- The project, which retains the original code of Ethereum, has now surpassed the crypto market and has won 80% in 7 days.
- The recent rise in popularity of classics is associated with miners who subsequently migrate to ETC. Ethereum mainnet merge..
- Enjoying the possibilities, the developers of Ethereum Classic have announced that they are ready to welcome “deprived Esash miners”.
- After the update, Ethereum Classic will look like this: Direct conversion For fiat money using the payment gateway NOW Payments_io.
Ethereum Classic is the original, unchanged version of ETH. After the famous hack in 2016, the Ethereum Foundation launched a new form of ETH mainnet.However, some miners stuck to the original ETH code and started the Ethereum Classic project.
Also, unlike Ethereum, the Ethereum Classic, which is considering moving to a Proof of Stake (PoS) consensus model, remains in ETH’s original Proof of Work (PoW) status. So why is this unchanged version of Ethereum surpassing all cryptocurrencies on the market?
Recent trends and future events
After the smooth merge of Ethereum on the Kiln Testnet, ETH miners are already considering migrating to other networks using expensive machines, making Ethereum Classic the biggest beneficiary. I am aiming for.
The developers of Ethereum Classic appear to be ready to welcome the “deprived Esash Miner”. The Ethereum Classic team also announced that ETC is compatible with Ethereum virtual machines. In other words, ETHdApp can be ported to ETC.
On March 18th, Ethereum Classic released the blog “EthashMiners: Migrating to ETChashPostETHMerge”. Here’s an excerpt from the blog:
“This merge event deprives the largest EVM of the Proof of Work mining ecosystem. Ethereum Classic is well-positioned to absorb much of this abandoned Ethash hash rate.”
Accepting more miners will increase the power (hash rate) of the Ethereum Classic network. The greater the number of miners on your network, the more secure it is and the less likely you are to be the victim of a 51% attack.
In anticipation of the influx of miners, Ethereum Classic has announced that its block rewards will be reduced by 20%. This process, called “fiftening” by miners, reduces the ETC block reward to 2.56 ETC per block.
Prior to the focus of miners’ transition to Ethereum Classic, the project announced that it was now able to convert directly to fiat money using the payment gateway NOW Payments_io. Buyers and sellers using NOWPayments can accept both $ ETC and flats without stress.
Ethereum Classic is also growing its ecosystem, supporting the growth of dapps, DEX, DeFi, and NFTs on the network. In late February, the decentralized exchange HebeSwap launched on an ETC network with a wallet that supports up to 100 chains.
Speculation that Ethereum miners will move to Ethereum Classic has pushed ETC prices to new highs. In the last 24 hours, ETC has increased by more than 80% to 11% in the last 7 days.
Ethereum Classic (ETC) 24-hour price chart. Source: Tradingview
The 80% increase over the past week is smaller than the increase in the other top 50 cryptocurrencies. With the recent rise in Ethereum Classic, Token has set a new four-month trading volume of $ 50.37.
Ethereum Classic (ETC) 7-day price chart. Source: Tradingview
ETC is currently trading at $ 48.677 and has a market capitalization of $ 6.5 billion, ranking it as the 28th largest cryptocurrency.
On the flip side
- Despite having the same roots, the Ethereum Classic is less used and less popular than its sibling Ethereum.
- Moreover, despite recent price increases, ETC prices have fallen 73% from their May 2021 record high of $ 176.16.
Expectations for the transition of ETH miners to the Ethereum Classic network have sparked a revitalization of the ETC community. The Ethereum Classic community shares bullish expectations for ETC coins.
Popular crypto analyst Frank Nee Okanta Ankra writes about ETC.
Pay attention to the $ ETC Ethereum Classic It’s about to do 12 times. Thank you later. #BinanceBlockchainWeek #ETC #Bitcoin #EthereumClassic #ETH
— Frank Nii Okanta Ankrah (@SignalLTC) March 22, 2022
Ethan J. Dewicki writes:
#EthereumClassic is up 75% this week. Still not a bad entry point. At this rate, you can see $ 100 in a few days.
— Ethan J. Dewicki (@ethan_dewicki) March 22, 2022
Sharing his thoughts on the project, @BreezeCrypto wrote;
I don’t know who needs to hear this, but Ethereum Classic is still the original Ethereum and $ ETC is still Vitalik’s first work. With the transition to ETH, Proof of Stake ETC will be the only Ethereum that uses Proof of Work (higher security compared to PoS). #ClassicIsComing pic.twitter.com/AJnWR24hOY
— Breeze (@BreezeCrypto) March 22, 2022
Why you need to care
Obtaining additional miner support from the Ethereum merger will improve the security of the Ethereum Classic Network and may increase the price of ETC coins as miners of a wider rank hold and trade ETC coins.
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