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
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
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…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
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…