What is Ethereum Classic and the latest news
What is Ethereum Classic and the latest news
Altcoin

What is Ethereum Classic and the latest news

By Roberta Di Mario - 2 Jun 2020

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Recently there has been a new fork for the Ethereum Classic blockchain, but what is this project?

Ethereum Classic is the twentieth cryptocurrency for market cap, with a market capitalization of about $727 million and a current price of $6.25, although down from the valuation at the beginning of the year which was approaching a price of $12.

The first fork of Ethereum and the foundation of Ethereum Classic

Born in 2016 as a hard fork of Ethereum, in the wake of the demise of The DAO. It is supported by users who do not find in Ethereum (ETH) the solution to the vulnerability of The DAO, supporting the statement that “code is law” as a key principle of the network and therefore the immutability of the blockchain.

Recently, Justin Sun, the CEO of the TRON blockchain, had attacked Vitalik Buterin, founder of Ethereum, on this very issue, explaining that Buterin had acted in an authoritarian way on the blockchain, opting for the fork, and therefore failing the concept of decentralization. For this reason, Sun said he was ready to help the possible victims of this situation.

In any case, Ethereum Classic is regarded as the primordial version of Ethereum. The latter, in fact, has grown exponentially over the years, becoming the second cryptocurrency with a market capitalization of about $24 billion and a price of $214, and is gradually preparing for a transition to the Proof of Stake consensus mechanism, planned for the end of 2020.

The latest news on Ethereum Classic

A few days ago Ethereum Classic was updated with the fork called Phoenix, whereas in January the fork called Agharta took place.

Moreover, a few days ago the Saturn protocol made possible the so-called atomic swaps for Ethereum Classic, as well as for Ethereum.

 

Roberta Di Mario
Roberta Di Mario

Roberta Di Mario, born in Rome in 1993, is a university student. After obtaining a Bachelor's degree in Economics and Business Management, she is currently studying a Master's Degree in Management and Finance.

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