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Ethereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)

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Ethereum Classic
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The DAO attack recently resulted in the Ethereum hard fork, the significance of which is still lingering and will continue to do so for a long time. The reason behind this is that this attack resulted in the bifurcation of the Ethereum blockchain. The newly formed chain is known Ethereum while the old chain that did not embrace any alterations to the code was renamed as Ethereum Classic (ETC).

Not only did the two coins adopted different roadmaps but also the original chain remained incompatible and lacked upgradation. This implied that none of the current upgrades and updates could be implemented on the platform of Ethereum. For instance, ETH is shifting to a proof-of-stake algorithm while ETC will continue working on a proof of work algorithm. ETH is also equipped with remarkable features like faster block completion times and smart contracts. To aggravate matters, most of the major personalities who used to work in the Ethereum community including Gavin Wood and Vitalik Buterin have shifted towards working at the new chain.

The resulting impasse that resulted from the conceptual and moral differences meant that there were some areas of contention between the two communities of ETC and ETH. While the newly formed ETH has emerged in the second position only after Bitcoin in the crypto market in terms of market capitalization, ETC is lagging behind at 17th position in terms of market capitalization.

Plans for 2018: Ethereum Classic aims to match with Ethereum in the use of smart contracts

Vitalik Buterin has suggested the idea to have the supply of ETH capped at about 120 million coins. This is consistent with the view that a limitless supply of ETH will be likely to cause harm to the value of the value of the currency in the near future. While this recommendation is still to be approved by the Ethereum community, it projects an interesting perspective regarding how the course the future of ETH may be taking. Besides this, it will be interesting to see how Ethereum shapes its monetary reforms and policies. This comes in the light of how ETH is planning to shift from a PoW to a PoS. In spite of the fact that both Ethereum Classic (ETC) and Ethereum (ETH) are decentralized platforms that provide smart contracts; the latter is favored over the former. However, the ETC team has a detailed plan of action, through which it plans to attain the goal of making its platform more appealing to developers.

The ETCdev team has its focus set on several development projects which it plans to carry out in 2018.the primary agenda of the team is to bridge the gap with Ethereum. Their roadmap for 2018 consists of three goals:

  • Developing more scalability of the ETC platform through sidechains
  • Assimilation with the internet of things (IoT)
  • Offering a platform for third-party developer to enable them to design and establish their dApps.

A comparison between the current markets of ETH and ETC

The position for both ETH and also ETC is not particularly bright in the short-term. These coins have witnessed a turbulent season. Their value started declining fast in the last couple of weeks. The valuation of ETH was 857 dollars against the US dollar on 3rd March 2018, and its market capitalization was at a value of 84 billion dollars. On 2nd April its valuation plummeted to 390 dollars and the market capitalization value stands at 38.4 billion dollars. This plunge represents a fall of over 50% within just a month’s time.

ETC has also been going through a rough patch and there are fears that its value will also continue plunging until May. At the beginning of March 2018, ETC/USD traded at 30.79 dollars and the currency had a market capitalization value of 3.08 billion. However, by April 2nd, the valuation has plunged to 14 dollars and the market cap has shrunk to 1.4 billion dollars.

Which one should you choose?

While most believe Ethereum is the coin to bet on as it has the second largest market cap, several new features are being updated regularly, thus making it capable to disrupt several industries. However, there are several big names in the crypto industry that still root for Ethereum Classic. There is also the perception that Ethereum’s price may be exaggerated due to the building of ICOs on the network and the usage of Ether. The market outlook for both coins is negative currently, even though there is still ample opportunity in the future for investors to make a profit by investing in either. However, due to established market position and visibility, Ethereum is the safer bet.

We will be updating our subscribers as soon as we know more. For the latest on ETC, sign up below!

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 and read our full disclaimer.

Image courtesy of Ethereum Classic via Flickr

Blogs

3 Things to Avoid if You Want Your ICO to Succeed

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Initial Coin Offerings, or ICO, have become quite popular in 2017, which is something that also continued throughout 2018. In fact, there were hundreds, if not thousands of them so far. However, no matter how many of them were organized, most never managed to make it into the market and achieve their goals.

Analysts claim that there are a lot more failed ICOs than there are successful ones, which has caused a lot of people to simply give up on the idea. However, many are still curious to know what went wrong, and while failed ICOs can be studied for years without discovering absolutely every flaw, some of the bigger ones can be spotted right away.

This is why we will now list top three reasons why so many ICOs failed, and everyone who is thinking about launching one should pay close attention.

1. The lack of demand for the product

According to estimates, around 60% of ICOs often fail at the first stage simply for the lack of interest in what they offer. When someone comes up with an idea and launches an ICO in order to raise money, they are presuming that people will be interested in investing in this idea. In addition, prior to making an announcement that an ICO is coming, it is wise to ensure that the announcement will be heard in the first place.

Additionally, ICOs need to be approved by appropriate…

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Bitcoin

Reasons Behind The New Bitcoin Crash

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Cryptocurrency investors and supporters experienced quite a shock last week with the latest Bitcoin crash. Almost every single one of top 100 cryptocurrencies trading in the red. Not only that, but most of them experienced massive losses, often larger than 12%, or even 15%.

The event was unexpected and all cryptos, with the exception of a handful of stablecoins, lost a large part of their value. However, as always, Bitcoin is the one receiving the most attention, especially since this is the first time that BTC has dropped below $6,000 in a long while. Right now, Bitcoin is still losing value, with its current price being at $5,503.11 per coin, and a drop of 12.76% in the last 24 hours.

After the initial shock, a lot of investors started wondering and researching the new crash. The main question still remains: Why did this happen?

While this is more than understandable, especially considering how much money, time, and patience people have invested in crypto, the reasons behind the new crash remain obscure to many. Because of that, we are now going to explain two events that are most likely to be causing this situation.

1. The selloff

This is believed to be the main reason for the new crash of Bitcoin. The selloff came as a consequence of the last year’s bull run, which has launched BTC and other coins to entirely new heights. Because of that, numerous…

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Altcoins

Here’s Why This Coin Still Has Wings (WINGS)

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WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.

Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.

What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.

The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…

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