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Did Ethereum Classic (ETC) Just Become Another Ripple (XRP)?
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Did Ethereum Classic (ETC) Just Become Another Ripple (XRP)?

Chart for ETC/USD (1W)

Ethereum Classic (ETC) is a strange coin. Until recently, we have been talking about how it shares the same values and principles as Bitcoin (BTC). However, now all of a sudden we are comparing it to Ripple (XRP). In fact, Ethereum Classic (ETC) currently looks everything like Ripple (XRP) just before its major rally last year.  Let’s start with the use cases. Ripple (XRP) set out to solve a big problem in the banking sector with the help of blockchain. Ethereum Classic (ETC) set out to solve a big problem in the Internet of Things (IOT) sector with the help of blockchain. Both projects had dedicated teams behind it and the probability of them achieving what they set out to do was very high.

Just like ETCDev and ETCLabs, Ripple (XRP) had R3 and Ripple Labs working on it. R3 was more focused on the project and was in no rush to push for aggressive marketing. However, Ripple Labs wanted to capitalize on the growing interest in their project to get more people to invest in XRP so that they may have more funds for development and growth. Similarly, ETCDev was more focused on working on the project and did not feel the urge to push for aggressive marketing. In fact, they had funding issues but they tried to work around it. ETC Labs on the other hand had different plans. The past few months showed them that there is a growing interest in Ethereum Classic (ETC) and its Internet of Things (IOT) connection that they can capitalize on. So, they rolled out a program to get more Dapp developers onboard.

Chart for ETC/BTC (1W)

Now, here is the thing. Just like R3 and Ripple Labs, both ETCDev and ETCLabs are loyal to the project; they want to see it work. However, their plans and methods do not align. ETCDev wanted to keep the project free of foreign influence so that it keeps on being decentralized and immutable in the actual sense. ETCLabs on the other hand believed that we can work with foreign players to push for more adoption which is going to help the project even more long term. At this point, I have to say that those in it for the money have nothing to worry about. If anything, they should be even more confident considering what is going to unfold next. However, for those of us that care about principles, we will have to see where all of this goes and if any compromises are made along the way.

The situation with ETCDev that came to light under the pretense of funding issues is a lot bigger than that. This might be happening to Ethereum Classic (ETC) now but it has happened to most other successful projects in the past. When the big players see a project with a lot of potential, they do what they can do get behind it. Right now, Ethereum Classic (ETC) is one of those projects. Igor Artamonv, CTO of ETCDev mentioned in one of his posts a few days back that ETC Labs approached and offered jobs to most of his team members with better packages.

He also alleges that Darcy Reno and other members held meeting behind his back. Long story short, this is not about funding; it is about a regime change. Digital Finance Group, the major force behind ETCLabs is backed by the likes of Foxconn and prominent industry leaders like Bo Shen and Fenbushi Capital. These people know what they are doing and they have done it successfully over the years. In markets like these, this is sometimes a necessary evil that paves the way for adoption and brings the community to see the actual worth of a project.

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Fakhan

I work as the key Trading Analyst for Crypto Daily and provide the team with regular analyses and updates regarding the technical performance of all cryptocurrencies on the market. I am responsible for the production of articles and posts for Crypto Daily’s own technical analysis section and spend my time monitoring and commenting on the varied moves the markets make on a daily basis.

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