- Vitalik Buterin spoke at the Ethereum Community Conference, asking users to switch to Ethereum Classic for proof-of-work.
- Ethereum is expected to start migration of its mainnet from the proof-of-work consensus mechanism to proof-of-stake in September 2022.
- Buterin refers to Ethereum Classic as the “original” Ethereum chain with a welcoming community.
Vitalik Buterin commented on Ethereum Classic and its community in his recent talk at the Ethereum Community Conference. The co-founder of the largest altcoin network affirmed that ETC is the original Ethereum chain and retains the blockchain prior to the attack.
Also read: With Ethereum Merge around the corner, here’s why you should pay close attention to Ethereum Classic price
Ethereum Classic is the original Ethereum
At the EthCC conference, Ethereum co-founder Vitalik Buterin spoke about the long-awaited transition from proof-of-work to proof-of-stake. The Ethereum community was surprised by Buterin’s recommendation of rival chain Ethereum Classic.
Buterin reaffirmed that his comments are not a joke and that he believes Ethereum Classic is the original Ethereum chain that did not change after the attack.
In 2016, an application on the Ethereum blockchain (known as The DAO) was hacked for 3.6 million ether (ETH), worth around $50 million USD in 2016. There were around 72 million ETH in circulation at the time, and 5% of all ETH in existence was stolen. Ethereum Classic chose to preserve the original chain and continue with the loss of the stolen ETH, however, Ethereum chose to fork the chain and erase the attack in order to make affected parties whole again.
Several developers and giants in the Ethereum ecosystem were part of the audience, and the event was significant for the community. Buterin joked about audience members wanting to cancel PoS. Buterin recognized that proof-of-work is a model preferred by a part of the Ethereum Community, and for such members Ethereum Classic is a good refuge.
Buterin said:
There are several blockchains, like Ethereum Classic (ETC), which is the original Ethereum. Who has not betrayed the vision [do projeto] when making a fork [por causa] of The DAO, is a welcoming community, and I believe they will definitely welcome Proof-of-Work fans.
ETC surpassed ETH in weekly gains
Prior to Buterin’s speech on proof-of-work as a model and a recommendation for the community to move to Ethereum Classic, the altcoin had already surpassed ETH in weekly gains. Therefore, it became evident that in the event of the Merge witnessing a failure or issues, the community has Ethereum Classic to fall back on with the same consensus mechanism as Ethereum used since it was founded.
One key argument of the Ethereum community is that the US Securities & Exchange Commission (SEC) is yet to reveal how it treats Ethereum. Once the SEC’s stand on Ethereum becomes clear, if ETH is treated like a security post its transition to proof-of-stake, holders will be eligible for a dividend on pre-mined coins that lie in the team’s wallets.
This makes it a lucrative incentive for the Ethereum community to hold ETH post the Merge, pending action from the regulator.
Ethereum flippening could become real with the Merge
Vivek Raman, an Ethereum researcher, is convinced that the altcoin’s upcoming transition to proof-of-stake will fuel the flippening. Ethereum will be in a position to take over Bitcoin as the leading cryptocurrency.
Raman told Cointelegraph in an exclusive interview:
Ethereum does have, just from an economic perspective and because of the effect of the supply shock, a chance to flip Bitcoin.
Analyst predicts chance of 35% rally in Ethereum Classic
Akash Girimath, a crypto analyst at FXStreet, evaluated the Ethereum Classic price trend and predicted a 35% ride to $32.62. Girimath predicts that ETC will run up to $32.62 on two specific conditions.
$ETC update to article July 18 article:
There is still a chance for #EthereumClassic to ride 35% to $32.62
– if the $24.03 support level holds
– if the h4 trend preserves (ie., recover above 13 h4 EMA) pic.twitter.com/aI3yATmiiK— Akash (@Mangyek0) July 25, 2022
