Will Ethereum Classic Survive?

 

Will Ethereum Classic survive? How would it cooperate with Ethereum? These questions have bothered many people who are interested in cryptocurrency world. To try to answer them, one should return to the time when this all confusion happened.

Whence appeared Ethereum Classic?

A new branch of the Ethereum appeared as a result of hard fork, carried out in July, 20 on the basis of voting, to return the stolen money to the DAO tokens owners. However, some miners refused to support it, and making use of the support of the part of the community, continued to support the old network. This is how Ethereum Classic appeared.During the first several days of its existence, new (or old) fork Ethereum received the support of several miner groups, caused heated debates around itself, and started to trade on Poloniex platform. Cryptocurrency trading platform, without long thinking, counted the ETH wallet owners the same amount of ETC coins. After that, Kraken, Bitfinex, Shareshift, Yunbi, CHBTC announced about the Classic support. Coinbase refused to support it, but promised to attentively watch the situation. In return, the BTC-e representatives called Ethereum Classic a fraudulent scheme.

Currency fluctuations

After that, a rapid growth of ETC rate happened – during the day, its price increased almost fourfold – from 0,6 $/ETC to 2,25 $/ETC. Passing the period of “swings”, the Ethereum Classic rate has more or less stabilized during the last days and fluctuated on the level of 1,7 $/ETC. The fork capitalization is about 140 million dollars.Many community members wonder, isn’t it a group of hackers, that fulfilled the attack on DAO, who influence the promotion of the Classic? After all, before hard fork they had Ether on the sum around 60 million dollars on their accounts, and now, on the old Ethereum branch they have 7 million, while on the new one – absolute zero.

What's next?

There are two obvious ways for the further destiny of the both Ethereum branches – parallel existence or disappearance of one of them. The first option seems the most probable, but such situation sufficiently complicated the work of the Ethereum according to its initial purpose as a platform for smart-contracts and decentralized applications, confusing the developers.As for the disappearance of one of the forks, it is clear that the present situation in no way talks about the ETC domination, so many people hope that Classic branch will disappear by itself, after the decrease of its part to the index lower than 5% from the general amount of Ethereum tokens, giving it life from 3 to 6 months. 

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