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Ethereum Classic: Can alternative Ethereum benefit from the merge?

 


Ethereum Classic is an alternative to the Ethereum blockchain, which was created by splitting off, a "hard fork", from the Ethereum blockchain. Part of the community split off from the Ethereum blockchain in 2016. Because the majority of the community wanted to reset the blockchain after a hack. Many participants in the network did not agree with this and went ahead with a fork. 


Despite the split, Ethereum and Ethereum Classic continue to pursue almost identical goals, so that the hard fork is still controversial today. Like ETH, Classic wants to provide a public platform to run smart contracts and decentralized applications (dApps). 


What is the difference between Ethereum Classic and Ethereum?

Ethereum Classic was born out of a disagreement that users didn't want to reset the Ethereum blockchain and wanted to keep the original version of Ethereum. Therefore, Ethereum Classic aims to preserve the original version of Ethereum as much as possible.

The most important difference is that Ethereum Classic wants to continue to rely on the original Proof-of-Work consensus mechanism, while Ethereum is switching to Proof-of-Stake with the Ethereum Merge . Furthermore, the developers do not want to redesign the blockchain for profit, but only use transaction fees to keep the original version of the Ethereum blockchain as good as possible. 


What is the ETC token?

The ETC token is the native token of Ethereum Classic . In the network, it is used as a reward for mining. In return for the computing power provided, the miners receive the ETC. Furthermore, users can also use the ETC to pay for other services in the network or the service of dApps.


Why did Ethereum Classic's ETC token surge in the last few days?

Over the past few days, Ethereum Classic's ETC token has seen a massive price surge. Over the last 7 days, the ETC gained over 25%. On Tuesday, September 06, 2022, the ETC gained over 11% in value at times. Other cryptocurrencies hardly saw any gains during this period. The ether was only able to post slight increases. 

The gains can be mainly attributed to the fact that the Ethereum merge is getting closer. The Ethereum Merge brings together the Beacon Chain, on which the Proof-of-Stake was established in Ethereum in recent months, with the Ethereum Mainnet. This completes the move to Proof-of-Stake on Ethereum.


Ethereum 2.0

More and more miners seem to be dissatisfied with the upcoming merge and are switching to Ethereum Classic to continue making profits from mining. Ethereum has made mining increasingly difficult in recent months with a "difficulty bomb". But many miners do not want to switch to staking and are now switching to the alternative. The merge should finally take place on September 15th. 


Can Ethereum Classic become more important?

Ethereum’s exodus of previous miners comes as no surprise. The merger will bring about a turning point in Ethereum, which should also be viewed negatively by many old members of the network. Nevertheless, the switch to proof-of-stake serves to make the Ethereum network more efficient, faster and cheaper when executing smart contracts.


Ethereum Classic has been around since 2016 and has always been an interesting alternative to Ethereum. With the merger and the change of many miners, the network is now receiving a lot of attention again. Nevertheless, little should change in the relationship between the two networks. Both blockchains should be well prepared for the future.


Is an investment in the ETC worthwhile?

An investment in the Ethereum Classic ETC token could be worthwhile right now. It cannot be ruled out that we will see further increases towards the merge in the short term. But especially in the long term, the ETC price should rise. Because right now we're in a bear market, so prices are extra low. In the medium and long term, the ETC is more likely to rise.

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