As The Merge, the long-awaited Ethereum update is near, the CEO of one of the largest mining pools, ant, He announced that his company will invest $10 million in the Ethereum Classic ecosystem and will continue to fund the project long-term.
Another option with potential
This is how Leon Lv, CEO of Antpool took advantage of the Global Digital Mining Summit in Miami to announce that he intends to support Ethereum Classic more with an initial investment of 10 million and then in the long term to continue funding the project.
We support the ETC ecosystem and incubate quality PoW projects together! https://t.co/AHft6WfGES
— ANTPOOL (@AntPoolofficial) July 27, 2022
these $10 million It aims to invite other developers and companies to build the future of Ethereum Classic. By supporting the project, it will be possible to further develop it on the main network and also to increase the scalability of layer 2 through appropriate solutions. All while attracting more projects using the ETC blockchain.
As a bonus, the giant Bitmain working hand in hand with Antpool took the opportunity, still during this summit in Miami, to indicate that all buyers of their Antminer models could pay with ETC after release. the Antiminer E9 scheduled for July.
Ethereum Classic will remain a PoW blockchain
While The Merge Ethereum update aims to make this cryptocurrency less greedy and therefore more ecological and reduced competition between miners, this is not the case with Ethereum Classic.
In fact, Ethereum Classic is originally an open source version very similar to Ethereum. Both of them use a method of validation through a proof of work (PoW) algorithm. However, the Ethereum update will switch to validation mode proof of stake (PoS) where Ethereum Classic will remain with PoW.
This change, although necessary and profitable in the long term on many points for Ethereum, is not not without risk. In fact, several times this update has not happened and the developers, although they are confident, cannot guarantee 100% that this will not affect the projects present on the blockchain.
Therefore, Ethereum Classic comes in handy, as it would be very easy for many projects to migrate from Ethereum to Ethereum Classic since it is currently the same technology, all without any risk. It is therefore a fallback solution in case Ethereum has problems with The Merge.
Vitalik Buterim loves Ethereum Classic
Additionally, Ethereum co-founder Vitalik Buterim likes Ethereum Classic. That is why, just a few days after talking about it, the information was positively dependent on social networks, the price of ETC is climb around $27 and the price just before was about $23.
It must be said that Vitalik Buterim took the opportunity to point out that the update on Ethereum, the miners using PoW They will have to migrate elsewhere and that for Ethereum Classic seems to be the best solution. Going so far as to say that it is a “good blockchain” during the EthCC conference that took place on July 21st in Paris.
Therefore, this means that ETC is the ability to serve projects and miners who want to use PoW with simple modifications to start mining on this blockchain compared to Ethereum. Moreover, even co-founder Vitalik Buterim admits that this possible solution is a good alternative for those who do not want The Merge on Ethereum.
It is therefore logical that there is an increase in 16% held during the day Vitalik Buterim’s speech and 9% over the week for ETC which seems to be another Ethereum project with more potential than expected in the long term.
So now we have to looking forward to in order to see how the story will progress at the development level of Ethereum Classic, just like how the update The Merge will affect the blockchain when it is implemented. The price of ETC could rise much more in the coming weeks.