In a market with close to 2000 coins and many more popping up by the day, how do you tell winners from losers? Keep in mind that diversification may not necessarily be the answer. In fact, diversification presents a risk in a market that is more like the Wild West, and some coins could end up dying up. The trick to placing safe bets in this market is to focus more on a coin’s core philosophy before investing. Beyond the technical aspects of a project, what does is it stand for? One crypto whose core philosophy makes it a safe long-term bet is Ethereum Classic (ETC). Ethereum Classic (ETC) philosophy will see it emerge as a major crypto player as decentralization becomes the norm. So what’s the philosophy?
Ethereum Classic is a community that believes in decentralization and freedom. That’s why its core features are tailored around these features. It is a decentralized, censorship-resistant blockchain that can be used to run irreversible smart contracts.
The long-term implications of Ethereum Classic (ETC)’s philosophy could be huge, especially in terms of adoption. For starters, the whole concept of irreversible smart contracts could open up the adoption of Ethereum Classic (ETC) in value industries such as real estate, and other industries where transactions involve huge amounts of money. As blockchain takes root in society, irreversible transactions will become a catalyst to adoption.
No one would engage in a legal transaction involving millions or even thousands of dollars if there is a possibility of a reversal with no recourse. This places Ethereum Classic (ETC) in a good position for widespread adoption for years to come. Immutability is actually the biggest strength for Ethereum Classic (ETC) going into the future.
Ethereum Classic’s philosophy also makes it function effectively as money and money that has an intrinsic value to it. That’s because by being censorship-resistant, it means that anyone holding it can be sure that it is a unit of value that they are free to spend as they wish. There is no middleman who can prevent you from using it. Antony Lusardi a member of the ETC team puts it best in an interview with Sludge feed, where he discusses crypto in general. He states that,
- A known monetary supply; no secret printing of money.
- Counterfeit prevention; no one can make copies of money.
- Freedom to transact wherever and whenever you want; no banks to freeze your money.
Ethereum Classic (ETC) meets these three rules, which means that even when valued on its own, without having to be paired against fiat. It is these ideals that will see Ethereum Classic hold its value, long after coins and tokens that can be created arbitrarily disappear from the market.