Will its New "Studio Program" Push Its Price Up?
Bitcoin has been having a great summer. It has managed to break its negative trend which took it as low as $3400 and it has recovered to above $10,000. It is currently trading a $11,399 and many are optimistic about Bitcoin's future.
Altcoins on the other hand, have been struggling in comparison. Most of the market has been apparently putting their funds into Bitcoin rather than alternatives. Most altcoins have maintained their fiat evaluation since the winter. This has caused many to wonder, "when will altcoins recover?"
Ethereum Classic to the Rescue?
One of these altcoins is Ethereum Classic (ETC). It was created as a hard fork of Ethereum back in 2016 and has maintained a moderate amount of popularity. It is currently #21 on coinmarketcap and is trading at $5.74. Ethereum Classic recently made an announcement which might give it an edge.
It unveiled a new "Studio Program" which will make the launch of dApps on the ETC blockchain. In addition to this, the Ethereum Classic team will lend its technical assistance to developers who wish to launch dApps on its blockchain.
This will likely enrich the Ethereum Classic dApp ecosystem and perhaps push it further up. Should noteworthy dApps join the ecosystem, it would increase ETC's functionality. Ultimately this can be seen as a positive development for Ethereum Classic.
"We are excited to provide our technical and marketing experts to the growing community of developers and entrepreneurs building on Ethereum Classic. With the dedicated developers in our Core group along with our funding and mentorship programs in our Accelerate group, Studio brings it all together to continue to mature the Ethereum Classic ecosystem." CEO of Ethereum Classic Labs, Terry Culver said.
Ethereum Classic and Ethereum (ETH) have grown increasingly different over the past few months. The Ethereum team is gearing up towards the release of Ethereum 2.0 which will include a shift in its mining algorithm. Ethereum 2.0 will be proof-of-stake while Ethereum Classic will retain proof-of-work. There are several other noteworthy differences, which includes sharding and others. Time will tell if Ethereum Classic will overtake other smart contract-based cryptocurrencies such as Cardano or Tron.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado