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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:

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  • 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

Altcoins

Ripple XRP Mega Breakout: What’s Next?

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Ripple XRP mega breakout
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The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

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Altcoins

Litecoin Cash (LCC): The potential mover?

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Litecoin Cash
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Litecoin underwent a hard fork in the past, and that is what led to the creation of Litecoin Cash. Bitcoin has also experienced a hard fork, which has led to the creation of Bitcoin Cash, so this trend is not necessarily brand new.

Forks have occurred pretty often now in the cryptocurrency community, and the perception is that it probably will continue to, as long as the need (forks are often created to overcome issues faced by the originals) remains there.

While the market has been bearish for most of the year, it has been showing some definite signs of life, especially when we look at the kind of price action that has been happening with Ripple recently. Litecoin is also rising in anticipating of its hard fork, which is to be expected.

For those who are unaware, Litecoin Cash was created earlier this year. 10 Litecoin Cash was given to every investor who had 1 Litecoin – and that one move, it’s easy to see, was very massive concerning value.

Charlie Lee, the founder of Litecoin, has come out against LiteCoin Cash, calling it a scam. Many cryptocurrency influencers have come out against Litecoin cash, although there are still others that believe that this is only because the project threatens them.

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Altcoins

The Stage is Set for Stellar XLM vs XRP

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XLM vs XRP
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The digital asset of XRP, did something spectacular on the 18th of September when it shocked the crypto-markets by rising in value by 21%. In a time period that was less than 5 hours, XRP spiked from levels of $0.273 to those of $0.332 and has continued rising. The digital asset is currently valued at $0.36.

xRapid Factor

The reason for the sharp increment in value of XRP was news that the Ripple company was going to launch xRapid in the next month or so. This was after the firm’s head of Regulatory relations for Asia-Pacific and the Middle East, Sagar Sarabhai, made the following comments during a CNBC interview on the 17th of September:

“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”

Stellar’s Cross-Border Payments

The news of Ripple launching xRapid has come 2 weeks after the Stellar project and IBM, announced that they were entering the industry of cross-border payments through their new service known as IBM Blockchain World-Wire. The new payment settlement service has been quoted as being ‘near instant’ meaning that it will probably rival the transactions time seen in the xRapid pilot tests of 2 – 3 minutes earlier on in the year.

Stellar Acquiring Chain

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