Ethereum Classic (ETC) has been focusing mainly on decentralization and immutability right from the start. But in the current crypto markets where a lot of investors focus more on fast returns instead of long-term investments in promising techs, the concept of decentralization and immutability didn’t matter much in itself.
Decentralization And Immutability Is What Makes Ethereum Classic (ETC) Stand Out
A lot of investors failed to see that this combination of decentralization and immutability is what makes Ethereum Classic the best fit for evolving technologies such as the Fourth Industrial Revolution and the Internet of Things (IoT). Today, a lot of blockchain projects are centralized. For the short-term, this can be a good thing, but it’s not a good thing for the long-term.
For new centralized projects, it provides their developers with more control and freedom to regulate and experiment. Nevertheless, as the project grows, it’s up to the core developers and creators to take their hands off the control and allow the project to become more decentralized.
The original Ethereum blockchain was founded on this principle. Nevertheless, with the bailout of the DAO, the developers, and founder of Ethereum – Vitalik Buterin – who supported the bailout disrupted the first principle of immutability.
The Consequences Of Giving Up Decentralization And Immutability
The founder and core developers might find it convenient to give up decentralization and immutability, but it comes with great consequences and costs. It results in issues such as data breaches, infighting, manipulation, corruption, etc.
A blockchain with such issues can’t achieve success in the Fourth Industrial Revolution and the Internet of Things (IoT). Any blockchain project that can succeed at mass adoption for the Internet of Things must be decentralized and immutable in the first place. This is the reason why Ethereum Classic (ETC) stands a higher chance of becoming the face of IoT and the Fourth Industrial Revolution, giving its decentralized and immutable nature.
Ethereum Classic (ETC) Price Today – ETC / USD
Ethereum Classic (ETC) is currently worth $12.73 after an increase of about two percent over the past twenty-four hours. The current market cap of the digital currency is $1.33 billion and its trading volume over the past twenty-four hours is $216.05 million.