Coin of the day is Ethereum Classic
Ethereum Classic was born as a result of the Ethereum fork after DAO hack, mainly because the community could not come to a consensus about abandoning pretty large amount of ETH.
Two years passed since DAO events, and for now, Ethereum is the second biggest cryptocurrency in the world in terms of both daily transacted value and market cap. The whole crypto community carefully listens to Vitalik Buterin and watch after Ethereum development.
Regarding the success of Ethereum, quite a lot of people seem to question why Ethereum Classic (ETC) still exists and what its future. Does ETC planning to serve any practical purpose or have any unique features other than ETH, or is it just the result of proud developers who opposed arbitrary human intervention?
These legitimate questions have been raised more often since the listing of ETC on Binance and the announcement that Coinbase would soon support it too.
Here a brief outline of the Coincast interview on the future of ETC from Igor Artamonov, founder and CTO of ETCDEV:
ETC seeks to be much more decentralized by taking a Bitcoin-like approach. Perhaps that a statement like "ETC is to ETH just like LTC is to BTC" would be slightly accurate thanks to the architectural similarities and differences in coin supply, but the situation is more complex.
While ETH is transitioning to a PoS system that creates more centralization under the "governance" label, ETC is committed to the original values of cryptocurrencies.
As ETH transitions towards Casper PoS, it's expected that miners will jump into the ETC ship and help the coin grow.
More precisely, Ethereum Classic isn't about ICOs. They won't try to compete with their bigger sibling in terms of becoming the platform to finance businesses and tokenize the entire crypto space. Instead, they seek to facilitate smart contracts for Internet of Things.
In a nutshell, it's safe to say that ETC is the middle ground between the philosophies and technical implementations of BTC and ETH.
The one thing that we could be sure is that ETC is not abandoned and interested people and teams are participating in the development of the coin, which makes it worth noticing. The logical way of development for ETC would be not to compete with ETH but to go on its way, for example in trending areas like Internet of Things and independent small miners. Below let's get in details with the chart patterns of Ethereum Classic.
Technicals
Overall pattern of the ETCBTC chart: growth in the first part of 2017 – falling since the middle of the 2017 year – bottoming at the start of 2018 on the 0.0015 level and further trading in lateral gradually growing manner. At the beginning of July, we saw a breakthrough from the Bearish pattern and attempts to start the new growth cycle. For now, the price broke above the 0.0025 level but found a resistance at 0.0028 level. The falling price has reacted on the July Bullish Trend Line and stopped, so we could expect a come back to the uptrend from this level. For the uptrend scenario, the next goal is 0.003 level. In case of a breakthrough below the Bullish Trend Line and 0.0025 level, we could expect a deeper correction.
Ethereum Classic was born as a result of the Ethereum fork after DAO hack, mainly because the community could not come to a consensus about abandoning pretty large amount of ETH.
Two years passed since DAO events, and for now, Ethereum is the second biggest cryptocurrency in the world in terms of both daily transacted value and market cap. The whole crypto community carefully listens to Vitalik Buterin and watch after Ethereum development.
Regarding the success of Ethereum, quite a lot of people seem to question why Ethereum Classic (ETC) still exists and what its future. Does ETC planning to serve any practical purpose or have any unique features other than ETH, or is it just the result of proud developers who opposed arbitrary human intervention?
These legitimate questions have been raised more often since the listing of ETC on Binance and the announcement that Coinbase would soon support it too.
Here a brief outline of the Coincast interview on the future of ETC from Igor Artamonov, founder and CTO of ETCDEV:
ETC seeks to be much more decentralized by taking a Bitcoin-like approach. Perhaps that a statement like "ETC is to ETH just like LTC is to BTC" would be slightly accurate thanks to the architectural similarities and differences in coin supply, but the situation is more complex.
While ETH is transitioning to a PoS system that creates more centralization under the "governance" label, ETC is committed to the original values of cryptocurrencies.
As ETH transitions towards Casper PoS, it's expected that miners will jump into the ETC ship and help the coin grow.
More precisely, Ethereum Classic isn't about ICOs. They won't try to compete with their bigger sibling in terms of becoming the platform to finance businesses and tokenize the entire crypto space. Instead, they seek to facilitate smart contracts for Internet of Things.
In a nutshell, it's safe to say that ETC is the middle ground between the philosophies and technical implementations of BTC and ETH.
The one thing that we could be sure is that ETC is not abandoned and interested people and teams are participating in the development of the coin, which makes it worth noticing. The logical way of development for ETC would be not to compete with ETH but to go on its way, for example in trending areas like Internet of Things and independent small miners. Below let's get in details with the chart patterns of Ethereum Classic.
Technicals
Overall pattern of the ETCBTC chart: growth in the first part of 2017 – falling since the middle of the 2017 year – bottoming at the start of 2018 on the 0.0015 level and further trading in lateral gradually growing manner. At the beginning of July, we saw a breakthrough from the Bearish pattern and attempts to start the new growth cycle. For now, the price broke above the 0.0025 level but found a resistance at 0.0028 level. The falling price has reacted on the July Bullish Trend Line and stopped, so we could expect a come back to the uptrend from this level. For the uptrend scenario, the next goal is 0.003 level. In case of a breakthrough below the Bullish Trend Line and 0.0025 level, we could expect a deeper correction.
