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Ethereum Classic (ETC): Rising Against the Odds

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Ethereum Classic

Ethereum Classic is one of those crypto “offsprings” that we weren’t sure would make it far, at least not over the long run and with all the fuss about having ETC potentially existing on illegal terms in the future. However, the last couple of days are telling a different story about ETC as this token was hitting the roof with its rising price. Many have expected that, but in favor of those who have not, we are compiling a reminder on what Ethereum Classic is all about and how come this token could potentially become illegal in the future where decentralized platforms could be possibly regulated. And, of course, we are all interested in predicting ETC’s future progress.

A little about Ethereum Classic

Ethereum Classic wouldn’t be possible to exist if it weren’t for that infamous stealth that wiped away over 3.6 million ETH. In case you don’t remember, the stealth happened thanks to the flaw existing within the core system of DAO. DAO, abbreviated from Decentralized Autonomous Organization, was created to allow users to easily fund projects through Ethereum platform, but since there was a flaw within the system, there was a loop that allowed the anonymous hacker to almost effortlessly take the money stored within DAO. How did this happen?

DAO was used to fund different projects easily through the model of smart contracts Ethereum is famous for. All members of the community could thus fund DAO account to help out the projects they liked. However, the thing about DAO funding is that the developers allowed all participants to retrieve their donations in case they would change their mind about supporting a certain project. That wouldn’t be trouble if DAO didn’t have a safe period policy, where the retrieving money had to stay within the system for some time before being returned to the owner. During that time, the money being retrieved didn’t belong either to the project or the original owner but existed in sort of an escrow ecosystem, which initially created the loop that the hacker could easily take advantage of.

Since that infamous occasion, Ethereum platform decided to go hard fork and change the entire system, making it impossible for all coin holders and members to use the platform normally unless they have accepted all applied changes in the form of updating their system. Lots of people found that case favorable, so they switched to hard fork, but other didn’t want to change anything, so they remained as users of the previous model of Ethereum platform. That is how Ethereum Classic was born, which leads us to the fact that in case there would be some serious regulations brought into the light in the far or near future, Ethereum Classic would be considered to be illegal. How come?

Ethereum Classic doesn’t run on its own platform – it exists on top of Ethereum’s original platform before the hard fork was implemented, so many experts believe that this case could be considered to be illegal in the future.

That is because Ethereum Classic never got official permission to exist, which is completely in the spirit of decentralized platforms. While Ethereum seems to have nothing against Ethereum Classic, in case regulations for decentralized platforms would come to the realization, this token would probably seize to exist.

This can, of course, be prevented with more regulations, but the guess is that we will have to wait and see since this is a purely speculative presumption, although based on a factual case.

For now, Ethereum’s “offspring” seems to be doing pretty well within its newly developed community of people who chose to remain faithful to the soft fork.

How is Ethereum Classic doing at the current moment?

The ones that chose the soft fork as a more favorable option are probably getting excited as their token of choice is hitting the green field of rises when all other currencies are seeing bad days.

Even though Ethereum Classic has still a long way to go until it reaches the price ETH has at the current moment, ETC is doing pretty fine by itself.

Even after the latest drop, ETC has a price that is encouraging ETC holders’ decision to stick with the “old ways” and deny going under the hard fork. Ethereum Classic is currently among the top 20 cryptocurrencies, holding the 16th place on the global coin ranking list and judging by everything, this coin is here to stay.

What 2018 Could Bring to Ethereum Classic?

You can’t ignore the fact that Ethereum Classic holders might be some of the most faithful crypto coin users (besides maybe the DOGEcoin community) as this fact might give you an insight into the circulation of ETC. You can easily conclude based on that fact that ETC users and investors would rather buy more of these tokens than sell the ones they have, so ETC seems to be immune to selloffs – at least for now.

If Ethereum was to continue at the same pace, by the end of 2018, this token could easily get close to being worth at least a 100$ per one unit, which would be a major success for Ethereum Classic and its users.

However, we must always have in mind that drops and rises are pretty much unpredictable to the core so that anything can happen in the following months. Still, one remains for sure – Ethereum Classic is doing great at this moment.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of coinmarketcap.com

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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