Cryptocurrency

Ethereum Classic Reaffirms Importance of Decentralization, as ETC is on the Rise

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Ethereum Classic (ETC) is one of the best digital assets currently available in the market. Backed by a strong and capable team, the future for ETC looks bright and promising.

ETC has been of the most popular and preferable cryptocurrency in the market and has managed to hold its ground at a time when several others are tumbling down. One of the reasons for this is that it has been operating under complete decentralization. Many other cryptocurrencies, which are quite popular and operate on the top-level blockchain, have been mostly decentralized, though not completely.

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Ethereum Classic, on the other hand, believed that if centralization prevails, the chances of cyber attacks and security threats increase substantially. It believes that only absolute decentralization can help a currency to achieve the full potential of the blockchain on which it is based. Complete decentralization ensures Ethereum Classic to be safe, claims the team of ETC. Security is one of the primary USPs of cryptocurrencies, and decentralization has helped them achieve it.

However, the security of ETC still remains questionable due to certain incidents in the recent past. Not long ago, on January 7, 2019, the Coinbase security team identified a major 51 percent cyber attack on Ethereum Classic, which made the junior Ethereum lose coins worth more than $1 million. This meant that the hackers had spent the same coins twice by taking over the majority of the computational power of the Ethereum Classic.

This single incident alone raises thousands of questions on the security of the so-called “completely decentralized” platform. To execute a 51 percent attack, hackers just need more computation power than you, and it becomes a piece of cake for them. While overpowering computing prowess of giants like Bitcoin or Ethereum seems too expensive, smaller coins like the ETC, Tron, etc., remain extremely vulnerable to hackers.

Ethereum Classic was a result of an internal disagreement in the Ethereum ecosystem, which aroused after the famous attack of the coin executed in June 2017. The disagreement came on the point of altering the blockchain to neutralize the hack, and those who were against tampering the chain split out and formed Ethereum Classic. So the basic idea behind creating Ethereum Classic was decentralization, but that too hasn’t helped it to prevent hacks.

At inception, Ethereum Classic gained momentum fairly quickly, growing at a rapid pace. However, as loopholes emerged, the growth pace slowed down substantially. Nonetheless, the ETC team is still optimistic of growth, and recently shared the famous quote by Winston Churchill which says,

“a pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.”

ETC is presently growing at a steady pace, and is valued at around $4.30 apiece, and is growing gradually. The coin is currently trading at slightly above 61.8% Fibonacci extension level. However, several reports have emerged about experts claiming a sharp fall of Ethereum Classic in the near future.  The upcoming corrections are expected to bring down the price per Ethereum Classic token to $1.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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