Ethereum Classic

A Victorious Rebellion? Microsoft Investigates Ethereum Classic’s Potential

Since Ethereum decided to hard fork because of the DAO incident, the network has been in limbo, the community finding itself the center of continuous controversy. The fork caused a split in the blockchain, creating a new cryptocurrency called Ethereum Classic — in turn spawning opposing community factions. Recently, Microsoft executives have met with early Ethereum founder Charles Hoskinson to discuss the merits of the Classic new network, sure to be a slap in the face for the “new” Ethereum.  

Also read: Small Ethereum Clones Getting Attacked by Mysterious ’51 Crew’

Microsoft Discusses ETC With Charles Hoskinson

Microsoft Ethereum ClassicWhile many people have called the “unofficial” Ethereum Classic a scam, the project has gained significant support.

Ethereum developers, such as Vitalik Buterin, refused to technically support the project. However, the community has managed to find its own development team and people who support the protocol. Early Ethereum founders such as Anthony Di Iorio and Charles Hoskinson have said they had no problem with this blockchain. Hoskinson has gone as far as helping the project and recently met with Microsoft concerning the tokens efforts.

The event took place last week in London and was organized by Microsoft’s headquarters in Paddington. Hoskinson took the stage and explained to attendees what his company was doing to further Ethereum Classic’s potential. ETC supporters are looking to gain the same attention Ethereum has by highlighting its focus on immutability. Yet some have criticized the project and have claimed third party application developers won’t build using the protocol.

Chinese Investor Will Fund Ethereum Classic dApps

However, an angel investor from China, Chandler Guo, has recently expressed a desire to invest in third party dApps. “I want to invest in 100 dApp ICO’s on ETC in 3 years,” Guo wrote on Twitter, “please add my wechat ID and send BP to me.”  

Chandler GuoThe chinese investor and miner showed opposition to the project at first. When Classic came out, Guo said he would direct his mining efforts at creating a 51 percent attack on the currency’s network. Since then, he has changed his opinion on ETC, becoming a strong proponent.

A Natural Forming Market and Threats of 51 Percent Attacks

The threat of a 51 percent attack against Ethereum Classic has been real. Early on, Ethereum community members threatened to attack the ETC network’s smaller hashrate. Then, this September, Ethereum clones with very little hashrates were attacked by the mysterious ’51 Crew.’ Some people speculated that the attacks were just a test run, and that the group aimed to take down ETC.

Ethereum Classic is not like other Ether clones in existence. It wasn’t specifically designed to happen, and it never had an Initial Coin Offering (ICO). Instead, it came from a hard fork and the market and its value seemed to form naturally. With Microsoft now looking into the network’s potential, ETC could still have a long life ahead.

The token’s market has seen better days though, once reaching a couple of dollars per ETC shortly after its birth. At press time, the cryptocurrency is a little over $1 USD per ETC but still holds the title of 6th highest coin per capitalization.

What do you think about the outcome of Ethereum’s chain split? Do you think ETC will get any legitimate development? Let us know in the comments below.

Images courtesy of Pixabay, and Ethereum Classic.

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  • > creating a new cryptocurrency called Ethereum Classic

    Worth noting: Ethereum Classic is the original Ethereum chain (or at least the chain before this particular hard fork). What people call Ethereum now is a new chain.

    • Cascadia Coin

      Ethereum Classic is new in that the token which has a value just over a dollar didn’t exist until Poloniex listed it.

      Most hard forks don’t end up in tokens for the minority chain thus Ethereum’s hard forked version is the official version. ETC is a protest, not a project not platform.

      • spiroseliot

        you are wrong with this.Ethereum classic token was trade in bitsquare before Poloniex add it

    • eeks

      Kyle Torpey, your notes are unfortunately wrong. The original Ethereum chain is the Olympic Testnet. From there, the next chain would be Frontier. Frontier hard forked to Homestead earlier this year. The current ETH chain is a hard fork from Homestead. ETC is a continuation of the Homestead fork.

