Real Ethereum blockchain is now getting huge traction in the crypto industry because of the Inflow of huge numbers of miners.
Ethereum classic is the main blockchain project of Vitalik Buterin but due to some flaws, the team forced the network to go through a hard fork and that resulted in a new blockchain network. The newly generated blockchain Network is currently in use as the main Ethereum blockchain, while the old one is known as the Ethereum classic. In the present time IOHK, the developer team behind Cardano blockchain, supports the community of Ethereum classic.
The current price of Ethereum Classic (ETC) is $47.5 and this price is 9% higher over the last 24 hours. But this price is 81.9% higher over the last 7 days.
This high price of ETC coin is a hint that the Ethereum classic is now going under better conditions.
The main reason behind the rapid increment in the price of ETC coins is the influx of huge numbers of Ethereum miners and also ETC is now only the highest secure pow network after Bitcoin because Ethereum is very near to shift on POS. As we know the Ethereum Foundation decided to shift the network from Proof-of-work Consensus to Proof-of-stake Consensus, so miners will not be able to mine Ethereum, instead they will be able to stake but hardware alone will not be enough to give better profit for them.
Due to some flaws in Ethereum classic blockchain Network and lack of decentralization because of particular numbers of miners control on hash rate of Ethereum classic network, 51% attack and hack attack took place in the crypto history.
Now the actual team of Ethereum classic is active on Ethereum and also the team is close to shifting the Ethereum blockchain to Proof-of-stake Consensus, so right now Ethereum classic is looking like a better option after bitcoin as a Proof-of-work Consensus-based blockchain Network.
In December 2020, IOHK announced to support Ethereum classic Community through the upgrade with its Mantis project.
When Ethereum foundation, a non-profit organization behind the Ethereum project, announced its plan to shift on Proof-of-stake then the Mantis project wrote a tweet in favour of the Ethereum classic.
Read also: ECB president says crypto can be used against financial sanctions on Russia
Ethereum classic (ETC) gains 82% due to the Inflow of miners
https://bitcoinik.com/ethereum-classic-etc-gains-82-due-to-the-inflow-of-miners/feed/
https://bitcoinik.com/ethereum-classic-etc-gains-82-due-to-the-inflow-of-miners/feed/
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