The global economy is currently witnessing the rapid progress of the cryptocurrency market.Today this direction represents a fundamental component of the financial sphere as a whole. In this article, we will review the first Ethereum hard fork: Ethereum Classic.
What is Ethereum Classic (ETC) and how does it work? By evaluating and reviewing all important information about the project, readers will get an accurate idea of the investment potential of ETC. That’s why we’ll be using this article to review the basics of the project, explore the Ethereum Classic price predictions, and finish with expert price predictions.
Ethereum management thought about how to return the invested capital to investors and solve this unpleasant situation. As a solution and to protect funds in the future, the developers and founders of the platform decided to change the blockchain and return the stolen money; it was a movement that not everyone participated in. Some felt that the blockchain should remain unchanged and secure.
As a result of the split view, a rigid fork was applied to the platform. Two projects were born from the original Ethereum: Ethereum Classic and Ethereum. While fans of Ethereum Classic continued to issue coins based on the old blockchain, others started working on the new one resulting from the hard fork. It’s worth noting that each investor’s capital doubled during the fork, with many continuing to use both platforms.
What is Ethereum Classic (ETC)?
Ethereum Classic is a cryptocurrency project running on a blockchain network and backed by smart contracts. The Ethereum Classic blockchain stores all network information, specifically data on the status of accounts and all data on transactions performed. This resource is an open source public platform. It is generally accepted that the main feature of the coin is smart contracts.
Smart contracts are notable for how they work, that is, through pre-determined terms and conditions that are automatically observed in the process of making a deal between ecosystem participants. The software monitors every stage of the signing of documents and controls the conditions for the fulfillment of contractual obligations. Thanks to the software, the possibility of human error, third party intervention or fraud is minimized. This makes smart contracts highly reliable agreements between the parties.
History of Ethereum Classic
Ethereum Classic’s history is based on the cryptocurrency Ethereum, originally proposed by Vitalik Buterin, who founded Bitcoin Magazine and is recognized by all crypto traders. The idea for Ethereum was launched in late 2013, and on July 30, 2015, the network was fully operational. Since then, Ethereum has demonstrated its benefits that have been intriguing among startups and major investors.
However, an extremely unpleasant incident occurred in June 2016. An error was found in the software code of the decentralized autonomous organization (DAO). On June 16, the vulnerability in an autonomous investment wealth management platform led to a hacker attack that saw digital attackers move more than a third of all assets worth a total of $ 50 million into their vaults. However, the design of the wallets and the system itself did not allow funds to be withdrawn immediately; the transfer was made just a month later.
Like Ethereum, Ethereum Classic runs on an algorithm of roof on work. For general information about cryptocurrency mining for beginners. The platform aims to create and develop new open source applications. The project is inferior to the original Ethereum in terms of scale and to some extent this is its advantage. It benefits application developers who choose to work on the platform. When it comes to mining organizations, they help maintain the independence and decentralization of Ethereum Classic. More importantly, they also help stabilize the market value of the cryptocurrency.
Ethereum Classic (ETC) Price History
Any Ethereum Classic price prediction and analysis should begin with a review of historical data. After the Ethereum network was forked, Ethereum Classic appeared on the exchanges on July 24, 2016 with an opening price of $ 0.9288. The next day, it set a historic low of $ 0.6024, setting the year’s high before rising to $ 2.76 by August 2. However, the rest of the year was down and the asset only found demand at the support level of $ 0.75 in December.
Ethereum Classic saw remarkable growth in 2017 and maintained its bullish momentum all year round. ETC opened the year at $ 1.45, and substantial demand for the coin reached new highs as Ethereum Classic hit $ 22 in early September. This was followed by a decline to $ 9.60 by the end of September, when the ETC reversed and continued its upward movement and set an all-time high of $ 47.77 on December 21st.
After Ethereum Classic’s incredible growth in 2017, 2018 was disappointing. Significant retracement in all crypto markets stopped ETC’s growth and sellers dropped the price from $ 40 to $ 16.50 on Feb.5. A rapid recovery prompted a retest of $ 40, but ETC could not hold the momentum and the price fell. Finding solid support at just $ 3.30 in early December, ETC managed to close the year at $ 5.50.
Ethereum Classic (ETC) Price Prediction For 2040 And Its Future
The team chose the right strategy that includes blockchain immutability, transparency, and technology development. These are some of the most important values and the key to Ethereum Classic’s future price increase. We’ve put together the most reliable Ethereum Classic future price prediction to understand the experts’ views on the project. But before we get into that, it should be noted that every cryptocurrency price prediction needs to be handled carefully and the same holds true for ETC price prediction. Always consider the risk before investing in Ethereum Classic or any other cryptocurrency based solely on price predictions.