Ethereum Classic (ETC) is once again rising from the ashes as it always has. The cryptocurrency which had its reputation marred by debates around the recent 51% attack has just got a new development team, ETC Labs Core. This team is supposed to start where ETC Dev left off but they are going to focus more on things that matter to the average investor. In other words, they are going to focus on building innovative Dapps on the Ethereum Classic (ETC) blockchain and also work towards the IOT (Internet of Things) promise that ETC Dev failed to deliver on.
Members from some of the teams working on Ethereum Classic (ETC) have been vocal about the lack of general understanding towards blockchain technology. For instance, when Ethereum Classic (ETC) suffered a 51% attack, a lot of prominent figures in this space began to question the immutability of the ETC Blockchain without realizing that it had nothing to do with the attack. It was a concern though that Ethereum Classic (ETC) might face a strange dilemma if the funds that were lost in the attack cannot be restored. Then if Ethereum Classic (ETC) had not returned the funds, it would risk being termed a useless cryptocurrency from an investment standpoint. However, if it had returned the funds, just like Ethereum (ETH) did after the DAO, then it would no longer be immutable like Ethereum (ETH).
Chart for ETC/BTC (4H)
Fortunately for Ethereum Classic (ETC), no such thing had to happen. The 51% attack on ETC is now no different than the recent attacks on Vertcoin and Bitcoin Gold. Both of them did just fine after the attack despite being projects of significantly lower repute and practical use compared to Ethereum Classic (ETC). The addition of a new development team has once again made investors confident that the future of Ethereum Classic (ETC) is bright. The teams working on Ethereum Classic (ETC) now realize that this cannot happen again and they will have to take steps to avoid such problems in the future. In other words, it was a blessing in disguise that will allow the teams to improve the blockchain so such problems may not occur in the future.
The recent hard fork delay on part of Ethereum (ETH) is a testament to the fact that we are in very early days of this technology. It is acceptable to make mistakes because there are very few people who really understand what's going on. The interest around blockchain as an investment puts a lot of pressure on these people which sometimes result in shortcomings. However, we should have no doubt that Ethereum Classic (ETC) and other blockchains like it are here to stay and as time goes by, we will see them deliver useful products that will revolutionize a large number of industr