Categorising the causes for the downfall of the Ethereum Classic network.
Why do some cryptocurrency projects fail?
There are ample of cryptocurrencies available in the market, but the only handful of them, travel through the semipermeable membrane of popularity and reach widespread acceptance. Crypto related transactions are irreversible, which is the major loophole in them and also an upper hand for the banking system. It is also estimated that, until the cryptocurrencies resolve this issue, the banking system would remain unchanged. It has also been observed that, without many fundamental applications, the market capitalization of projects reaches billions of dollars, which tends to create an imbalance in the society. Also, as too much speculation is involved in the process, the field is very sickening. Let us read about Ethereum Classic and why we think it is going to die soon.
Causes for the unpopularity of Ethereum Classic
Hard forked in July 2016, Ethereum Classic is prominently utilized for the transactions and also the internet of things. The bifurcation of Ethereum into original Ethereum Classic and the newer Ethereum led to the difference of opinion between the community members along with developers as well. However, the Ethereum Classic was left behind and is a direct consequence of which the future of Ethereum Classic is dark. Below are some of the reasons elucidated.
1. The development and roadmap of the Ethereum Classic blockchain don’t seem to be impressive, as the developers at the company constantly delay in fulfilling their promises. This is the first and foremost reason, behind the bad future for Ethereum Classic.
2. Due to its lesser popularity and acceptance in the Cryptoverse, the Blockchain project receives constant interferences for a bright future for Ethereum Classic.
3. Another pre-eminent reason for the downfall in the future for Ethereum Classic is that the developers of the original Ethereum Blockchain switched to Ethereum but not towards Ethereum Classic. Therefore, many updates which were supported on the new Ethereum network wasn’t supported by Ethereum Classic.
4. The constant development of the original Ethereum Blockchain with its recent conversion from Proof of Work to Proof of Stake, rendering Ethereum Classic community, huge amounts of pressure as they are consistently being unable to keep up with the growing requirements of the users.
5. It is also a very generalized notion that, the forks are usually unhealthy for the development of the cryptocurrencies. The best possible solution during a deadlock is, trying to find out an alternative in order to mitigate the problem, instead of undertaking a hard fork. Therefore, the future for Ethereum Classic wouldn’t mark a great Fiat.
6. Even the hashrate of the Ethereum Classic Blockchain accounts only to 20% of the cryptocurrency. This problem is highly unsustainable with respect to the future for Ethereum Classic as this would definitely have issues with its widespread adoption.
7. Even the staunch supporters seem to have lost fire, as the future for Ethereum Classic is in danger. According to experts, it has been estimated that the project would ultimately get lost, among hundreds of other cryptocurrencies that got lost before it. The supporters are backing of the project as no significant achievements have been unlocked since a very long time.
8. Despite its high volumes of trading, the Blockchain project has been receiving roadblocks ever since its initiation due to a myriad of reasons. The market fluctuations also had an adverse impact on the market value of along with the future for Ethereum Classic.
9. The blockchain project inherently doesn’t imply a major financial use case, but on the contrary, it is concentrated to improvise the Smart Contract based Internet of Things. In brief, the cryptocurrencies developed for such applications would not account to come, anywhere closer to major projects, which have the potential to become global currencies.
The brighter side of Ethereum Classic
The Ethereum Classic is also seeking developments, as they are trying to implement side chain solutions instead of incorporating the Proof of Stake consensus mechanism similar to that of Ethereum. The experts also predict that this is one kind of an implementation of the Lightning Network, where the transactions speed would reach skies.
Will Ethereum classic really fail?
The future for Ethereum Classic community might seem to be very vague but it is absolutely very certain that the future of the entire cryptocurrency market is heading towards development. The underlying Blockchain technology is what, that forms the supporting structure for the entire functioning of the cryptocurrencies to become hassle-free.