The global economy is currently witnessing the rapid development of the market of cryptocurrency. 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.
Ethereum Classic and Ethereum
When comparing Ethereum Classic to Ethereum, let’s start with common criteria for both cryptocurrencies: blockchain. It is the same in principle. Ethereum Classic is a continuation of the original Ethereum blockchain with its transaction history intact. This explains one of the main tenets of the project: the founders’ pride that the resource is completely free of outside interference. Another similarity of both platforms is how they work: in the same way, that is, by enabling a decentralized application. The use case of tokens is similar; They can be used to pay for purchasing other assets and creating smart contracts.
The difference between the two projects lies in the ideology of operation. All distinctive features can be divided into several groups:
- Blockchain intervention
In the main Ethereum network, the blockchain can change. If adjustments are required, voting is done and the blockchain is changed. For Ethereum Classic, the blockchain is not changeable.
- To decide
The developers of the Ethereum Foundation operated the original Ethereum on the initiative of the network users themselves. However, the Classic branch is not structured like that. Decisions are discussed by community members and development managers themselves. Collective problem solving is dominant in this project.
- Development and modernization vector
The original Ethereum attracted many developers to the project, which outnumbered users who created the applications themselves. But Ethereum Classic explicitly aims to create secure smart contracts. The number of users is not a priority. The important thing is that the applications are safe; the higher the protection, the better.
There are a few other minor technical differences. For example, Ethereum Classic has higher bandwidth. Unlike Ethereum, which has a rate of 15 per second, it can process 25 transactions per second. The projects also differ in terms of mining difficulty. Ethereum Classic is much easier to mine because it doesn’t require extensive computing power or large farms. A good computer with a modern graphics card is sufficient.
Ethereum Classic (ETC) Technical Analysis
According to technical analysis of the 4-hour chart of ETC / USDT, the cryptocurrency is consolidating with a rise above the 200-Day Moving Average. Ethereum Classic is currently trading above the double bullish curve of the 200MA and the 12- and 26-Day Exponential Moving Averages, respectively. The closest trend supports are $ 6.26 / $ 5.90 / $ 5.50. The closest resistance levels are $ 6.80 / $ 7.80 / $ 9.60. If the ETC falls below $ 200MA $ 5.90 – $ 6.26 and a daily candle closes there, it can be considered slipped into the bearish zone. Currently Ethereum Classic is trading hands for $ 6.71 per token.
CoinSwitch Ethereum Classic (ETC) Price Prediction And Future For 2050
CoinSwitch’s ETC price prediction sees that the cryptocurrency will likely rise in the future. They expect developers to improve scalability and interoperability with other blockchains, which is crucial to reaching higher levels. CoinSwitch predicts that the price of ETC could rise to $ 34 in 2021 and continue to rise to $ 114 by 2050.
Ethereum Classic (ETC) Future Overall Price Predictions and Future Prospects
Ethereum Classic is very dynamic and sensitive to big movements in the cryptocurrency market. The development team is actively working on the product, regularly updating the roadmap, publishing announcements about upcoming changes, and paying attention to users’ views. This approach should have a positive impact on the future success and value of Ethereum Classic.
Will Ethereum Classic (ETC) Soar?
Finally, ETC Labs announced a development team that will improve ETC’s core projects, providing support for
decentralized application development tools and blockchain services. These changes have had a positive impact on stability and set the stage for ETC’s growth.
Ethereum Classic (ETC) Price Prediction Today
According to crypto experts, the future of Ethereum Classic is very promising. The coin has become extremely common in the cryptocurrency community since its first appearance. It can be easily bought or sold on all popular cryptocurrency exchanges. Experts agree that the project and its future development will adhere to the unbreakable rules of transparency, decentralization and immutability of the project’s blockchain. Besides the policy of the project, its prospects are determined by the limited coin issuance, the reliability of its software, and the rich functionality of the platform.