The “new” cryptocurrency, Ethereum Classic continues to gain traction at an incredible pace, rising over 80% during the course of one day (02 August), while Ethereum continues to sink in the midst of the uncertainty caused by the DAO Hard Fork, dropping over 15% today. Some will even claim that this is a shift in places in which Ethereum Classic will replace Ethereum as the predominant blockchain.
Ethereum Classic (right); Ethereum (left)
Ethereum Classic also continues to be the aim of threats, this time by an Ethereum mining pool that was created with the sole purpose of gathering hashpower to bring down the Ethereum Classic Blockchain. This pool was names 51Pool, as a reference to the 51% attack that was being attempted. The developments regarding this new blockchain dillema continue to astonish everyone that is keeping up with current events. Chandler Guo, which was the first noteacble figure to openly threat the Ethereum Classic blockchain with a 51% hash power attack, is now standing up for the old blockchain by pointing his 120GH/s towards the ETC Blockchain.
It’s hard to know if Chandler Guo will indeed turn his hashpower towards the ETC Blockchain, since his last public statement regarding the Ethereum Classic situation turned out to be false. The intentions behind stopping the original attack plans and behind helping the Ethereum Classic blockchain seem obvious: Since there are a lot of innocent people, that have no relation to the developers and are mining ETC, a 51% attack would not only harm the people behind the project, but also any innocent miners.
51Pool has since closed shop and left the crypto scene without leaving a trace and without raising any considerable hashpower. Ethereum Classic remains alive and well as the blockchain continues to function without any problem, if we don’t count the replay attack possibility.
One of the main Ethereum Exchanges, CHBTC, which is the biggest in China has also announce that it will be accepting ETC after all. This statement comes after the previous announcement in which CHBTC detailed that it would not be adding a market for Ethereum Classic.
Ethereum Classic continues strong both on the price charts and as an ecosystem considering it’s 13-day life span. The network hashrate has doubled in only 4 days, sitting at 912.46 GH/s. Ethereum’s blockchain continues to weaken as the global hashrate decreases.
The only thing that seems to be moving the price of both Ethereum and it Classic spin-off are politics and the classic fear of missing out (FOMO), since both cryptocurrencies support the same features and specifications.
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