The crypto verse continues to get competitive by the day and Ethereum Classic popularity appears to be on the downtrend. There are many crypto choices in the market today and ETC appears to have hit a snag towards widespread adoption as many anticipated after it split from Ethereum.
Many crypto enthusiasts still believe Ethereum Classic is just a copy paste version of the original Ethereum. Since its July 2016 fork, classic has remained as a vessel for transactions and this has not impressed the investor class. Many anticipated the forked outfit to have a better offering from the mother block and better value proposition.
Charles Hoskinson Defends Ethereum Classic
The worrying state of affairs at Ethereum Classic has seen its price performance in the market fall below part and investors are beginning to panic as they look out for better exit outfits in the market. The current state has seen the co-founder, Charles Hoskinson, come to Ethereum Classic defense.
During the just concluded Ethereum Classic summit in Seoul, South Korea, Hoskinson says Ethereum Classic is just going through what Bitcoin went through immediately it hit the market. He goes on to add that:
“It is sure going to be a fight ahead but we have to be our own guide,” he adds that, “the Bitcoin team was very lean and there was a lot of harmony and efficiency was in top gear.”
Charles believes that ETC is maintained a sizeable team in contrast to other project with a huge pool of developers and communities. This has resulted in nibble growth and diplomacy has resulted in efficiency in governance. However, the investor pool does not believe in his thoughts; they are looking at the future growth and meeting the outfits’ roadmap timelines.
This comes days after the platform announced the launch of their dApp suite; the Emerald Software Development Kit that is set to challenge the Ethereum market leadership in the dApp front. However this is just a drop in the sea since it is the coins only significant development in 2018.
Ethereum Classic (ETC) Lack of Development Focus
Ethereum Classis is wonderfully packaged with very shinny roadmap. However, the implementation has not been impressive for a coin that plans to be the next generation for transactions and a leader in the Internet of Things (IoT). The team behind the projects has failed to deliver as per the roadmap.
The fork was to address various issues that the original platform failed in hence the investor expectations were high and the future for them appears bleak and new adopters are keeping off the network and this has derailed the mass adoption agenda that every player in the market is working towards achieving.
Ethereum Classic Conflicting Signal
The ecosystem trading volumes are on the rise but adoption appears to have stagnated and this is a huge concern and putting doubts on its future. Lack of a clear use case in the market does not justify the team concentration on improving their IoT smart contract base.
However, the future of the coin is not all gloom as the team is working on creating side chains and the Lighting Network implementation which are expected to improve the platform and attract more investors. The only worry is; how long will it take to implement.
These are some of the factors that have seen the price of Ethereum Classic (ETC) continue to be less attractive and continue to fall. After getting a green light on Coinbase, things looked bright but the ETC price has dropped to the current 24 hour level of $10.76 after a 1.24% gain to the dollar. A drop under the $10 mark would add to panic among the community and an exit and sell-off would be the next action.