Ethereum Classic Price Reaches Near All-Time High After Renewed Market Interest
Ethereum Classic is a decentralized platform that runs smart contracts, which are applications that run on the blockchain. A smart contract, once initialized, runs exactly as programmed and cannot be altered or censored by users. Initially a decreasing platform, it saw a surge of interest recently – leading to a boost in price.
Ethereum Classic is in many ways similar to Ethereum, except it has an unaltered blockchain.
In 2016 a vulnerability in an ICO’s smart contract led to the theft of 3.6 million Ethereum (approximately $4 billion CAD at today’s price). It is important to note the vulnerability was not caused by any fault of the Ethereum blockchain itself, rather it was caused by an oversight in the design of the smart contract.
Although Ethereum was not responsible for the theft, Vitalik Buterin, co-founder of Ethereum, proposed a temporary solution to the problem. His plan was to lock the stolen funds until the community could decide on a solution.
His solution caused a very heated debate in the community. On one hand, you had people who felt morally obliged to intervene and recover the stolen funds. On the other hand, you had people who felt that any interference by the lead developers was against the decentralized nature of Ethereum.
Those against the proposed hardfork stuck with the original chain and Ethereum Classic was born.
Callisto airdrop on the way
In recent weeks there has been a renewed interest in Ethereum Classic which has been reflected on social media and in the price. One reason for the renewed interest may be the proposed airdrop of Callisto that will happen soon.
— Ethereum Classic (@eth_classic) February 20, 2018
Callisto plans to become the “official smart contract auditing department of Ethereum Classic,” according to its white paper. Their plan is to develop a “standard procedure for secure smart contract development.”
A snapshot of the Ethereum Classic blockchain will occur at block 5,500,000. Anyone holding Ethereum Classic during the time of the snapshot will receive a 1:1 ratio of the Callisto token.
The development teams roadmap also outlines plans for side chains as a scalability solution, as well as plans to help third-party developers create applications to run on top of Ethereum Classic.
Ethereum Classic on the rise
The renewed interest has brought with it an increase in price. In the past few weeks, the price rose to $53 CAD from a low of $18 CAD on February 6th, 2018, according to Coinmarketcap. The new price is very close to a previous all-time high of $56 CAD.
If you're not watching Ethereum Classic ($ETC), you're doing it wrong
— Barry Silbert (@barrysilbert) February 12, 2018
The momentum behind Ethereum Classic has also been visible on social media as well. Digital currency giants like Barry Silbert, CEO of Digital Currency Group, have been vocal about their feelings that Ethereum Classic is entering a bullish phase.
Image credit: Ethereum Classic logo
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