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Ethereum [ETH] says deep down, we’ll always love Ethereum Classic [ETC] despite the divorce

Ajay Narayan

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Ethereum [ETH] says deep down, we’ll always love Ethereum Classic [ETC] despite the divorce
Source: Pixabay

According to a recent announcement, Ethereum [ETH] special projects platform will be donating 15,000 ETC to Ethereum Classic Cooperative. This donation is to ensure that the Ethereum Foundation is investing in ETC in order to maintain a long-term positive-sum relationship.

The report stated that the Foundation found a cold wallet which had about 15,000 ETC. The Ethereum Foundation decided to donate the unsold ETC to the Ethereum Classic Cooperation. Furthermore, the reason for the foundation to donate the ETC was because Ethereum Classic had some quality engineering.

Some of the projects that interested the Ethereum foundation were the SputnikVM, which aims to be an efficient virtual machine for different Ethereum-based blockchains, and the Emerald Platform, an open source project, where tools are created by developers to build decentralized applications on Ethereum Classic [ETC].

In addition, the Ethereum foundation felt that donation could unite both the platforms for a greater good and create an opportunity “to bury the hatchet” between both the communities. In the top 25 cryptocurrencies, ETH and ETC shared a similar vision and technology. It was further in the mutual interest of both the platforms to work together and maintain a positive relationship.

Ethereum Foundation further added:

“The divorce was bitter, the narcissism of small differences will continue to raise its head within our two communities. But deep down, the ETC community will always be a part of us by both history and vision.”

The dispute between both the communities is the most popular one in the cryptocurrency space as the tension has ensured its presence in the cryptoverse for almost two years now. The reason for the “divorce” of the communities is the DAO hack, which resulted in the separation of the Ethereum network. This led to the birth of the second biggest cryptocurrency, Ethereum and the sixteenth biggest cryptocurrency, Ethereum Classic.

Moreover, until now, both the communities stayed away from each other, only to occasionally throw a fit. To add on to this, the Ethereum Classic community always referred to itself as the original Ethereum as it chose to stay on the original chain and believed that the split was against the values of the blockchain.

This effort from both the communities to collaborate and work together for the betterment of the ecosystem has stirred up the whole community, with some for the truce and some against it.

Donald McIntyre, a Twitterati said:



“Unfortunately, every blockchain has its share of corporatist participants. This is a deal between a foundation and a cooperative, nothing more. Many of us in ETC reject your social attacks. Money is on your side, but time and sound principles are on ours.”

Chiangmaichuck, another Twitterati said:

“Vitalik is one of the nicest guys. It’s like his ex-wife cheated on him and yet he still pays child support because he loves the kids that aren’t his”

Barry Silbert said on Twitter:

“The Ethereum Foundation just donated $150,000 (in $ETC) to the Ethereum Classic Cooperative Thrilled to see bridges being built between the Ethereum and Ethereum Classic communities”





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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

Bitcoin

Bitcoin Dominance Index [BDI] falls short of Bletchley Ethereum Token Index [BETI] in 2019

Biraajmaan Tamuly

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Bitcoin Dominance Index [BDI] outperformed by Index based on the Ethereum blockchain in 2019
Source: Pixabay

One of the key factors which is often used to represent or indicate the potential of a particular cryptocurrency’s growth is its market capitalization. When the market capitalization of a coin or token showcases a positive hike, it usually has a positive impact on that particular asset’s market.

According to LongHash, the Bitcoin Dominance Index [BDI], which is used to measure Bitcoin’s market cap had been the dominant index since the beginning of 2019. It was observed that the BDI improved from 53 percent to 58 percent over the past few weeks after the largest crypto-asset underwent multiple price hikes.

XRP, which dominated Bitcoin by 1,600% back in 2017 on cryptocurrency exchange Bittrex in 2017, was currently down by almost 50% against Bitcoin in 2019. Ethereum [ETH] fared better comparatively, but was still down by 14% against the Bitcoin.

However, the Bletchley Ethereum Token, a token built on top of Ethereum, seemed to have outperformed Bitcoin this year.

The Bletchley Ethereum Token Index [BETI] can be utilized by investors for their allocation to tokens placed on top of the Ethereum blockchain. However, it should be noted that Ethereum is not a part of the index as it is an independent entity. The BETI is a weighted index, which means that the tokens with dominant market caps will take up a larger part of the index and the re-balance will take place at the end of a particular month.

For example, Tron [TRX] and Binance Coin [BNB] currently take up more than half of the BETI’s Weighted Index. Since the launch of their DEX, BNB has enjoyed a lucrative year with multiple hikes bringing the coin to $30 from under $6. Tron also witnessed major growth in market cap as it was up by 40% in comparison to the US dollar.



However, it is important to note that the major tokens on the BETI’s weighted index have all launched their own blockchain, at press time. Hence, it can indicate that the dominance enjoyed by BETI over the BDI over the last few months could point to a situation where the Ethereum blockchain was preferred for the launch of various tokens.

Despite the aforementioned reason, it is safe to state that Bitcoin was not the only entity which dominated the crypto-space this year.





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