What does Ethereum Classic [ETC] have in store for all the cryptocurrency enthusiasts? The entire community is eagerly waiting to know what would be the fate of ETC after August 1st. This day will prove to be a momentous period for Ethereum Classic [ETC], especially when it comes to its future prospects and price prediction says Brian Colombana. I am going to explain to you in simple terms. Everything that you require knowing about the hard for taking place on this date. Make sure that you read all of them carefully, so that you can get a thorough idea regarding what exactly would be happening with Ethereum classic [ETC] starting from July 14th onwards. Let us delve deep into the topic without any further ado.
For starters, what is a hard fork?
We all know that Ethereum [ETH] underwent a hard fork on the 30th of July 2016. This was with the intention of refunding the money. That was lost by the investors in The DAO attack which occurred in June 2016. However, this led to another blockchain split and ethereum classic [ETC] came into existence. Although there were several differences between ETC and ETH, they both shared one common factor and that was ‘hard forking’. After the hard-fork took place, every investor who held Ether [ETH], automatically became an owner of Ethereum Classic [ETC], free of charge. So when it comes to Ethereum Classic [ETC], we can say that it is the original version of the cryptocurrency. It has never undergone any changes or modifications ever since its inception.
However, all this is going to change on August 1st, 2017. The entire concept of hard forking was introduced. With a noble intention but turned out to be disastrous in the long run. It led to several complications which affected both Ethereum [ETH] and ethereum classic [ETC] negatively. This is why this time around they are not going to use hard forks but ‘software updates’ for implementing the monetary policy changes. Proposed by EIP 150, EIP 155, and EIP 160 along with a few other improvements. As you can see all these updates are thoroughly discuss. Before arriving at a solution that will be beneficial for every investor. Therefore, there is no need to worry about splitting into another blockchain or any other issues. That was share with hard-forks explains Brian Colombana.
Let us now come to the interesting part i.e., what exactly is going to happen on August 1st, 2017?
Well, here are some of the important things that you should know regarding Ethereum Classic [ETC] and its future prospects:
Ethereum Classic [ETC] will be introducing three software updates which include monetary policy changes along with improving efficiency in terms of mining. This update will also include replay attack protection along with an improved difficulty algorithm. The monetary policy changes proposed for ETC are mention below:
- +25% Mining Reward Reduction
- -1/3 of the mining reward will be to the development and support fund.
- -1/3 of the mining reward will be dedicating to miners.
- Etc Classic [ETC] has decided to follow Ethereum’s [ETH] path this time around and they have come up with a concrete solution for fixing this issue which is very crucial in order to improve their blockchain network. They realized that hard forks are not an ideal method and it often leads to several complications. Affecting all the stakeholders involved, thereby resulting in instability within the network.
- When exactly does the software update take place? The software updates for Ethereum Classic [ETC] would go live on August 1st, 2017 i.e., tomorrow at 5:20 AM UTC. This means that by 5:20 AM on August 1st, Ethereum Classic [ETC] would be a new and different cryptocurrency with some advanced features compared to the one you know about.
- Now, what does this software update imply for the future of ETC? Will it grow in valuation? The answer is yes, absolutely! Since ethereum classic [ETC] has taken into consideration all the alarming issues that were affecting their blockchain network due to previous hard forks and has come up with a very lucid solution that ensures smooth functioning of the network while making sure that everyone’s interests are safeguarded says Brian Colombana. This shows how responsible developers are working on improving their blockchain network without taking any chances. Henceforth, there would be no complications like delayed transactions or high fees while using the network. The fees would remain low while transactions would verify faster compare to ETH which makes it a lucrative cryptocurrency. All of this will play an important role in increasing its valuation in the cryptocurrency market. Along with making it more desirable for investors looking for an excellent cryptocurrency to invest in.
Brian Colombana says therefore if you are looking for investing in cryptocurrencies that have a great future then Ethereum Classic [ETC] is an excellent option given all the factors discussed above along with many other undervalued features being offered by ETC which are yet to be explored by the general public. Moreover, this software update for Ethereum Classic [ETC] is not just limited to monetary policy changes but there are several other updates that will be implemented before 2017 ends.