Ethereum classic (ETC) has been in the limelight for the last few weeks. That’s after Coinbase announced that they would be listing it on their exchange. This announcement seems to have caught many by surprise and some investors are wondering why Coinbase chose Ethereum Classic (ETC), over many other better-known cryptos in the market. Is there something valuable about this crypto that many have overlooked in the past? The answer is a big yes. It may not be as hyped as many other projects in the market, but ETC is actually a very worthwhile project. Its key value lies in its immutability.
For the layman, immutability means that nothing entered on the Ethereum classic blockchain can be changed, no matter the situation. All information on this blockchain is permanent, and can always be used as a reference point, at any point in the future. This means that the only reason why Ethereum can be forked would be to remove bugs from the system.
So does this mean that information can be changed in other blockchains, like say Ethereum (ETH)? To answer this, one needs to go back two years ago, when Ethereum was forked to form Ethereum (ETH). The reason for the fork was the DAO hack in which, more than $50 million was lost. Through the ETH fork, information on the blockchain was changed, so as to refund investors. Investors and miners who were against this fork held on to the original Ethereum and called it Ethereum Classic (ETC). Their binding principle is that the blockchain cannot be changed to alter entries no matter the situation, whether good or bad. If it’s bad, those involved have no choice but to deal with it.
This immutability of Ethereum Classic is increasingly being viewed by many as an asset, hence its resurgence as a top class crypto project. That’s because, if corporations were to make use of blockchain to generate contracts, they need to be sure that such contracts can stand the test of time. Just to give you context, assuming company A is selling a property to company B and this contract is done through the blockchain. It would be in their best interests if that information is permanent and irreversible. That’s because in case of any legal tussles in the future, they can always look back to these transactions on the blockchain. That’s why immutability is such a huge asset for blockchain platforms, and Ethereum classic (ETC) has managed to leverage on this as an asset. As a matter of fact, this could be the key defining feature that will determine, which blockchain projects will be adopted in the future, and which ones will wither away.
With this in mind, it is quite clear that Ethereum Classic (ETC) is one of the most valuable and highly undervalued crypto projects in the market. Once it gets into Coinbase, its volumes will surge, and so will its value. Chances of ETC closing the year at over $100 are quite high, based on its strong brand as an immutable blockchain.