Grayscale to Fund Ethereum Classic Developers for 2 More Years
Grayscale Investments has committed to financially supporting development of the ethereum classic (ETC) cryptocurrency for another two years.
Ethereum Classic is the result of the hard fork of Ethereum and its currency, Ether, is traded as ETC rather than ETH. Due to the theft of 3.6 million Ether in the original Ethereum blockchain, a hard fork was required to return the stolen Ether with its original owners. However, some developers believed the blockchain should not have been altered and continued mining the original Ethereum which thereafter became known as Ethereum Classic. After a vote in July 2016 the fork occurred in October of that year. For all intents and purposes Ethereum Classic offers the same features of Ethereum. The projects diverge on a spectrum between anti-interventionist and interventionist ethoses.Blockchain 101
Crypto prices climbed with traditional market indexes Monday as traders wondered if bitcoin will remain a follower or break out and blaze its own path.
The $2 trillion stimulus deal in the U.S. wasn’t enough to keep many cryptocurrencies from taking a dip Wednesday.
Ethereum Classic has largely followed Ethereum in lockstep. But as the larger chain goes toward Proof-of-Stake, ETC is sticking with Proof-of-Work.
Bitcoin’s return above the $9,000 mark may have been driven by some of the same forces causing a rally in bonds – a desire for respite from a coronavirus-plagued markets.
Bitcoin remains steady, with its 24-hour price in the $8,600-$8,800 range.