Ethereum Classic (ETC) is a coin whose demand has started to increase in recent times.
ETC is still a small cryptocurrency, unlike Bitcoin (BTC). Ethereum classic is still small enough whereby people can innovate, which makes it an exciting ecosystem because you can have the dual experience of being able to figure out the road map and a new path without a huge coordination cost, just like it used to be in the earlier days of bitcoin.
It was said during the Ethereum classic summit said that they could not have imagined that ETC would have survived in it’s earlier days, their was no community management. Many people tried to enter the project to co-opt it, some people tried to create a counter foundation but the ETC team remained calm and tried to create stability. They developed their own code and a new ecosystem. This alone shows that Ethereum Classic has a very hardworking team and they have much to prove, that is what really makes it competitive with Ethereum (ETH).
Ethereum Classic (ETC) Summit 2018!
The event was held on 12th and 13th September in Seoul, South Korea. This event in the past has played a huge role in driving up cryptocurrency prices. It was a very positive summit for ETC, and this will have a huge impact on the price of ethereum classic. This summit in South Korea is a big boost up for Ethereum Classic (ETC) as it has measured certain parameters for ETC that in which direction they have to move in future.
At the conference, ETC presented a demo about the progress they have made with Mantis. ETC officials also talked about their new foundation technology, for example; Anika Powell’s not interactive proofs of proof-of-work, and other potential collaborations like the relationship with the Horizon.
Some famous personalities from the world of cryptocurrency were there to attend the summit which included Thomas Lee from Frundstrat, Kayvon Pirastani member of coinbase, many other researchers and devs from Input-Output (IOHK), Cody Burns, the blockchain architect at Accenture, among others.
UTRUST announced it’s partnership with Ethereum Classic Dev Team, signing a Memorandum of Understanding (MoU). The partnership came at a very healthy point when ETC is becoming more popular in the market. The main reason behind the rise of ETC is due it’s induction in Coinbase, the world’s largest cryptocurrency brokerage and wallet. Nuno Correia, CEO and co-founder of UTRUST said:
“Ethereum Classic is one of a select few cryptocurrencies with clear institutional demand.”
The company makes sure that the relationship between the buyers and sellers remains good. UTRUST steps in when the situation is looking to become worse. So it intervenes upholding standards like Paypal, Adyen, and VISA.
So, which is best, ETC or ETH?
In many of the aspects both of the coins are the same, but ETC is much cheaper than ETH which gives an edge to ETC over ETH. It will give bigger room for ETC to grow in the long-run because as an asset becomes more expensive it’s potential for huge gains declines. In essence, from a purely speculative perspective, ETC holds the most promise. This aspect to Ethereum Classic will most likely see it outperform Ethereum in a bull market.
The immutability of ETC gives a huge edge to ethereum classic over ethereum. Due to having immutable blockchain, the accounts of ETC can not be altered. Ethereum Classic has a vision to have a share with the IoT. Internet of things is the next big technology in the modern world, which is predicted to hit $10 trillion in the next five years time. These are some massive advantages which ETC has over ETH.
Right now the market price of ethereum classic stands at $11 USD and these up and coming developments by ETC makes it look that it will hit $15 USD soon.
The market is still in a bearish run as BTC has dropped up to $6,500 but it is still holding above $6,000 which shows that it is a mark for better things to come. ETC needs to work hard on it’s new developments if they are to surpass ETH.