Ethereum Classic is the original, unmodified version of ETH† After the famous hack of 2016, the Ethereum Foundation launched a new form of the ETH mainnet. However, some miners stuck to the original ETH codes and started the Ethereum Classic project
And unlike Ethereum, which aims to migrate to a proof-of-stake (PoS) consensus model, Ethereum Classic remains ETH’s original proof-of-work (PoW) status. So why does this unmodified version of Ethereum outperformed any cryptocurrency on the market†
Recent Developments and Future Events
After a smooth completion of Ethereum’s merger on the furnace testnetETH miners are already looking to migrate to other networks with their expensive machines, while Ethereum Classic aims to become the biggest beneficiary.
Developers of Ethereum Classic seem anything but ready to welcome “rightless Ethash miners”. The Ethereum Classic team also announced that ETC is now compatible with the Ethereum Virtual machine, meaning ETH dApps can transfer to ETC.
On March 18, Ethereum Classic published a blog, “Ethash Miners: Migrating to ETChash Post ETH Merge.” An excerpt from the blog reads;
“This Merge event will deprive EVM’s largest Proof of Work mining ecosystem. Ethereum Classic is well positioned to absorb much of this abandoned Ethash hashrate.”
Receiving more miners will increase the power (hashrate) of the Ethereum Classic network. The greater the number of miners on the network, the greater the security and the less likely it is to fall victim to a 51% attack†
Anticipating an influx of miners, Ethereum Classic has announced that its block rewards will be reduced by 20%. The process, dubbed the “fifteen” by miners, will see ETC’s block reward drop to 2.56 ETC per block.
Before the migration of miners to Ethereum Classic took center stage, the project announced it can now instantly converted to fiat using payment gateway NOWpayments_io. Buyers and sellers using NOWPayments can accept both $ETC and fiat without any stress.
Ethereum Classic has also grown its ecosystem, supportive the growth of dapps, DEXs, DeFi and NFTs on the network. End of February, decentralized exchange, HebeSwap launched on the ETC network, with its wallet supporting up to 100 chains.
Speculation that Ethereum miners would migrate to Ethereum Classic has propelled the price of ETC to new heights. In the past 24 hours, ETC is up 11% and over 80% in the past seven days.
The 24-hour Ethereum Classic (ETC) price chart. Source: Trading Display
The gain of 80% in the past week is smaller than that of other top 50 cryptocurrencies. Ethereum Classic’s recent gains have caused the token to hit a new 4-month trading high at $50.37.
The Ethereum Classic (ETC) seven-day price chart. Source: Trading Display
ETC now trades at $48,677 and is ranked as the 28th largest cryptocurrency, with a market cap of $6.5 billion.
Expectations of the migration of ETH miners to the Ethereum Classic network have sparked a rejuvenation in the ETC community. The Ethereum Classic community shares their optimistic expectations for the ETC coin.
Popular crypto analyst, Frank Nii Okanta Ankrah, wrote about ETC;
Sharing his thoughts on the project, @BreezeCrypto wrote†
Gaining additional support from miners through the Ethereum merger would improve the security of the Ethereum Classic network and could potentially increase the price of ETC coins as wider ranks of miners hold and trade them.