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Review on Ethereum Classic by TAN PHAM
The Ethereum platform has been forked into two versions: "Ethereum Classic…
The Ethereum platform has been forked into two versions: "Ethereum Classic" (ETC) and "Ethereum" (ETH). Prior to the fork, the token had been called Ethereum. After the fork, the new tokens kept the name Ethereum (ETH), and the old tokens were renamed Ethereum Classic" (ETC). Ethereum Classic appeared as a result of disagreement with the Ethereum Foundation regarding The DAO Hard Fork. It united members of the Ethereum community who rejected the hard fork on philosophical grounds. Users that owned ETH before the DAO hard fork (block 1920000[2]) owns an equal amount of ETC coin after the fork. Ethereum Classic passed a technical hard fork to adjust the internal prices for various opcodes of the Ethereum Virtual Machine (EVM) on October 25, 2016, similar to the hard fork committed by Ethereum a week previously. The purpose of the hard fork was a more rational distribution of payments for resource-intensive calculations, which led to the elimination of the favorable conditions for attacks that were previously conducted on ETH and ETC coins. A hard fork held in the beginning of 2017 successfully delayed the "bomb complexity" that was added to the Ethereum code in September 2015 with a view of exponentially increasing the complexity of mining and the process of calculation of new network units. In late 2017, a hard fork occurred which changed the monetary policy with unlimited emissions to a system similar to Bitcoin.
Pros
- Limited Supply of ETC. Before this, I thought that it was uncapped like Ethereum (ETH). But the total market cap will be around 210 Million coins (source paper attached). In contrast, ETH is not capped. This should allow the price to appreciate, if utility can be added to the coin. Furthermore, this limit on ETC creates a store of value. Decentralized. The ETC economy is vastly more decentralized in terms of coin holders and organization from ETH. For example, before ETH was released developers and founders purchased 72 out of 93.7 million tokens which centralizes the economy. Furthermore, the ethereum alliance is far more centralized than ETC's structure.
Cons
- Ethereum’s brother Ethereum Classic has been making the headlines in the cryptocurrency industry recently but its still not close to the list of top 10 cryptocurrencies. Many are wondering if Ethereum Classic will ever make the list and those who believe it will are worried about how long it will take for Ethereum Classic to make the list of the top 10 cryptocurrencies in the market. The altcoin has been trading between $19.00 and $15.97 for some months now. Typically, the value has hovered around the $16.5 and $16.80 levels. It was trading at $16.80 at the time of writing indicating a 15% drop within a 24 hour period.
