One of the most important issues in blockchain is scalability. This is also why Ethereum went from a PoW to a PoS system.

However, after Ethereum successfully tested the Proof-of-Stake upgrade, some users and miners switched to Ethereum Classic (ETC). As a result, from $27 on March 18 to $40.90 at dawn on March 21, this altcoin has increased by more than 50%.

This article will help you better understand the Ethereum upgrade as well as some Ethereum Classic information.

From Ethereum network PoW to PoS

This is one of the most important steps in upgrading to Ethereum 2.0, which aims to improve the Ethereum network’s speed, efficiency, and scalability. As you may be aware, Ethereum 2.0 can handle up to 10,000 transactions per second, whereas Ethereum can only handle 30.

Back to Ethereum’s past with DAO event

What are DAOs?

You can think of DAOs as decentralized autonomous organizations, or entities that run on smart contracts. Its financial rules and transactions are encrypted on a blockchain, which eliminates the need for a third party such as a central governing authority. This gives investors more control and ability while also removing cumbersome procedures and expensive human resources. That’s why we call it “decentralized” and “autonomous” as well.

“The DAO” is the full name for the DAO, which was created by Slock.it and implemented by Ethereum community members.

What was the DAO established for?

You should be aware that anyone with a project can use this platform to pitch their idea to the community and possibly receive funding from The DAO. Additionally, anyone with a DAO token can vote on upcoming projects and will be rewarded if the projects succeed.

What is the significance of Ethereum Classic’s appearance?

A hacker discovered a vulnerability on June 17, 2016, which allowed him to withdraw funds from The DAO. 3.6 million ETH was stolen in the first few hours, which was worth $70 million at the time. When the hacker has wreaked havoc.The Ethereum blockchain underwent a hard fork in response to this event, with the goal of reversing the attack on the official ledger and returning the stolen ETH to its rightful owner.

Ethereum has now been split into two blockchains. Ethereum Classic is a blockchain that still has a record of the hack and the stolen ETH (ETC). Ethereum, the other blockchain, no longer maintains that record (ETH).

That is the reason ETC was born. In fact, the New Ethereum Classic (ETC) is the “Original Ethereum”.

The future of Ethereum Classic

Comparison between Ethereum and Ethereum Classic

Even though Ethereum Classic and Ethereum are both smart contract platforms, allowing users to build decentralized applications (dApps) on their respective blockchains, and their functionality is similar, one obvious difference is that Ethereum is still much more popular today than Ethereum Classic. Perhaps part of the reason is that Ethereum has the support of Vitalik Buterin, the project’s main creator, and is quite popular in areas such as DeFi, GameFi, and NFT, whereas Ethereum Classic is not.

Supporters of Ethereum Classic, on the other hand, argue that any changes to the blockchain ledger, even if well-intentioned, go against the blockchain’s ethos in the first place. Immutability is what it is.

Recent improvements of Ethereum Classic

Recently, Ethereum Classic has also made some improvements to further the development of this network. Specifically, with the introduction of two recent Ethereum Classic protocol upgrades – Atlantis (in 2019) and Agharta (in 2020). It aims to connect technology between Ethereum Classic (ETC) and other communities, including Ethereum (ETH).

Why have users and miners started migrating to Ethereum Classic (ETC)?

The reason for this increase is because when transferring POW to POS, it means that instead of using the mining mechanism, we will switch to staking coins to confirm transactions.Because we do not want to sell all the devices. being mined, a large number of Ethereum miners will have to switch to other coins that use the same algorithm as ETH and Ethereum Classic is their choice.

The question of whether it will continue to rise or not, it depends a lot on other factors such as each investor’s vision and also the successful merger of ETH1 and ETH2 because there is only activity. Testing on Kiln for the process of testing the event “The Merge” only.

See ya in the next article !

Don’t forget to follow useful articles about Crypto Market from team Holding B !!!