- Ethereum Classic surges above 25% in the last 24 hours amid slow market recovery for other coins.
- The Network’s Magneto upgrade, which will include Ethereum’s Berlin upgrade features, is key to the recent price surge.
- Ethereum Classic’s community is very determined; right from the get-go they set out to preserve the original nature of the Ethereum blockchain.
- Will ETH Classic become a leading blockchain in the future against all odds? Expert opinion differs.
Though Ethereum has been more in the news and has a wider network becoming the largest blockchain in terms of dApps (over 3000), Ethereum Classic has also made significant progress considering it is a conservative network. The new Magneto upgrade, which will launch in July, has already given the coin a massive rally.
What is Ethereum Classic?
Ethereum Classic is the legacy chain of the Ethereum Network which came into existence in 2016 after the DAO incident. As a result, the community disagreed on the proposed hard fork meant to restore the blockchain and reverse the effects of the hack.
Those minority members of the community who didn’t accept the hard fork backed the pre-forked version which is now Ethereum Classic.
Ethereum Classic is a smart contract blockchain with the ability to support dApps just like Ethereum, though its roadmap is beginning to move further away from Ethereum.
Ethereum Classic still operates on a Proof-of-Work model with no plans to switch to the more popular Proof-of-Stake model used by many blockchains although plans are in progress for more scaling solutions.
Ethereum Classic has had its fair share of developments with the Magneto upgrade at the forefront of the network’s development. Ethereum Classic is up more than 25% due to the announcement of the rollout of Magneto.
The hard fork to implement the Magneto upgrade on the network will also include the four improvements from Ethereum’s Berlin upgrade. The four improvement proposals (EIP) include EIP-2565, EIP-2929, EIP-2718, EIP-2930 which are meant to boost the security of the network and optimize gas fees for users.
Magneto is meant to improve Ethereum’s Virtual Machine’s capability which will increase interoperability which is essential for developers and end-users. Magneto will generally improve the functionality of the network.
On the Flipside
- Ethereum Classic is still far behind Ethereum in terms of adoption and features which makes Ethereum the developer’s favourite.
- The general market downturn will affect the overall performance of ETH Classic.
Community and Tokenomics
As with any blockchain network or DeFi protocol, the community behind Ethereum Classic is determined to see the success of the platform.
Network participants earn mining fees and the network prides itself on being a fully decentralized network during all stages of network development.
Ethereum Classic has a market capitalization of over $6.3 billion and is ranked #19 on CoinMarketCap. ETC has a circulating supply of 116,313,299 and a maximum supply of 210,700,000 coins. Ethereum Classic can be obtained on top exchanges like Binance, OKEx, Houbi Global, etc.