Learn more about Ethereum Classic – the original Ethereum.
The big ones
- Ethereum Classic is one of the top 50 cryptos after five years, but it’s earned by other cryptos in terms of how much money is on its platform.
- Ethereum Classic is the first Ethereum, launched after a hard drive to the network in 2016.
- Ethereum Classic has gained more than 1,400% since the start of 2017.
Five years is a long time in crypto. Not only have many of the popular projects in 2017 fallen off our radar, some have even fallen off. As a result, a large portion of Ethereum Classic’s (ETC) coverage is in the top 50 cryptos on the market after five years. It also posted fixed returns for investors with a 1,400% gain since January 1, 2017, according to CoinMarketCap data.
What is Ethereum Classic?
Ethereum Classic was founded in 2016 after a disagreement regarding the maintenance of a DAO hack on the Ethereum network (ETH). A DAO is a separate decision -making process, made up of expert agreements that follow agreed -upon rules. Unfortunately, Ethereum’s DAO was hacked shortly after its release.
In the absence of very large details, what followed was an ideological debate about whether it was better to challenge the decentralized machine and remove those unintended pitfalls. One group wanted to restore the blockchain to the way it was before the hack – which they did, creating a crypto called Ethereum. One group felt that this was against the spirit of decentralization. Ethereum Classic did not cut and continue the original blockchain.
The Ethereum Classic website prides itself on “never and will never interrupt or disrupt the smart contracts placed on it.” It’s a smart crypto platform, like its big brother Ethereum. But, as we’ll cover in more detail, there aren’t many applications running on his site, and the level of development isn’t the same.
Should you buy?
One of the great additions to Ethereum Classic is that it is well established and keeps its head afloat and many other projects. It’s a testament to the new relationship of the entire crypto industry that has survived over five years that it’s something to celebrate, but it is. In addition, cryptocurrencies are more efficient because cryptocurrency prices fall sharply.
However, length is not the only reason to implement a crypto program. So what else does Ethereum Classic go for? First of all, the Ethereum Classic gets a lot of development work – although not nearly as much as the Ethereum network. This is how the project continues and moves forward. Ethereum Classic is available on high -end crypto exchanges, including platforms such as Robinhood, which lists a handful of cryptos.
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One idea for developers is to use Ethereum Classic as a performance -enhancing certification feature, which eliminates a lot of energy. Ethereum is making a major upgrade and moving to a certification system that will reduce energy consumption by over 99%. Ethereum Classic has no plans to make a similar move. Linking with verification-of-work can appeal to investors who fear that stake verification has not been fully tested and will not be eliminated by environmental considerations.
Ethereum Classic hosted a few projects in its ecosystem, but it left in the form of large -scale real estate (TVL) – the amount of money in its ecosystem. According to DeFi Llama, Ethereum tops the list of programmable cryptos with a TVL of nearly $ 50 billion, while Ethereum Classic ranks 104th at around $ 120,000.
Comparing ETC with ETH is not very appropriate because Ethereum is the king of programmable cryptos. But if we look at it with other smart contract cryptos, it’s not very good. Ethereum Classic uses an old technology that has been replaced by newer platforms and its TVL is much lower than programmable cryptos. All in all, it’s hard to see how it can compete with the fast -growing Ethereum options that took a huge market share last year.
If the collapse of traditional crypto and the collapse of Terra (LUNA) has you worried about new cryptocurrency projects, Ethereum Classic may need to take a deep dive. However, as with any crypto investment, you can only invest in what you can afford and make sure you understand the risks involved.
The difficult question is to predict how Ethereum Classic will perform in the next five, 10, or 20 years. Be aware that you cannot get another 1,400% return. Ethereum Classic may carve out a niche as a trusted old crypto, even if Ethereum’s expansion doesn’t go as planned. But Ethereum Classic can be sustained by brilliant new products, even if it is unable to grow its ecosystem and pull new projects.
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