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Ethereum (ETH) vs Ethereum Classic (ETC) – Can ETH be Replaced Soon?

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Ethereum Classic
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Ethereum Classic (ETC) has been doing quite well lately and has even made headlines after Coinbase announced its plans to adopt it. This has provoked a lot of discussions regarding ETC’s position, and whether or not it might become a danger to Ethereum (ETH) itself.

Coinbase makes a move on ETC

Ethereum Classic (ETC) has received a lot of attention after Coinbase’s initial announcement that the coin will be joining its rather short list of offered cryptos. Originally, the plan was to add ETC in a few months. However, another recent announcement indicated that this might happen a lot sooner than that, due to its similarity to Ethereum (ETH).

This has caused many to believe that ETC has already been integrated and that Coinbase is simply waiting for the right time to announce its listing. When the announcement finally comes, the crypto community expects that ETC’s price will rapidly skyrocket. In fact, this might be one of the biggest reasons why ETC has received a lot more traffic recently.

ETC works to reach ETH

Ethereum and Ethereum Classic are a lot alike, with both platforms offering smart contracts, and being highly decentralized. So far, however, ETH has mostly been preferred over ETC. Still, this doesn’t mean that ETC’s team has given up. In fact, their roadmap has displayed various plans to make the coin more attractive.

The ETC developer team has already scheduled various projects that are to come to life over the course of this year. Besides the obvious plan to advance the platform and make it better for the users, it would seem that the team also wishes to close the gap between ETH and ETC. Some of the biggest goals that ETC has set for this year include finding solutions for scalability via sidechains, creating a platform for third-party developers to use and create dApps, as well as ETC’s integration with IoT.

Getting better solutions for the platform’s scalability is not an easy thing to do, but the ETC developers seem to have found the way. The solution is to add a number of sidechains to the blockchain. Even though the solution has seemingly been found, this is still a challenging task, and the team has a lot of work ahead of it.

Making ETC usable with IoT has been another one of the larger goals of the ETC developer team, although this is a short-term goal. In order to make this work, the team has already set in place various components. Those include Emerald desktop client, Emerald Wallet, as well as Sputnik VM.

How do the prices compare?

Both ETH and ETC have been through a lot, and have suffered significant losses at the beginning of the year. Since then, they had only one large increase in price, which came in mid-May 2018. However, this increase went away as quickly as it originally came, and the coins returned to their regular 2018 prices.

The lack of large changes shows stability, although it is unfortunate that it came at a lower price than many would want. Currently, Ethereum still holds the second place on CoinMarketCap, with the price of $478.14 per coin. ETC, on the other hand, is ranked 15, and its current price is $17.58 per token.

However, the possibility of ETC reaching Coinbase’s list might change things significantly for this coin, especially when we consider its recent performance and an increase in traffic. If the pre-listing rush continues, ETC could easily go over $20, and some believe that this might be only a beginning.

Another reason why ETC might rise soon is the market recovery after the Bancor hack, which has caused a drop in prices of many cryptocurrencies. If Bitcoin picks up the pace and returns the market to its bullish behavior, a lot of cryptos, including ETC, might largely benefit from that.

Other ETC listings

We should also not forget that ETC has been listed on other exchanges, even though their announcement were quickly forgotten after the one made by Coinbase. The other two, which listed ETC almost a month ago, includes CoinBene, as well as Novaexchange.

And finally, there is RADEX. RADEX is a first decentralized exchange that was created solely for EETC. It was created in its entirety by Saturn Network, and it features tools for handling and interacting with smart contracts, n addition to handling transactions.

So, obviously, ETC has been doing very well in the last few months. The question on everyone’s mind now is whether it will be enough, and if so, what can be expected in terms of its price? There are definitely some very positive developments for this coin, but the gap between ETH and ETC is still pretty big, and ETC has a lot more work to do to close it. However, it would seem that the coin is on the right path, judging by the recent developments.

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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

How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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