Ethereum Classic’s Bob Summerwill: What Is Happening With ETC?

Ethereum Classic’s Bob Summerwill wrote to twitter a few days ago, wondering what is really going on with Ethereum classic and its price so in our Ethereum classic news we try and find out more about it.

Ethereum Classic has the technology that Ethereum has but uses the Bitcoin philosophy. ETC is basically hard money with a fixed supply and it is decentralized. The platform values censorship resistance and mostly focuses on trust minimization. They prefer to have strong safety features since they value security. The protocol focuses on the multi-decade stability and they also focus on ensuring social scalability within the ETC system itself which never had ICO or a pre-mine. ETC has rich statefulness which has a major selling point for ETH since it facilitates transparency at the blockchain level. In order to improve the functionality that is facilitated, complex logic in smart contracts can be implemented.

The flexibility in the Turing-complete system is commonly criticized as being unsafe and the code can be expressed by enabling the smart contracts, thus being dubbed as unpredictable. The rules for the code can be written in any way so any conceivable algorithm can be run on the when enough memory. The critics consider the flexibility to be a huge part of freedom and they feel that the conditions which will not change can bring meaningful results. The main concern was that the attackers will write a code that would shut miners or nodes by forcing them into a loop, so a problem never gets solved. Ethereum Classic’s Bob Summerwill commented:

 “My slides for what is happening with Ethereum Classic? Deploying an ETH dapp on ETC will be trivial after the Aztlan+Phoenix hardforks scheduled for June 2020.”

The ETC/USD pair is well supported on the current levels but the upside could be limited. Ethereum Classic is not the 15th largest digital asset with the market value of $1.3 billion which gained 1.3 percent in the recent 24 hours and it is one of the few top-20 altcoins in the green zone on Tuesday. The reported trading volume for the Ethereum classic reached $2.9 billion. ETC labs even announced a new partnership with Fantom Foundation that is expected to bring the crypto-related DeFi features to the Fantom ecosystem. This foundation is a non-profit project and an open-source platform that is meant for DLT products.