Ethereum Classic (ETC), which in recent days has been highlighted by Vitalik Buterin as the “original Ethereum” in a mocking tone, received a contribution from the large company Antpool and skyrocketed with the attention paid to the project, which tries to stay. true to what was initially proposed in this ecosystem.
Created in 2015, the Ethereum network was intended to bring more features to the cryptocurrency sector, bringing smart contract concepts into the debate. This community believed that bitcoin was limited and began to work on innovations.
In 2016, however, “The DAO Hack” event managed to steal user funds, generating millions in the cyberattack. Part of the community then mobilized to create a new network and erase this episode from its history, which was when it emerged Ethereum (ETH)today the second most valuable coin by market capitalization.
However, others did not agree with the new currency and continued to create in the well-known Ethereum Classic (ETC) ecosystem.
“Original Ethereum” Soars After Catching Antpool and Vitalik Buterin’s Attention
While Ethereum (ETH) prepares to migrate its consensus to Proof of Stake (POS)thousands of miners will have to find a new destination for their graphics cards so as not to lose their jobs.
Thus, Vitalik Buterin has recommended the rival cryptocurrency in recent days, noting that the Ethereum Classic (ETC) community will continue Proof-of-Work (PoW) mining. He even stated that the network is not bad and there are serious people in its ecosystem.
Citing the project as the “original Ethereum”, Ethereum Classic has made a comeback in the cryptocurrency community and among miners. In this way, Antpool, a company linked to Bitmain, decided to make an investment of 10 million dollars in this ecosystem, so that they improve the technology.
In a note last Tuesday (26), Antpool said that it will incubate projects created in this network to encourage initiatives with ETC.
Let’s support the ETC ecosystem and incubate high-quality PoW projects together!
With the attention of the last few days, the price of Ethereum Classic has shot up 16% in the last 24 hours, reaching position 22 of the market capitalization. Each ETC is currently priced at $27.28, having seen a 62% increase in the last 30 days.
Previous hacking attacks can be forgotten if more miners join the network
In the first days of 2019, the Ethereum Classic network suffered a 51% attack, which is considered the main threat to a public blockchain. This is because by taking control of the network, the attacker can manipulate transactions, reverse them, and reap rewards in myriad ways.
At that time, brokers were encouraged to increase the number of ETC confirmations to avoid problems.
Now in 2022, with the possible arrival of ETH miners to the Ethereum Classic ecosystem, 51% attacks could be a thing of the past, as a mass migration would make this currently small network more secure.