Three reasons why Ethereum Classic is a sleeping giant

  • vitalik buterin spoke at the ethereum community conference and asked users to switch to ethereum classic for proof of work.
  • Ethereum is expected to begin the migration of its mainnet from proof-of-work consensus mechanism to proof-of-stake in September 2022.
  • buterin refers to ethereum classic as the “original” ethereum chain with a welcoming community.

vitalik buterin commented on ethereum classic and its community in his recent talk at the ethereum community conference. the co-founder of the largest altcoin network claimed that etc is the original ethereum chain and holds the blockchain before the attack.

Also read: With ethereum merge around the corner, here’s why you should pay close attention to the classic ethereum price

Reading: Why ethereum classic going up

classic ethereum is the original ethereum

At the ethcc conference, ethereum co-founder vitalik buterin discussed the long-awaited transition from proof-of-work to proof-of-stake. The ethereum community was shocked by rival chain ethereum classic’s recommendation of buterin.

buterin reaffirmed that his comments are not a joke and that he believes that ethereum classic is the original ethereum chain that did not change after the attack.

in 2016, an application on the ethereum blockchain (known as dao) was hacked for 3.6 million ether (eth), worth around $50 million dollars in 2016. There was about 72 million eth in circulation at the time, and 5% of all eth in existence was stolen. ethereum classic chose to preserve the original chain and continue to lose the stolen eth, however ethereum chose to fork the chain and delete the attack so that the affected parties are whole again.

See also: Crypto Price Analysis April-1: Ethereum, Ripple, Cardano, Solana, and Shiba Inu

Several developers and giants of the ethereum ecosystem were part of the audience, and the event was significant for the community. buterin joked about audience members wanting to cancel pos. buterin acknowledged that proof of work is a preferred model by the ethereum community, and for those members ethereum classic is a good haven.

buterin said:

There are several blockchains, like ethereum classic (etc), which is the original ethereum. who hasn’t betrayed the [do projeto] vision by forking [for] the dao, it’s a welcoming community, and I think they will definitely welcome proof-of-work fans.

etc overtook eth in weekly gains

before buterin’s speech about proof of work as a model and recommendation for the community to move to ethereum classic, the altcoin had already overtaken eth in weekly gains. therefore, it was made it clear that in the event that the merger witnesses a glitch or issues, the community has ethereum classic to fall back on with the same consensus mechanism that ethereum has used since it was founded.

A key argument from the ethereum community is that us security & the exchange commission (sec) has not yet disclosed how it treats ethereum. once the sec’s stance on ethereum is clarified, if eth is treated as a security after its transition to proof-of-stake, holders will be eligible for a dividend in pre-mined coins that will be found on the team. wallets

This makes it a lucrative incentive for the ethereum community to hold onto eth after the merger, pending regulator action.

ethereum flippening could become real with the merger

See also: Ethereum DAG size increase to make 4GB GPUs obsolete | Compute North LLC

vivek raman, an ethereum researcher, is convinced that the altcoin’s upcoming transition to proof-of-stake will boost investment. ethereum will be in a position to take over bitcoin as the leading cryptocurrency.

raman told cointelegraph in an exclusive interview:

ethereum has, only from an economic perspective and due to the effect of the supply shock, the opportunity to exchange bitcoin.

analyst predicts 35% recovery probability on ethereum classic

akash girimath, a crypto analyst at fxstreet, assessed the classic ethereum price trend and predicted a 35% rise to $32.62. girimath predicts that etc. it will cost up to $32.62 in two specific conditions.

etc rival ethereum sees retest at $2,000

fxstreet analysts argued that ethereum is likely to retest $2,000. ethereum classic’s rival has bullish potential and is gearing up for a rally:

See also: Cardano And Ethereum Founder Analyzes The Newest Evolutions In Crypto And Blockchain Technology

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