- Vitalik Buterin spoke at the Ethereum Community Conference, asking users to switch to Ethereum Classic for proof-of-work.
- Ethereum is expected to start migration of its mainnet from the proof-of-work consensus mechanism to proof-of-stake in September 2022.
- Buterin refers to Ethereum Classic as the “original” Ethereum chain with a welcoming community.
Vitalik Buterin commented on Ethereum Classic and its community in his recent talk at the Ethereum Community Conference. The co-founder of the largest altcoin network affirmed that ETC is the original Ethereum chain and retains the blockchain prior to the attack.
Ethereum Classic is the original Ethereum
At the EthCC conference, Ethereum co-founder Vitalik Buterin spoke about the long-awaited transition from proof-of-work to proof-of-stake. The Ethereum community was surprised by Buterin’s recommendation of rival chain Ethereum Classic.
Buterin reaffirmed that his comments are not a joke and that he believes Ethereum Classic is the original Ethereum chain that did not change after the attack.
In 2016, an application on the Ethereum blockchain (known as The DAO) was hacked for 3.6 million ether (ETH), worth around $50 million USD in 2016. There were around 72 million ETH in circulation at the time, and 5% of all ETH in existence was stolen. Ethereum Classic chose to preserve the original chain and continue with the loss of the stolen ETH, however, Ethereum chose to fork the chain and erase the attack in order to make affected parties whole again.
Several developers and giants in the Ethereum ecosystem were part of the audience, and the event was significant for the community. Buterin joked about audience members wanting to cancel PoS. Buterin recognized that proof-of-work is a model preferred by a part of the Ethereum Community, and for such members Ethereum Classic is a good refuge.
Buterin said:
There are several blockchains, like Ethereum Classic (ETC), which is the original Ethereum. Who has not betrayed the vision [do projeto] when making a fork [por causa] of The DAO, is a welcoming community, and I believe they will definitely welcome Proof-of-Work fans.
ETC surpassed ETH in weekly gains
Prior to Buterin’s speech on proof-of-work as a model and a recommendation for the community to move to Ethereum Classic, the altcoin had already surpassed ETH in weekly gains. Therefore, it became evident that in the event of the Merge witnessing a failure or issues, the community has Ethereum Classic to fall back on with the same consensus mechanism as Ethereum used since it was founded.
One key argument of the Ethereum community is that the US Securities & Exchange Commission (SEC) is yet to reveal how it treats Ethereum. Once the SEC’s stand on Ethereum becomes clear, if ETH is treated like a security post its transition to proof-of-stake, holders will be eligible for a dividend on pre-mined coins that lie in the team’s wallets.
This makes it a lucrative incentive for the Ethereum community to hold ETH post the Merge, pending action from the regulator.
Ethereum flippening could become real with the Merge
Vivek Raman, an Ethereum researcher, is convinced that the altcoin’s upcoming transition to proof-of-stake will fuel the flippening. Ethereum will be in a position to take over Bitcoin as the leading cryptocurrency.
Raman told Cointelegraph in an exclusive interview:
Ethereum does have, just from an economic perspective and because of the effect of the supply shock, a chance to flip Bitcoin.
Analyst predicts chance of 35% rally in Ethereum Classic
Akash Girimath, a crypto analyst at FXStreet, evaluated the Ethereum Classic price trend and predicted a 35% ride to $32.62. Girimath predicts that ETC will run up to $32.62 on two specific conditions.
$ETC update to article July 18 article:
— Akash (@Mangyek0) July 25, 2022
There is still a chance for #EthereumClassic to ride 35% to $32.62
- if the $24.03 support level holds
- if the h4 trend preserves (ie., recover above 13 h4 EMA) pic.twitter.com/aI3yATmiiK
ETC rival Ethereum eyes a retest to $2,000
FXStreet analysts argued that Ethereum is likely to retest $2,000. The Ethereum Classic rival has bullish potential and is gearing up for a rally:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.