be worth the risk.
As it becomes clear, the ETC vs ETH debate can't be settled with a single article. However, we show the technical and market comparisons above. While there may be some potential in Ethereum Classic, its technical and community limitations make it a riskier investment compared to Ethereum. In the cryptocurrency market, wise investments require ongoing education, research, and analysis. We encourage readers to continue learning about cryptocurrency investments to stay ahead of the game.