ETC is the original Ethereum blockchain that split off in 2016 following the infamous DAO hack. Despite facing several challenges, ETC has continued to evolve, and its development team has announced several exciting updates and improvements.
In this article, we will discuss ETC’s current state and development roadmap. If you are new to Ethereum trading, you may also consider knowing about the Benefits of Ethereum.
Ethereum Classic’s Current State
Ethereum Classic has come a long way since its split from Ethereum in 2016. Today, it is a decentralized blockchain platform that operates much like Ethereum, but with some key differences. Ethereum Classic still uses proof-of-work consensus, whereas Ethereum is transitioning to proof-of-stake. Additionally, Ethereum Classic has a capped supply of 210 million ETC, while Ethereum has no maximum supply limit.
Despite these differences, Ethereum Classic has managed to establish a strong network and community of supporters. At the time of writing, Ethereum Classic had a market capitalization of over $8 billion and was ranked among the top 20 cryptocurrencies by market cap.
One of Ethereum Classic’s biggest strengths is its commitment to decentralization. The platform is maintained by a global community of developers, miners, and users who are dedicated to keeping Ethereum Classic open, secure, and censorship-resistant. Unlike some other cryptocurrencies that are dominated by a few major players, Ethereum Classic has a relatively even distribution of mining power and ownership.
That being said, Ethereum Classic is not without its challenges. One of the main criticisms of the platform is that it lacks the same level of developer activity as Ethereum. This has led some to question whether Ethereum Classic can keep up with the rapid pace of innovation in the blockchain space.
To address this concern, the Ethereum Classic development team has been working to increase developer adoption and build out new features. Recent updates to the platform have included improvements to the Ethereum Classic Virtual Machine (EVM) and the introduction of the OpenRPC specification, which aims to make it easier for developers to build on Ethereum Classic.
Overall, Ethereum Classic’s current state is one of cautious optimism. While the platform still faces challenges, its commitment to decentralization and security has earned it a dedicated following. With the upcoming roadmap for 2023, the Ethereum Classic community is looking forward to new upgrades and improvements that will further strengthen the platform’s position in the cryptocurrency space.
Ethereum Classic’s Development Roadmap
The Ethereum Classic development team has a number of exciting upgrades and improvements planned. These changes aim to make the platform more efficient, user-friendly, and scalable.
One of the major upgrades planned is the implementation of the Thanos hard fork. This hard fork will improve Ethereum Classic’s mining algorithm, making it more resistant to ASIC miners and improving network security. The Thanos hard fork will also include other updates, such as reducing the block time from 14 seconds to 12 seconds and adjusting the block reward.
Another major development planned for 2023 is the introduction of a new consensus algorithm called MESS. MESS stands for Modified Exponential Subjective Scoring and is designed to improve the network’s scalability and reduce the likelihood of blockchain reorganizations.
In addition to these technical upgrades, Ethereum Classic is also working to improve its user experience. One of the ways the development team plans to do this is by introducing a new wallet called Emerald. Emerald is a user-friendly wallet that makes it easy to store and manage ETC, as well as interact with decentralized applications (dApps) built on the Ethereum Classic network.
Finally, the Ethereum Classic development team is exploring the possibility of introducing new dApps and use cases for the platform. Some of the potential areas of focus include decentralized finance (DeFi), and supply chain management. By expanding the use cases for Ethereum Classic, the development team hopes to attract more users and developers to the platform.
Overall, Ethereum Classic’s development roadmap for 2023 is focused on improving the platform’s technology, user experience, and potential use cases. With the implementation of the Thanos hard fork, the introduction of the MESS consensus algorithm, the launch of the Emerald wallet, and the exploration of new dApps and use cases, Ethereum Classic is poised to remain a strong player in the cryptocurrency space for years to come.
Conclusion
In conclusion, Ethereum Classic’s development roadmap for 2023 promises to be an exciting one. With new upgrades and enhancements, ETC is poised to strengthen its position as a reliable and secure smart contract platform.
As the crypto world continues to evolve, ETC’s commitment to providing a decentralized and censorship-resistant platform could make it a significant player in the years to come.