The IoT market is projected to be one of the biggest market in the 2020s. Research puts its potential at around $5 – $10 trillion by the year 2030. Going by the developments that have been happening in terms of infrastructure such as 5G networks, it is clear that these projections are realistic. As such, cryptos that will dominate this market have a good chance of growth going into the future. One crypto that is making strategic in-roads into this market is Ethereum Classic (ETC).
One of the moves that Ethereum Classic (ETC) team is making is to increase scalability for the IoT market, while at the same time doing so in a secure environment. One of the ways that Ethereum Classic (ETC) looks to approach this issue is through sidechains and possibly private chains. In applying sidechains in IoT, the sensors generate data from the environment, then the sidechain acts as a communication layer, before this information is relied to the devices that react to this information.
Since this process takes place outside of the ETC mainnet, it means that scalability ceases to be an issue. This also happens in a very secure environment. That’s because the ETC market is one of the most secure POW blockchains in the market. Essentially this means that ETC has a realistic chance of dominating the IoT market once it matures.
This is something that should get ETC investors excitement about its long-term projections. That’s because if ETC were to take just 10% of this market, it would translate to a huge intrinsic value to this crypto. Given that it is backed by the security that comes with proof-of-work mining, there is a good chance that it will gain adoption, especially in aspects of IoT where security is critical.
For instance, in something like autonomous vehicles, security cannot be compromised on due to the risks involved. That’s a huge head start in one of the fastest growing markets in the world. It creates the possibility of ETC capturing way more than just 10% of this market. This would give it a valuation that is multiple times higher than what it is worth today.
The potential in the IoT market makes ETC a high potential buy for long-term investors. The IoT market could see the value of ETC hit triple digits going into the future. But even in the short-term, Ethereum Classic (ETC) holds lots of promise. It has established long-term support at $9 – $10 and has held its value in this range all through the market crashes of the last few months. This means that ETC could gain upside momentum at this level and hold it all through into 2019. And since it is fundamentally stronger than it was last year, then chances of a significant price gain from this price level is a huge possibility. ETC is one of the cryptos to watch this quarter. Its upside potential is quite high. The possibility of Ethereum Classic (ETC) hitting upwards of $20 is quite high within this quarter.