When the Ethereum Classic (ETC) network was forked off of the original Ethereum in 2015, it sparked a firestorm of debate.
The crypto world was divided on what to make of Ethereum’s sibling. Do you think having two Ethereums is a good idea? How does Ethereum Classic want to differentiate itself from other cryptocurrencies?
If you’re prepared to do some digging, you’ll find that Ethereum Classic has been much more active than it seems at first glance.
To help you choose whether Ethereum Classic is a suitable investment for you, we’ll provide as much information as can about it in this guide.
Ethereum Classic: What Is It?
To facilitate smart contracts and distributed applications, Ethereum Classic is an open-source blockchain platform (dApps).
The Ethereum Virtual Computer is a virtual machine that can run any program or set of instructions and is Turing complete.
Important components of blockchain technology are smart contracts, which should be emphasized here. To put it simply, smart contracts are digital apps that may execute themselves in accordance with a set of rules.
Since the Ethereum Classic network is open and accessible to all users, no special authorization is needed to join or make contributions.
Decentralization of the network means fewer intermediaries, lower costs, and less regulations from the government.
It’s vital to remember that cryptocurrencies were created to replace centralized banks and trusted third parties in international financial transactions.
Ethereum Classic (ETC) attracts purchasers worldwide.
After a big hack in 2016, Ethereum branched from the original blockchain. A group revived Ethereum’s original chain as Ethereum Classic.
Many believed blockchains were unhackable. These individuals believe Ethereum Classic is the original Ethereum and the precursor of blockchain technology.
Can Ethereum Classic Be Considered a Safe Investment?
Ethereum Classic is a fantastic investment for those who wish to diversify their portfolios and those who feel that blockchains should not be changed.
It’s worth mentioning here that the Ethereum Classic team has been actively involved in the cryptocurrency industry during the current coronavirus outbreak.
To help enhance local and international procedures during the epidemic, Ethereum Classic Labs backs the OriginalMy project, which intends to streamline the process of gathering digital signatures and combating fraud across borders.
In addition, as was previously noted, there is a limit on the amount of Ethereum Classic that may be created. If supplies are limited and demand is high, then prices are likely to rise.
Through its Agharta and Phoenix splits, Ethereum Classic has also attempted to forge tighter relations to Ethereum. Because of these splits, Ethereum Classic now works better with Ethereum.
However, there is still a degree of security risk associated with purchasing Ethereum Classic. Although Ethereum Classic has great promise, it has been subject to many 51% assaults, which has led to a decline in user confidence in the ETC token.
It’s a major issue since a 51% assault inspired the development of ETC.
Investors should do their research and only put in money they can afford to lose since no investment is completely risk-free.
Remember that before you invest your money in any cryptocurrency, including ETC, you should study ETC price prediction 2030. This can help you understand whether it is worth investing in at the moment or not.
Image Credit: Imagen de Peter Patel en Pixabay (Source)
