According to Charles Hoskinson, ETC has “no purpose or real compelling argument to exist”

Cardano founder calls Ethereum Classic “a dead project”

07.09.2022 - 09:00

98

2 min

What’s new? The founder of the Cardano blockchain project Charles Hoskinson has said that the cryptocurrency Ethereum Classic (ETC) has not realized its potential and is “a dead project.” He shared his opinion on Twitter while discussing the prospects of mining cryptocurrencies on various consensus algorithms amid Ethereum’s transition to Proof of Stake (PoS).

What is known about Ethereum Classic? The cryptocurrency ETC appeared in 2016 as a result of disagreement with the Ethereum Foundation’s decision to hard fork the network to roll back the blockchain until The DAO project was hacked to compensate the affected users for their losses. Members of the Ethereum community united around the cryptocurrency and the “original” blockchain, who rejected the main network’s hard fork for ideological reasons.

What other statements have been made? According to Hoskinson, ETC causes sadness “for what could have been.” “It’s a dead project with no purpose or real compelling argument to exist outside of spite.” Supporters of Ethereum’s PoW fork, led by developer Chandler Guo, hold a similar opinion. They believe that the ETC cryptocurrency has not grown since its inception, has stagnated, and failed to create its own ecosystem.

Earlier, from August 17 to 20, Ethereum Classic’s hashrate increased from 27,56 to 38,37 TH/s, reaching its all-time high at block 15 776 674. The growth in four days was 39,22%. This could be due to the approaching Ethereum network upgrade, which is scheduled for September 15, 2022. As of September 7, 08:15 UTC, ETH ranks 18th in the CoinMarketCap rating with a capitalization of $4,68 billion. The value of the asset is $34,21, ETC lost 15,76% in 24 hours (Binance data).

Author:

Michael Golikov Michael Golikov

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