What is ETC in layman’s terms? It’s a decentralized computing system that hosts programs, data, and processing capacity. Unlike a PC or a remote cloud service, ETC is a remote peer-to-peer computing system, making it decentralized and trust-minimized.
Several basic lessons are worth looking over and over. Donald McIntyre, on Etherplan, explained Ethereum Classic Principles, Ethereum Classic Vision, and Ethereum Classic Opportunities. Worth checking them back over.
Recently, Twitter handle Ethereum Classic expressed, design makes a calculated tradeoff between performance and security. In other words, ETC is inefficient, but highly secure. In fact, much more secure than your devices or online services.
In response, one of the critics cynically and sarcastically stated, it’s so secure and I can’t even sell it! Well, everything will need some fixing and it might happen with time.
ETC principles stated that looking in to the history of money, the natural next step are trust minimized blockchains such as Ethereum Classic. ETC focuses on facilitating the emergence of a new system of money and it formally protects the basic rights like property and agreements, but through secure cryptographic protocols.
The opportunities in ETC continue to remain like store of value, therefore worth being a store of value and therefore buy HODL. For high value, high security property and agreements management. L1: To be used as a secure base layer by other systems. It is a complementary base layer to Bitcoin. It is machine to machine, IoT, Robotics. It is all about core, infrastructure and services.
It has been explained that ETC has 3 forces which will shape the future landscape of the blockchain industry, but they clarify that ETC is very well-positioned for that future:
There has been a reinstatement on the “format war” – which means it will narrow the large number of blockchains in existence today to a very few in the future.
In terms of “Layering” it has been stated that they will divide the industry by security v. performance. It has been stated the secure proof of work systems will be the base layer, or L1, and scalable proof of stake systems will be layer 2.
It is also important to understand the systemic risk, which means that, even if highly secure, all blockchains, including Bitcoin, still have some IT, operational, social layer, and thus generalized systemic risks.
For now, reportedly the ETC price is not really interesting. It just looks like it is bearish. This just means that lot of work that needs to add to strength and adoption is happening underway.
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