      I would argue that what people call Ethereum is the continuity from Olympic to ETH and objective evidence supports that in terms of price, hashing, dev support, dApps,and even just a look at which redditors & forum participants & devs on ETC were around ETH before the fork and which ETH redditors & forum participants & devs were around ETH before the fork. ETC is its own thing –> I would also argue that the inaccurate semantic games like this do it no favors and put it into a losing battle and a tedious argument.

      Expanse, Krypton, ETC are all in the same boat as existent forks of Ethereum that are sub-scale and trying to figure out what they can or could be. Incidentally, Expanse has a similar of hashing relative to ETC as ETC has to ETH but trades at a much bigger relative discount (1% of ETC price, vs ETC 8% of ETH’s price).

      Also while we’re going through notes, Microsoft provided a room and some drinks for this event because one of the organizers needed a place to have this meet-up. They found the spot 24 hours before the event was scheduled to happen. MSFT didn’t investigate ETC or sponsor this event. I am not even sure any MSFT execs attended the meet-up. Again, speaking half-truths does ETC no favors as it raises expectations that will be tough to meet. ETC’s dedicated devs and supporters deserve better.

  • Cascadia Coin

    Microsoft didn’t “have a look at Ethereum Classic”. Way to twist the truth! All that happened was Charles Hoskinson rented a meeting room on Microsoft’s London Campus. Anyone could do that for any number of things and none of them would be touted as an official endorsement by Micosoft.

    The market isn’t stupid nor is it fooled by this poor journalism/attempted pump of ETC.

    • eeks

      Jamie is a pretty good crypto journalist and written a lot of thoughtful articles. It’s a very tough space to follow because of how fast it moves and how inchoate it all is. Worth giving him a break.

    • Rex Smith

      They rented nothing. You sir are spreading lies. This is what we call FUD. I have noticed Eth bag holders have this low class mentality in regards to what they use to praise. Your right the market is stupid nor is it fooled by your ignorant remarks.

  • little-lucy

    check all the trolls here trying to put down ethereum classic.. Why are you so scared of it ? loool

    You lot should realize you just make ETC bullish by trolling it. BTC community wants it more.

    It made me so angry i almost considered selling my ETH but after a while i realized it was a positive.

    I hold Eth, i supported eth initially, im very happy there is two chains, i got a big stash of ETC to match my eth which is a great hedge, if anything goes wrong on Eth i got it covered with ETC, its no threat, just another blockchain.

    The people that really understand the blockchain & crypto have no issues with the original chain going on, its only greedy bag-holders dreaming of the next bitcoin that have this problem with ETC.

    you lot need to understand no coin is ever going to get close to Bitcoin, the marketshare is all in china over 94% , they only like bitcoin nothing else.

    i invested in Ether Ico cause it was a great project but im not threatened by ETC or have a problem with it, got a stash which cost me nothing, its insurance on my Eth stash.

    Personally wish the ETC chain all the best & its great Microsoft is supporting them to, its good for all crypto,

    Eth is going to 15$

    ETC is going to be over 5 $ with all the Chinese support from miners & btc community

    That makes my combined ether holdings worth over 20$ per coin combined per coin.. cant be happier.

    Good luck to both chains.

  • zulu jim

    Everyone just keep in mind 99% of these crypto “news” websites are all China owned, and put in place for the sole purpose of market manipulation to raise the price of Bitcion. No its not leagal or ethecial but they will keep it up as long as they can.

    Most of it is complete fabrication.
    There is no real ETC Dev team?
    Only theives that can barely Implement someone else’s code.
    Even if it’s just cut and paste.

    If you put a comment like this up on these China owned sites explaining what they are really doing it will disappear in minutes.

    So read it while you can. Copy and paste to other bullshit sites whenever you can. Understand whats really going on and spread the word.

    Market manipulation through these means is absolutely illegal.

    The job at hand for these people is market domination through any means. Basically to over run the internet with any bad news about every crypto except Bitcoin