March 28, 2023

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Vitalik Buterin made the statement during an event regarding the upcoming transition and merged on the Ethereum network blockchain. He stated that people who like the proof-of-work (POW) consensus mechanism protocol might decide to go for Ethereum Classic (ETC), as the blockchain network is also good. 

ETC: A Good Replacement After ETH Blockchain Merge 

The upcoming Ethereum blockchain network merge seems to be finally affecting the cryptocurrency markets. The second largest crypto in the market cap, Ethereum, and its blockchain network will be transitioned to a different consensus protocol. 

This move may cause many miners to migrate as the blockchain may not be available again for mining. The upcoming upgrade named Ethereum 2.0 is set to happen in September. 

This upgrade will cause the cryptocurrency blockchain network to be moved from proof-of-work to a proof-of-stake consensus protocol. This new protocol will make transactions more affordable, easier, faster, and less power consumption on the blockchain network.

 Earlier, the gas fee on the Ethereum network dropped drastically, which may be regarded as an effect of the upcoming merge and transitioning. However, this may cause a little stir for people invested in the proof-of-work protocol.

 Ethereum blockchain founder, Buterin advised crypto users adapted to the POW protocol to choose ETC as their substitutes for Ethereum after the upgrade. This advice seems particular to cryptocurrency miners, who may not get to mine on the ETH blockchain again. 

Ethereum Classic (ETC), A Good Blockchain and Token

Ethereum Classic (ETC) is part of the ETH chain that was created in July 2016. ETC was separated as a hard fork permanently from the Ethereum blockchain network.

ETC was launched with its separate blockchain, making it independent. The blockchain has the capability of supporting its tokens, smart contracts, and decentralized application. 

The blockchain seems to work perfectly in the same mode, just like Ethereum’s network. ETC was permanently separated from Ethereum and has continued to thrive without not affiliation with its predecessor.

 It was launched to create integrity and continue the great achievement made by the ETH blockchain. After the Ethereum blockchain network transition in September, ETC may be the new source of income for crypto users. 

Ethereum Blockchain, the second biggest blockchain, would be unavailable for miners. Miners and cryptocurrency users may migrate to the ETC blockchain after September. The blockchain would still run on the normal proof-of-work (POW) consensus mechanism protocol. 

Ethereum Classic exposure in the market seems to be rising recently. Cryptocurrency buyers, miners, traders, and investors study the token movement for possible migration. 

The token seems to be reacting to the exposure and discovery; the token recently made an upsurge rally. ETC token market price soared by over 100% before a downtrend, abruptly causing the bull rally to be short-lived. 

Unfortunately, a downtrend of approximately 12% was recorded while the price fluctuated. Despite the bears, investors are still predicting gains from the Ethereum Classic. However, the value and market price will soar and add value after the merge is concluded and miners begin to migrate.

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