Cryptocurrency trading still face its biggest threat ever – short term traders. Nothing affects the crypto market more than people who quickly make sells for fiat currency at the sight of the slightest downward graph plotting. Most of these traders are actually people who are looking for quick profit, thus they buy and sell the very moment they realise cryptocurrency markets are on a bull. Just as most of these traders fall to see the true potential of cryptocurrency technology, the same way we find most people loosing sight of the big picture of blockchain – as a “decentralised and immutable” system.
In the wake of the immutability and decentralisation of blockchain many people begun to develop tokens and systems that could incorporate blockchain or could be incorporated into blockchain platforms. One of such was the Ethereum Classic (ETC) token which was forked from the main Ethereum token by some to be a good proponent for IOT.
PRESENT STATE OF MOST BLOCKCHAIN SYSTEMS
Despite blockchain’s decentralised state, a majority of them today are pretty much centralised in terms of their mode of operation. Probably because it’s short term it will be of great service, but, if we are looking at blockchain as a long term project then that’s no good news at all. One of the prime reasons why people are enthusiastic about blockchain is because it is a decentralised system, which means their information is not hoarded by one person or institution. Which means, if blockchain has any future at all it’s in its decentralisation. The onus now lies of developers of these blockchain systems to be willing to give up control of their creations somewhere along the lane.
Ethereum blockchain was meant to be a totally decentralised, but after the DAO bail out, many people have raised concerns suggesting that it is centralised just because Vitalik and other co-developers supported the DAO.
With IoT fast emerging and gaining much traction today, any blockchain that can support it must be immutable and totally decentralised. There two are key priorities because the moment they are not met, the blockchain is subject to corruption and possible data breaches, making it no different from the systems it was designed to replace. A problem that will immerge with total decentralisation is scalabilty – which is very costly – however if we are to make blockchain meet the hype, then it is a price developers must be willing to make up for.
ETHEREUM CLASSIC STILL NOT AS PROMISING
Ethereum Classic hasn’t seen the best of price appreciation for quite a long time now. It’s basically trading in a diamond pattern against the US dollar. What’s good is that it rises and enters a diamond chart growth (with a high probability of rising again because it rose before the diamond growth). Coinbase has listed the coin recently, but only for premium users. Robinhood has also listed the coin but for all users. The token is presently the cheapest on Coinbase, which means there is the probability of it rising at an unpredictable rate is very high if there should be a bull run in the market in the weeks or months to come. And with Ethereum Classic set to be compatible with IoT by the end of November this year, people may just have another long term reason and bargaining chip to go for the token.
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