The Ethereum Classic has become a hot topic in the market since its recent surge. Notably, ETC has surged up by almost 208.70% within a week. The market price of ETC, at the time of writing, is $118.94 and is decreased by 5.72% over 24-hours. Ethereum Classic is a blockchain-based, decentralized crypto platform that runs smart contracts.
Launched in 2016, Ethereum Classic is a hard fork of Ethereum and has the ability to support and host DApps. The platform helps in running smart contracts and offers the benefits of decentralized governance. It preserves the originality of the Ethereum blockchain without countering the DAO hack. The primary goal of the project is to become a global payment network via smart contracts without the need for centralized governance. Like other cryptos, ETC is a digital store of value, which means that it can be exchanged and saved and retain the value.
Despite the fact that Ethereum and Ethereum Classic potentially offer smart contracts, Ethereum is more prevalent in the market. ETH is even the second most famous crypto in the world, after BTC. The reason behind this is probably the limitations of Ethreum Classic to scalability. Even after many software upgrades, Ethereum classic was unable to scale the payment systems. Notably, it can handle 15 transactions per week.
Another concerning thing is its security. Notably, security is always an issue with smart contracts, and Ethereum Classic has experienced a theft of millions of dollars. This is another reason why smart contracts via Ethereum Classic are not being used in real estate and significant financial transactions.
Compared to ETH, the future of ETC is not that much great because Ethereum is indeed more legitimate. Due to the hacks into the system of Ethereum Classic, investors are probably less confident about it. The security concerns surrounding the Ethereum Classic are more likely to push the investors towards Ethereum and adopt the smart contracts on Ethereum Network compared to Ethereum Classic.