Recently, Donald McIntyre, former business development manager of ETC, wrote an article that ETC will exceed $7,000 in the next ten years, and put forward 8 reasons.
1. Few systems can win the blockchain format battle. There will only be 3 to 4 chains in the base layer, because ETH will migrate to PoS, which will provide ETC with an opportunity to occupy market share;
2. The Nakamoto consensus is the safest consensus mechanism;
3. ETC will be the only PoW smart contract blockchain on the basic layer;
4. Network reorganization attacks make it more resilient. ETC has never been hacked, and the historical 51% attack on the network only shows that it works as designed;
5. The supply is capped at 210 million ETC;
6. Its location will make it complementary to Bitcoin at the base layer. Bitcoin will be the largest system on the basic layer with a 50% share, while ETC will rank second with a 25% share because of its high value as a general-purpose computing platform;
7. The base layer will be as valuable as gold;
8. Therefore ETC may rise to more than US$7,000 in the next ten years. If the base layer realizes only 50% of the value of gold in ten years, then BTC will be worth 3 trillion US dollars or approximately 143,000 US dollars per BTC, and ETC will be worth 1.5 trillion US dollars or approximately 7100 US dollars per ETC.
Data from last week showed that the number of active addresses on the Ethereum Classic ETC network has been increasing sharply since December 21. Previously, the number of single-day active addresses in the entire ETC network was around 400,000, but this data has risen in the past week, and the number of single-day active addresses has exceeded 1 million. In comparison, the number of active addresses in the entire Bitcoin network has been around 700,000 in the past six months, and the number of active addresses in Ethereum has been around 400,000.
In August last year, ETC was attacked by 51% twice within a week. The well-known rating agency Webster Ratings once tweeted that this fact proves that this is a failed cryptocurrency and has no reason to exist.
Interestingly, on December 31 last year, Charles Hoskinson, the founder of Cardano and CEO of IOHK, said when talking about ETC in an AMA meeting: “I don’t think ETC is my child. I have no expectations for this project.” He said that the ETC community is independent and they have the ability to make their own decisions, and he pointed out that they should be the ones who decide the best path for the ecosystem to move forward. But Hoskinson also said: “(ETC) has been for many years, but there is no progress. When everything in the industry is constantly evolving, they can’t continue to do the same thing and expect to remain competitive.”
