Due to the popularity of the Ethereum merger, it seems that ETC (Ethereum Classic) has become one of the best performing cryptocurrencies in the market in the past two months. As we all know, one of the key points of “The Merge” upgrade is to gradually turn “POW” to “POS” mechanism, which is a major test for the community, exchanges, miners and mining machine manufacturers.
July 25, 2022 , In the speech, Vitalik Buterin said that users who “like POW” should consider migrating to Ethereum Classic, which is “totally a good chain.” Just because of these words, Ethereum Classic rose from $12.46 on June 19 to $45.36 on July 29, an increase of 260%, which lasted 40 days. In July alone, ETC Total Value Locked (TVL) increased by more than 100%.
JPMorgan: ETC could be one of the main beneficiaries of ETH’s move to PoS
ETH mining is profitable and popular,but a migration to mining other cryptocurrencies could mean lower profits in the short term, JPMorgan said in a report last Wednesday . Additionally, a sudden influx of large mining pools into another mainnet could squeeze incumbents’ profits. Those ETH miners using ASIC (application-specific integrated circuit) equipment have few options other than ETC. ETC miners could be one of the main beneficiaries of this shift, as there could be a surge in used Mining Machines from ETH miners who decide to become ETH 2.0 validators. There are signs that this migration to ETC is already happening, with a significant increase in hash rate since mid-July.
Miner migration, ETC ushered in an important opportunity for ecological expansion
ETC (Ethereum Classic) is a public chain that appeared as a hard fork of Ethereum at the block height of 1,920,000, and its function is very similar to that of Ethereum. Moreover, from the perspective of token prices and the growth of the computing power of the entire network, the market seems to be very optimistic that the Ethereum Classic network will take over the computing power and ecology after the merger of Ethereum, and Bitmain’s Ant Pool also stated that it has invested 10 million USD to support the development of the ETC ecosystem, and plans to invest more funds to strengthen the ecological construction.
Overall, the ecological development of the Ethereum Classic network is still relatively limited. At present, the computing power of the entire network of Ethereum Classic is about 25TH/s, while the computing power of the entire network of Ethereum is about 935 TH/s, a difference of nearly 37 times. The migration of miners will inevitably bring great development opportunities for Ethereum Classic, but if Ethereum miners migrate on a large scale, it will also lead to a surge in the computing power of the entire Ethereum Classic network and a significant increase in mining difficulty. If the ETC token wants to maintain a high market value for a long time, it must expand the ecological scale, which is an urgent problem that the ETC project needs to solve now.
Rapid expansion of ecological territory, win-win cooperation between ETC and ADAM
Obviously, ETC officials are doing this. Recently, the members of the ETC ecosystem are increasing rapidly. ADAM is one of them. As a data encryption and computing network supported by miners, ADAM will fully support the development of the ETC ecosystem.
On August 17, 2022, ADAM officially announced the ecological cooperation with ETC. ADAM entered the ETC ecosystem as the first oracle project and will provide safe, efficient and accurate on-chain data services for high-quality projects within the ecosystem.
The achievement of this cooperation is not only in line with the needs of ETC ecological expansion, but also in line with ADAM’s strategic deployment of promoting the market application of oracle functions. We hope to take advantage of the rapid development of ETC to open up more public chain ecosystems and provide broader, deeper and higher-quality on-chain data services.
We believe that there will be a win-win future for multiple digital currencies. At that time, whether it is BTC, ETH, ETC or ADAM, each project will be able to promote the growth of the crypto industry with its unique comparative advantages. We also believe that ETC marks the next generation of investable digital assets and it is a great addition to Bitcoin and Ethereum. With its store-of-value properties, rich real-world applications, asymmetric return potential, and diverse characteristics, it can fundamentally improve every aspect of our lives.
ADAM is the first data encryption and computing network based on Web3.0. It has the function of batch data encryption transmission, which can not only connect the real world and the blockchain system, but also realize the barrier-free flow of ecological data information of major public chains; The unique wide-area node network has spawned powerful off-chain computing capabilities, capable of millisecond-level encrypted computing, and real commercial-grade “DataFi” applications, so that every role involved in data circulation can benefit from it.
About ETC (Ethereum Classic)
ETC (Ethereum Classic) is a continuation of the original unbranched Ethereum chain and exists to preserve the principle of “code is law”. ETC provides a way to manage digital assets without intermediaries such as banks and other financial institutions. ETC allows writing, deploying and executing uncensorable smart contracts; it enables truly unstoppable programmable money. ETC firmly believes that once the blockchain starts to run, its development direction will not be controlled by any central team, but will be determined by the consensus of the people participating in the entire network and the consensus of the computing power of the entire network.