Ethereum (ETH) Hard fork released in July 2016 Ethereum Classic (ETC), ahead of one of the biggest updates in the history of the main ETH network cryptocurrency gaining momentum in the market.
Ethereum Classic has been promoting itself as the “real” version of the ETH network since its launch. As it is known, after the theft of 3.6 million ETH on the ETH network in those years, ETH and ETC were separated from each other and the stolen funds remained in ETC.
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At that time, it was thought that ETC would gradually lose its value and be wiped out of the market. However, this was not the case and ETC still exists.
The hard fork of Ethereum took place in July 2016, when participants disagreed over changing the Blockchain to counteract the effects of the massive hack that led to the theft of millions of ETH.
The Rise of Ethereum Classic May Have Triggered the Merge Transaction in ETH to be Completed in September
The recent rise in ETC can be explained by the dissatisfaction of some users with the fact that Ethereum will leave the Proof of Work mechanism and move to the Proof of Stake mechanism. Mining operations, which are currently one of the most fundamental elements of the ETH network, will completely disappear with the transition of ETH to the Proof of Stake mechanism.
In light of these developments, ETC has recorded a 20 percent increase in the last 24 hours.
It is thought that the invalidation of mining transactions could benefit other ETH-based cryptocurrencies.
However, the hash rate of the ETH network at the time of this writing is 892 TH / s, and it is estimated that this processing power will switch to Bitcoin or other alternative networks. The hash rate of the ETC network has also spiked in the last 24 hours, rising from 19 TH/s to 21 TH/s.
*Not investment advice.