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- Despite the fact that both Ethereum forks claim to have started in 2015, the Ethereum network was reset and relaunched in 2016
- ETC is experiencing a surge in activity despite no longer being a part of the larger Ethereum network as a result of the heightened interest in Ethereum’s impending transition from proof of work to proof of stake.
- Chandler Guo, a prominent person in Chinese cryptocurrency, has proposed the idea for ETHPOW.
A 15% Surge in 24 Hourse
The price of Ethereum Classic (ETC) today reached a four-month high of $42.29 per coin, a gain of 15% in 24 hours, before settling slightly lower for the day, according to CoinMarketCap, as interest in the Ethereum merger next month grows. Vitalik Buterin and Gavin Wood established Ethereum Classic, a hard fork of the Ethereum network. Despite the fact that both Ethereum forks claim to have started in 2015, the Ethereum network was reset and relaunched in 2016 as a result of the hack of the The DAO project, which led to a rift in the Ethereum community.
Those who opposed the restart continued to use the Ethereum Classic network, which was the original Ethereum blockchain. Ethereum Classic has a ceiling of 210.7 million ETC, as opposed to Ethereum, which has no cap on the overall quantity of currencies. ETC now has a market capitalization of $5.6 billion and is the nineteenth biggest cryptocurrency.
Should They Carry out Another Hard Fork?
ETC is experiencing a surge in activity despite no longer being a part of the larger Ethereum network as a result of the heightened interest in Ethereum’s impending transition from proof of work to proof of stake.
Notably, as the merge approaches, some Ethereum community members are once more arguing whether to carry out another hard fork of the Ethereum blockchain in order to maintain the proof-of-work methodology. Chandler Guo, a prominent person in Chinese cryptocurrency, has proposed the idea for ETHPOW.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
