In Two Months, Ethereum Classic DApp Has Doubled Its Popularity

by | Sep 29, 2018 | Blockchain, Cryptocurrency News

Ethereum Classic | dApps

Over the past few months, the volume of  ETC deposited has been on the rise indicating that many enthusiasts have started using dApps on Ethereum Classic (ETC). According to the blockchain statistics website,  Dapp Direct ETC locked within the platform has doubled in the past two months.

According to the Data collected by Dapp Direct, the amount of ETC locked has risen from approximately 2,000 ETC in mid-July, to 5,500 plus ETC by September. At the time of writing, 5750 ETC had been deposited in the network, which is nearly worth $67,000 according to the current market price.

Alexander Tsankov, Dapp Direct’s operator, told Crypto Briefingthat the rise in ETC locked in dApps was a promising sign as this suggest that people were using the network on a daily basis. He explained:

The Ethereum Classic community believes that ETC is money in the same way that Bitcoin is. A bigger balance is indicative of health.” 

Ethereum Classic dApp development

Currently, Ethereum Classic network has seven dApps active, including DEX, a messaging service, a pirate-themed game which uses smart contracts, a predictions market, and savings fund.

In the summer of 2016, Ethereum Classic hard-forked from Ethereum due to a dispute within the community over honoring the  6.2m ETH hack. The ETC Community objected reversing the hack and argued that this action will compromise the immutability of the blockchain.

This summer in mid-June, when the crypto exchange, Coinbase announced its intention to list ETC, the fork’s price spiked. The subsequent listing helped ETC to gain much-required exposer. Eventually, the network noticed an increase in returning active users as well as newcomers.

More: Coinbase to accept Ethereum Classic (ETC) deposits from August 7

The director of the ETC development fund Ethereum Classic Cooperative (ECC), Anthony Lusardi stated:

“There’s been a general increase in interest in ETC. Some of the biggest dApps being developed and deployed have been in the past few months.”

Speaking to the publishing over the phone, he argued that all credit could not be given to  Coinbase listing. Though the listing has provided the much-needed initial exposure, the immutability feature has attracted the developers to make the move. Lusardi just returned from an ETC conference in Seoul and added that community’s morale was high despite the recent bear market.

Commenting on the current diffrence in active dApps between Ethereum, almost 2,000 dApps and Ethereum Classic just seven, Lusardi agrees that the former platform has wider appeal. Although he stresses that with time thing will change, he adds that two so far unnamed big projects have joined the Etherum classic network in the past couple of months.

The ETC community has a sense of inevitability which arise from their belief that mass adoption of the network is a matter of when and not if.

Read more: Best Ethereum Classic Wallets | Where To Store ETC Coins

 

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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