Introduction to Ethereum Classic (ETC)
Ethereum Classic (ETC) is one of the market’s oldest and most well-established cryptocurrencies. Despite being founded in 2016, the ETC price has just lately begun to rise fast. But what are the fundamental distinctions between Ethereum (ETH) and Ethereum Classic, and is Ethereum Classic, as some experts claim, a good investment in 2022?
What Is Ethereum Classic (ETC), and How Does It Work?
Ethereum Classic is a blockchain-based open-source platform that allows smart contracts and decentralized apps (dApps). The Ethereum Classic network is permissionless, meaning that no permission is necessary to participate in or contribute to the project. Third parties, hefty fees, and regulatory limitations are no longer necessary because of the decentralized network. Because it did not reset the blockchain to cancel out the attack’s impact, Ethereum Classic is a continuation of the original blockchain. The participants adhered to the premise that “code is law,” and the split resulted in the formation of the Ethereum network. Both blockchains were backed by miners and exchanges, allowing the Ethereum Classic legacy network to keep ETC, the native cryptocurrency of Ethereum Classic, as its native token.
Historical Data of Ethereum Classic
Ethereum Classic was founded in 2016 as a hard fork of Ethereum. In July of that year, the Ethereum DAO was hacked badly (Decentralized Autonomous Organization). The DAO had recently raised over $150 million in investment a few months previously, and the attack put all of that money at risk. As a result, most Ethereum developers, including Vitalik Buterin, chose to restore the Ethereum blockchain to its pre-hack form manually. The two blockchains have diverged as the Ethereum blockchain prepares for a series of changes that will result in Ethereum 2.0, including a switch from proof-of-work (PoW) to proof-of-stake (PoS) mining. As the Ethereum Classic blockchain’s activity decreased, it became increasingly vulnerable to assault. In January 2019, a 51 percent attack on the Coinbase cryptocurrency exchange resulted in a $1 million double spend in ETC, which can only happen if one individual or collective owns at least 51 percent of the network. Last year, the Cooperative began supporting work on the Hyperledger Besu client, and important developers were recruited for the ETC Core Team. The ETC Cooperative stated on December 22 that development work on the Core-Geth client would be sponsored.
Is It Profitable to Invest in Ethereum Classic (ETC)?
Ethereum Classic is a fantastic investment for blockchain enthusiasts who think that blockchains should not be changed and investors who wish to diversify their portfolios, especially during economic uncertainty. Ethereum Classic Labs supports the Original My project, which intends to make gathering digital signatures and combating fraud across borders more accessible, which will help local and international processes during the epidemic.
Ethereum Classic Price Prediction 2022 and Beyond
By the end of 2022, Ethereum Classic will be worth $75, and by the middle of 2023, it will be worth $100. According to Ethereum classic price prediction, the 2025 mid-year pricing is expected to be $162.39. WalletInvestor predicts that the cryptocurrency will reach $116 in a year and $291 in five years. According to Gov. Capital, the price of Ethereum Classic is expected to grow to $76.36 in a year. Given the current low costs, buying in ETC may be a good opportunity.
Top 3 Exchanges to Invest in Ethereum Classic: List
Coinbase is a publicly-traded cryptocurrency exchange listed on the New York Stock Exchange (NASDAQ). It is one of the most popular exchanges in the United States, with clientele from more than 100 countries, including Australia, Canada, Singapore, and the United Kingdom.
Binance is one of the world’s largest and best-known cryptocurrency exchanges. The advantages of buying Ethereum Classic (ETC) here include reduced exchange costs than other exchanges, as well as improved liquidity, which allows you to buy and sell rapidly to take advantage of market-moving news.
KuCoin is a well-known brand in the market, and it is also one of the most cost-effective in terms of fees and trading prices. The exchange had developed rapidly since its inception when it solely offered crypto trading. It currently offers a wide range of services, including peer-to-peer (P2P) exchange and credit or debit card purchases.
It’s vital to remember that cryptocurrency markets are still incredibly volatile, making it impossible to anticipate a coin’s price in a matter of hours and even more challenging to make long-term predictions. As a result, experts and internet forecasting services may make incorrect projections.