Now that there are thousands of cryptocurrencies and hundreds of altcoins in the crypto market, each one of them is trying hard to grab the limelight. But, unfortunately only a few cryptocurrencies like Bitcoin and Bitcoin Cash has received the attention. Many countries have legalised the use of cryptocurrencies while some have strong objection for digital currencies. In such a scenario cryptocurrencies are working towards making themselves as valuable as fiat currencies globally.
Let us find out today the potential of Ethereum Classic as we head towards 2019:
While hundreds of cryptocurrencies including BItcoins use blockchain technology for handling their digital assets by eliminating intermediaries like banks, Governments and financial institutions, Ethereum Classic is considered as a cryptocurrency with a bright future as it is renowned as a smarter blockchain network. Ethereum Classic does more than just being a medium for financial transactions. Two different units of Ethereum is Ethereum (ETH) and Ethereum Classic (ETC). The rivalry and the competition between these two networks are on a constant rise.
Ethereum Classic uses the longest running smart contract blockchains for better performance. It has a strong community of people who work towards building a network which supports in building seamless smart contracts and DApps. The success of Bitcoin has not made it immune to controversies like being in the hands of few institutions and companies. Ethereum Classic looks out to eliminate such centralised authority of its operations and makes itself a completely decentralised network. You can trade ETC and make ETC to BTC exchange in cryptocurrency exchanges like CoinSwitch, ShapeShift, Bittrex, Bitfinex and GoCoin.
Ethereum Classic is acclaimed as a decentralised platform for running smart contracts. Ethereum Classic uses a rule called ‘code is law’ wherein every valid transaction is safely in the books of Ethereum network and can never be erased. Such is the programming used in the Ethereum Classic network. You can build your own smart contracts and decentralised applications using Ethereum Classic for various function and business needs.
Ethereum Classic is considered as an important digital asset for 2019 due to its strong community. Scaling through side chains is one of the present projects of Ethereum Classic to build its community stronger for 2019. Connecting Ethereum Classic to the Internet of Things may be a game changer as it may lead to more financial transactions and expanded usage of ETC as the Internet of Things may build better scalability and faster transactions.
Also Read: Best Ethereum Classic Wallets in 2019
Though the current value of ETC is USD 6.93, this token is considered as a potential competitor to be in the top 10 cryptocurrencies. Ethereum Classic may witness a rise in its value when the developers of ETH starts to move into ETC network as more than half of the Ethereumcommunity was against the hard fork of Ethereum network. The increasing transaction fee and increasing traffic in the Bitcoin forum may be an opportunity for cryptos like Ethereum Classic to build its community stronger and secure in the future.