12th September was the first day of a significant blockchain gathering that took place at the 2018 Ethereum Classic Summit in Seoul, South Korea. Here, the Director of the Ethereum Classic Cooperative opened the summit wherein he extended his warm welcome to the attendees and delivered a talk titled ‘The State of Ethereum’. He stated that the talks included in the event will be all about understanding blockchain for whoever wants to learn and discuss.
Lusardi began by stating the current scenario within the ETC ecosystem. He discussed the size of the ETC team, the different core teams involved, such as IOHK and ETCDEV and more. Additionally, he mentioned that the number of members working on the ETC blockchain has gone up from 11 to 38 in a year’s span.
When speaking of ETC adoption and popularity, Lusardi notified that it is the third largest blockchain by transaction volume. He also recalled the bear market of August and stated that ETC was still doing well in terms of transactions counts. In his words:
“They’ve [number of transactions] actually gone up quite a bit… Nearly jumped like from about 28,000 to nearly 46,000 over the last three months. […] And obviously, there is a lot more room for ETC to grow but I’m really not going to be surprised when we move up and we’re much higher on the chart.”
Regarding the recent breakout of the cryptocurrency bear market and its impact on ETC, Lusardi stated that the cryptocurrency survived when the market was crashing. In his presentation. he also wrote that ETC stayed relatively stable during the downturn compared to most of the cryptocurrencies.
Next, Darcy Reno from ETCDEV appeared on the stage to speak more about the Ethereum ecosystem where he outlined the past, present and future of the blockchain. He talked about ETC milestones, the history of the hard fork and much more. Reno also touched the topic of Emerald Wallet V1.
Here, he stated that the first version of the wallet released a few months back. The techie also mentioned the progress observed by the team. He added:
“The wallet has been downloaded 22,000 times, so people are actually using it.”
Since Ethereum Classic is one of the projects of the science and engineering firm Input Output [IOHK], one of its members called Dionysis Zindros came forth to deliver knowledge on interoperable cross-chain transfers on ETC to other blockchains. The researcher started off by explaining the definition of sidechains and cross-chains where he cited Ethereum and Ethereum Classic as the perfect examples.
He furthered by naming the two blockchains as A and B, wherein one was the source and the other was the destination blockchain. Zindros stated that the model allows the two blockchains to communicate. Subsequently, the destination blockchain can learn about the events taking place on the source blockchain. He believes that if the two blockchains operate with integrity and safety, the interfacing between the two could be a positive, trustless mechanism.
Dionysis Zindros was not the only one representing IOHK’s contribution to Ethereum Classic. During the summit, another member of the firm, Tom Flynn also took to the stage and introduced the team members, such as researchers and developers of IOHK. However, he soon switched to the development of Mantis and its integration with Daedalus. In the month of April, IOHK released the 1.1 version of Daedalus Mantis for Ethereum Classic.
The conference also had a captivating demonstration carried out by the blockchain architect at Accenture named Cody Burns. Here, he mentioned the many use-cases of blockchain technology, from tracking an element in real-time to building smart intersections by the automotive industry leading to a safer conveyance pattern.
There were several other developers, researchers and blockchain experts who spoke on the occasion. However, this was only the first day of the ETC Summit that is scheduled for 12th September to 13th September.
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Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
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