in Ethereum Classic (ETC)
In 2016, The DAO, a decentralized venture capital fund that was one of Ethereum’s early use cases, was hacked for about $50 million.
Instead of letting the hack be successful, the Ethereum community decided to fork the blockchain in order to revert the hack and restore the stolen Ethereum.
Most of the Ethereum community supported this hard fork and a minority didn’t. Those who didn’t support the fork chose to keep running the instance of Ethereum where the hack was never reverted. This became the Ethereum Classic blockchain.
So how does the Ethereum Classic future look? Let’s find out.
Ethereum Classic Future
So what does ETC's future hold? Here are some exciting developments for Ethereum Classic.
Gitcoin has decided to work with Ethereum Classic to pay out bounties in ETC. Gitcoin is a popular platform for funding freelance development in the crypto ecosystem and although it’s based on the Ethereum chain, the Gitcoin team thought it would be beneficial to include Ethereum Classic as a payment mechanism.
ETC can also now be used with Fantom to collateralize their “Collateralized Stable Currency Tokens.” These tokens are similar to DAI, a stablecoin that mirrors the value of the US dollar, and ETC collateralizing them is similar to how ETH works with Maker DAO.
(Maker DAO is a DeFi protocol that lets users borrow DAI by putting up ETH collateral).
Although these developments are interesting, the truth is that most of the major development work is happening on the Ethereum network.
Despite the attack, however, Ethereum classic may still serve a major role as a decentralized smart contract platform in the future. We’ll consider what this role could be at the end of the next section.
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Having crossed the threshold of 100 million unique addresses, the future of Ethereum (ETH) is bright. Perhaps most importantly, the long-awaited upgrade to Ethereum 2.0 is finally around the corner.
The upgrade to Proof of Stake will happen first, followed later by sharding. Sharding will break up the Ethereum blockchain into a lot of smaller pieces so that Dapps and other smart contracts can run on different Ethereum “chains” at the same time.
This will dramatically increase the number of transactions per second that Ethereum can handle.
DeFi is also exploding as more investors and users take advantage of the financial services that Ethereum now provides. From earning interest on stablecoin deposits to participating in no-loss lotteries, Ethereum offers a huge range of services.
That being the case, a lot of what’s happening with Ethereum has never been tried before. There are other Proof of Stake coins, but none of them are as decentralized as Ethereum will be after the upgrade. As careful as the developers are, we cannot say with 100% certainty that PoS on Ethereum will work.
And if it doesn’t, Ethereum Classic could potentially serve as a “backup” blockchain. After Ethereum transitions to PoS, Ethereum Classic will still be running on Proof of Work, which we know to be reliable and secure - when not victim to 51% attacks. So ETC can serve as a sort of insurance policy against anything going wrong with Ethereum in the future.
Where to Buy Ethereum Classic and/or Ethereum
Got crypto? If you’d like to trade it for Ethereum or Ethereum Classic you can do so with Exodus. Here’s how (instructions for buying with fiat currencies like dollars and euros below).
Note: these instructions are for Exodus Desktop. See our exchange instructions for Exodus Mobile if you're using Android or iOS.
- Deposit your cryptocurrency in your Exodus wallet. In this example, we’ll use XRP but it can be any crypto that Exodus supports. To deposit the crypto, open your Exodus wallet and then click on Receive
2. Your Exodus wallet will display a cryptocurrency address you can send your crypto to
3. Once the transaction has finalized, you can click on the two arrows just to the right of the Receive button
4. On the exchange screen you can select ETC for the trade and decide how much you want to buy. Once you’ve entered all of the information, just hit the Exchange button at the bottom of the screen. The exchange will begin, and the ETC will show up in your Exodus Ethereum Classic wallet shortly. It’s that simple!
If you’d rather buy ETH or ETC with fiat currencies like dollars or euros you can use Coinbase. Coinbase supports both ETH and ETC, and they offer a low fee option for buying crypto by linking your bank account information or using your debit card.
Where to Store ETC and/or ETH
Neither Ethereum or Ethereum Classic has an official wallet. This is common for decentralized cryptocurrencies, as there isn’t a company or organization to designate one wallet as official and another as unofficial.
Even though there isn’t an official wallet, that doesn’t mean you have to sacrifice on security. Exodus is a non-custodial cryptocurrency wallet (you own your crypto) with the following features that make it a user favorite:
- Support for 100+ crypto assets
- Focus on premium design and ease of use
- Is the only wallet to support desktop, mobile, and hardware wallet (Trezor) integration
- Gives you the ability to exchange cryptos for other cryptos right from your wallet - without creating an account! (desktop guide, mobile guide)
- Supports the best decentralized applications like Compound Finance
- Allows you to stake some of the hottest cryptos for crypto passive income
- Lets you sync your wallet between desktop and mobile
- and has 24/7, fast human support if you ever need help
Ethereum Classic News
The crypto media landscape can be overwhelming and finding information about a specific coin can take a lot of time. That’s why the Exodus wallet has a news feature.
Scroll to the bottom of the Exodus Ethereum Classic wallet page, and you’ll find a news section with all of the latest information about Ethereum Classic.
Ethereum Classic might not be as popular as Ethereum, but development is ongoing and Exodus’ ETC page is a great way to keep track of everything that’s happening with ETC.
In sum, the Ethereum Classic future looks dim compared to that of Ethereum. Ethereum has many exciting changes in the pipeline. But if those changes end up doing more harm than good, Ethereum Classic could still serve as a backup with much of Ethereum’s old characteristics still intact.
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.