The backstory of ETC and it’s split
January 17, ETC pulled up more than $ 10 in a short time, setting a record in the past six months. After the last halving of Bitcoin SV, ETC doubled its performance in 10 days and is now attracting new clients.
Ethereum Classic following the legacy of Bitcoin SV has started its bull run. Ethereum Classic secured its place in the top 15 Cryptocurrency in the market, jumping from the 18th place yesterday to 13th position. Ethereum Classic ETC is trading at $9.87. The price is 30% up today, emerged out as top gainer of the day.
The currency started correcting the price after a sharp surge in the recent days, ETC/USD outperforming all the primary Cryptocurrency is trading. Since the start of the year, ethereum classic has gained 91.0% in the last seven days.
The price of Ethereum classic likely to bring more bullish outcomes in the Cryptocurrency market, for now, we can say Bitcoin SV has initiated the altcoin rally, and now the Cryptocurrency market is likely to set new records again.
The backstory of ETC and it’s split
ETC is unlike our regular cryptocurrencies. It has a significant history behind it. ETC and ETH were initially the same But on June 17, 2016, in DAO crowdfunding event, a hack occurred in which hackers stole Ethereum currency which was at that time valued at 1billion. This led to an uproar amongst the people.
A committee decided, and they discussed the plan of action against this deadly attack. Some people suggested that instead of revoking any transactions or blocks, but invalidating the transactions related to The DAO, and later retrieving these Ethereum through a hard fork. Not everyone was ready to accept this decision.
They thought that this is against the principles of decentralization services. Hence the split occurred with ETH (Ethereum) which does not support retrieval by hard forking, ETC (Ethereum Classic) which maintains the blockchain and endorses the idea of extraction by hard forking.
After this decision, ETC faced a lot of backlash from its customers. The computing power of ETC reduced due to the split. Further ETC and ETH share mining algorithms, and so it is vulnerable to 51 attacks, and it did encounter one also panicking the people about ETC.
Even though all this hatred and panic, the hard forking happened. In March 2017 the ETC decided on a working model and welcomed new investors for its development. In November same year, a global summit for ETC held in China. This was a booster as it showed the investors and people around the strength of ETC. In December 2018 Ethereum’s development team announced that it would cease all its operations. This was a big blow doe ETC.
Going through all this struggle ETC revival started to look a possibility when Ethereum phase 2.0 initiated. This is said to make a transition from POW to POS. This move gave ETC more popularity as it is a POW based cryptocurrency. Even though there is a lack of computing power but with the right investors, the ETC looks to be back on track. China is investing heavily in ETC. This has raised a few concerns, but these are just speculative stories backed by no facts
As of now the growth of ETC looks phenomenal and more and more people are investing in it.