Ethereum Classic is developing unsteadily, and big investors are choosing to wait and see. Its founder said that Satoshi Nakamoto also went through this.

Since last week, Ethereum Classic has been listed on several major exchanges for token trading and has also gained support from some community members. Ethereum Classic has transformed from a protest tool into a serious blockchain project.

More and more market participants have expressed interest in Ethereum Classic. ETC is now the world's 8th largest digital currency, with a market capitalization of 3700万美元(market capitalization changes rapidly). Multiple exchanges have launched ETC transactions, and Ethereum Classic has also quickly established a service network.

First, let me give you a brief introduction. Ethereum Classic can be said to be the product of the DAO incident. In June this year, the DAO, which raised $150 million in crowdfunding, was attacked.

In order to recover the lost funds, Ethereum developers initiated a community vote on a hard fork. Last week, the community voted to pass the hard fork, which means revising the code to recover the lost funds for investors.

Ethereum Classic represents a minority of the community that is dissatisfied with the results of the hard fork vote (assuming that the voting results really represent the opinions of the majority).

The development path of ETC

Ethereum Classic continues to develop on the old chain, and the attacker still holds the DAO’s funds on the Ethereum Classic blockchain.

At present, the development prospects of the project are still unclear, and it is also unknown whether it can create new value positioning.

However, judging from market feedback, Ethereum Classic is still very promising.

In the past 24 hours, ETC transaction volume exceeded 1000万美金, second only to Ether (also known as Ethereum Core).

Ethereum Core's exposure continued to increase, which once raised the market value of ETC to 7700万美元, but the price of ETC has been falling.

ETC prices have fallen 44% in the past 24 hours.

Miners discover potential benefits

In addition to exchanges, Ethereum Classic has also successfully attracted the attention of miners.

Although some people have kindly reminded that Ethereum Classic is too hot and many people lack rationality, so miners should remain calm, Bitcoin enthusiast Jason Maurice could not sit still and contributed a lot of computing power to Ethereum Classic.

Maurice estimates that he represents 50% of the computing power of the Ethereum Classic network. He hopes to prove his confidence in the project. He fully agrees with the development concept of Ethereum Classic, that is, the loss of DAO funds should not be intervened by the development team.

I'm just an average anarchist who's into crypto and happens to have a room full of GPUs. I'm doing this to continue supporting the original blockchain. Apparently, most people feel the same way.

The co-founder of Swedish exchange Safello and its bitcoin security company WizSec (which was involved in the Mt Gox investigation) found that the difficulty of mining Ethereum Classic is less than 1%, so it contributed 10 GH/s of mining power.

Maurice said that after he started mining, the mining power of the entire network was 20 GH/s . He could mine 31 blocks at a time and could mine 20,000 ETC in two days.

Investment potential

But this success rate is gradually decreasing as more and more people begin to realize that Ethereum Classic is capable of providing all the functions that Ethereum can provide.

Maurice said that since Poloniex launched ETC trading, he has only completed data processing for 34 blocks out of 1,000 blocks, which is a sign that miners are becoming more and more interested in Ethereum Classic.

Just today, MinerGate mining pool announced support for ETC mining. BitMex and ShapeShift.io will also soon launch ETC trading.

Epool.io and ethteam mining pools are already mining ETC. F2Pool, which accounts for the largest computing power of the entire Ethereum network, also stated on its website that it will soon launch ETC mining.

Even so, the data displayed on the blockchain tells a different story.

Currently, the mining power of Ethereum Classic is 173.7 GH/s , which is only 2% of Ethereum and far less than 5% in the previous two days.

Unstable development

Of course, many people have expressed doubts about Ethereum Classic.

Maxime Boone, an analyst at Bain & Co., said he would consider investing in ETC only if its trading volume reached one-third of that of Ethereum, but he believes that is unlikely.

Arvicco, head of Ethereum Classic, said that the long-term development of the ETC project will eventually attract more investors.

He also mentioned that he has been contacted by several developers who want to take on development work on the Ethereum Classic blockchain.

It took Satoshi 3 years to convince people that Bitcoin was not a joke. While I don’t think it will take that long for Ethereum Classic to succeed, it will still take a transition period for Ethereum Classic to truly realize the value of ETC.