ETC is a cryptocurrency that was the result of a hard fork of the Ethereum network in July 2016. A “fork” is a change to the software of the digital currency that creates two separate versions of the blockchain with a shared history.
In May 2016, the Decentralized Autonomous Organization (DAO), lauched by the Ethereum community, went for a crowd token sale to fund its development. After raising $150 MM, a flaw in DAO’s code was exploited by attackers and more than $50 million was drained out of DAO’s funds. A hard fork, ETC was implemented on the Ethereum that made the hacked transaction invalid.
One of the main difference between Ethereum and ETC is the coin supply. Ethereum has a uncapped total, but fixed yearly supply. ETC is set to between 210 MM and 230 MM ETCs. Also, Ethereum is planning to move to proof of stake and ETC is not willing to make. It appears ETC doesn’t have the same size or engaged community like Ethereum based on DApps and ICO launchings. Lastly and probably most importantly, Ethereum co-founder Vitalik Buterin has no intent of supporting ETC.
Atlantis was successfully implemented on the Ethereum Classic (ETC) blockchain earlier this month, bringing more compatibility with Ethereum (ETH). However, development on the ETC chain remains several months behind ETH, with very little activity over the past six months.
As we all know communities are vital to the sustainability of a blockchain, but equally important, if not more important is the development taking place on a blockchain. Without development, a blockchain is sure to loss ground against other competing blockchain and is also guaranteed to loss its user base.
So where is price headed next, lets go to the charts to find out? Price as been hovering between $2 and $10 since the beginning of 2019.
However, the chart suggests price is heading down to the weekly demand at $2.00.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.