With the success of the Ethereum Classic fork, what’s next for ETC?
Ethereum Classic Fork: What Happened?
The Ethereum Classic fork was completed to diffuse the so-called “difficulty bomb” that was coded into the Ethereum code. This code basically causes Ethereum mining to become more difficult once it switches to its new consensus algorithm.
The fork was necessary for a couple of reasons. First, the difficulty bomb would have made Ethereum Classic mining unprofitable – which is certainly less than ideal for ETC miners. But ultimately, it also came down to a friction in ideology.
Ethereum is moving to proof-of-stake, which is what would have caused the difficulty code in the first place. The Ethereum community is made up of members who believe that proof-of-stake is the best route, partly because it is a consensus algorithm that is more energy efficient.
On the other side of the argument are the people who prefer a proof-of-work consensus algorithm, which are the community backers for Ethereum Classic. Proof-of-work, they say, is a more decentralized way of achieving consensus. Proof-of-work also requires miners to invest in the mining hardware continually, which means they’re investing in the blockchain.
Whichever side may be right, the Ethereum Classic fork marks its complete separation from the Ethereum code.
The fork appears successful as of right now. There haven’t been any bugs reported yet, which is a good sign. The main goal was to lower the block production times, which seems to be happening so far:
We did it! 99% of the mining hashrate upgraded successfully.
Blocktimes getting faster; down from 22 seconds to 14 seconds.
Hashrate going up 5 TH/s -> 8 TH/s; making the network more secure. https://t.co/vYuyzgVQ10
— ETC Cooperative (@ETCCooperative) May 30, 2018
Ethereum Classic (ETC) Price
Ethereum Classic (ETC) is currently selling for $14.92, which puts the coin down 2.57%
The coin was up earlier in the day, but its price has since dropped off.
Where will Ethereum Classic go from here?
Featured image: Coinstyle