Ethereum Classic will slowly but surely be the digital asset to have in the future
The DAO attack on the Ethereum Blockchain in June 2016 led to a split in the one big ETH family. One part of the Ethereum family wanted to reverse the transactions which led to the hack, but the other refused. The ones who refused believed that transactions on any blockchain are immutable and cannot be reversed. This disagreement led to the Blockchain being split, thus giving birth to Ethereum (ETH) and Ethereum Classic (ETC).
Ethereum Classic had made headlines recently after Coinbase announced that the coin will be added to their exchange platform. The cryptocurrency is also set to get a makeover before it gets listed on the exchange. According to the Ethereum Classic Cooperative’s mid-year review, there is a surplus amount of $700,000. This amount will be used to give ETC a transformation over the next six months.
Can Ethereum Classic edge out Ethereum?
As mentioned before, the hard fork, which was the result of the DAO hack gave birth to two new Blockchains. Transactions were not reversed on the Ethereum Classic Blockchain, which left it unaltered. While the community backing the Ethereum Blockchain (ETH) chose to have transactions reversed. The ETC Blockchain has remained unchanged, which makes it the original Ethereum, where transactions on the Blockchain remain immutable.
This particular aspect could possibly be a reason why the digital asset has investors flocking to buy it. This demand could also be a possible reason why ETC managed to be added to the Coinbase platform. And this listing for the coin came way before fan favourites like XRP (XRP), Stellar (XLM) and Tron (TRX).
Coinbase has a unique process to select coins which they will list on their platform. One factor which they pay attention to is the decentralization aspect of the cryptocurrency. Another factor which they check is the SEC’s verdict on the coin. Although this particular factor is unofficial, the SEC verdict on whether a coin is a security or not is important. The announcement from Coinbase about listing Ethereum Classic came soon after the SEC verdict that Ethereum is not a security.
Yes, ETC can become the next BTC!
The Ethereum Classic Blockchain is totally decentralized and the community abides by it through transparency. This ensures that there’s no room for backroom deals, which makes it quite similar to the Bitcoin platform and community! This is one of the major reasons that ETC will edge out Ethereum and become the next Bitcoin. It’s definitely a digital asset to watch out for!
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