2018-10-9 17:00 |
Chart for ETC/USD (1W)
Ethereum Classic (ETC) is currently the only Turing Complete blockchain that will run on Proof of Work (PoW) forever. It has a limited supply of coins, just like Bitcoin (BTC). Moreover, just like Bitcoin (BTC) it does not have a known founder or an inside team that influence every decision. Its competitors, EOS (EOS) and Ethereum (ETH) have a lot more Dapps and market recognition. This is because they have a team that can influence every decision of those blockchains to their advantage. Once they have had their fun with Ethereum (ETH) and Eos (EOS), they will move to the next centralized project. We have seen this happen before. For instance, Dan Larimer, the founder of EOS (EOS) previously founded Steemit and Bitshares. Popular exchanges, Bittrex and Poloniex have recently removed Bitshares from their exchanges.
Ethereum Classic (ETC) like Bitcoin (BTC) has a growing developers’ community. Just as with Bitcoin (BTC), these developers are more loyal to the project because they want to see it succeed. They know that there is no ‘insider’s incentive’ here as would be in the case they join Ethereum (ETH) or Eos (EOS). Ethereum Classic (ETC) still has a very small development team compared to that of Bitcoin (BTC). However, most of these are loyal developers. They stuck with the project and kept on working even when everyone was dumping Ethereum Classic (ETC) on exchanges calling it a dead coin or a scam. The number of developers joining Ethereum Classic (ETC) is rapidly growing. As Ethereum Classic (ETC) becomes fully IOT Compatible by November 30, the number of new developers is expected to grow even faster.
Chart for ETC/BTC (1W)
Ethereum Classic (ETC) operates on the same principles of immutability and decentralization as Bitcoin (BTC). The same cannot be said of any other blockchain. So far, investors have not taken Ethereum Classic (ETC) very seriously. When they think of Ethereum Classic (ETC), most think of Bitcoin Cash (BCH) or Z Cash (ZEC). They think Ethereum Classic (ETC) is the one that forked off the original chain because it has the word, classic next to it. This is their first impression. So, when they assume it is a useless fork, they do not feel the need to dig further. I have met my fair share of investors who considered Ethereum Classic (ETC) to be a useless fork like Bitcoin Cash (BCH). Most of them are surprised when they realize that Ethereum (ETH) is technically the fork.
I have also found that when the concepts are explained to them, they are eager to find out more. This is because principles of immutability and decentralization are very important for IOT (Internet of Things). There can be no centralized control or ability to tamper the code. Most platforms like Ethereum (ETH) and Eos (EOS) have built a lot of Dapps, making investors believe that they are ahead in the race. However, the fact of the matter is that these blockchains are full of problems, but they are okay with it. Why? Because, when something goes wrong, they will ‘fix’ it as it happens. If some coins are lost due to a mistake or hack, they will print more. If a process goes wrong, they will change the code. All of this will seem ‘okay’ until people realize that it is taking them back to what they escaped from!
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