Unlike Bitcoin, Ethereum Classic was designed to make it easy to create and deploy Smart Contracts, which allows developers to deploy unstoppable applications with ease. In , Ethereum founders began work on a next-generation blockchain that had the ambitions to implement a general, fully trustless smart contract platform.
In , after a controversial hard fork , a new version of Ethereum was launched, spawning a new network with new consensus rules. Ethereum Classic continued following the original network rules and has maintained the Original Ethereum Vision of "Build Unstoppable Applications" ever since. ETC Ethereum Classic is a secure, censorship resistant, reliable, public, trustless and decentralized platform for running applications.
There is increasing discussion that ETH 1. However, the market, especially developers, consumers, enterprise, and government, need the smart contracts industry to consolidate on a few winning systems to be able to start investing serious money and building viable products on these highly valuable technologies. Following this logic, and other reasons in this list, I think a marginal ETH 1. This makes ETC perfectly competitive, as is, relative to the US dollar high value payment systems, and, with further scaling improvements, it can totally even surpass those systems combined.
In other words, ETC is digital gold. This is that it will always prioritize security over everything else. The majority of the other systems in the industry have chosen performance. If Bitcoin will be this incredibly secure store of value, but with a limited capacity of having smart contracts at the base layer, then those smart contracts can perfectly be stored and executed inside ETC, and, with interoperability technologies, such as atomic swaps, they can move value between ETC and Bitcoin permissionlessly, effectively making BTC Turing complete at the base layer.
As I said before, the fact BTC and ETC combined are programmable and permissionless makes them extremely competitive, with much higher finality as compared to these global high value settlements systems. This is yet another strength upon which ETC and Bitcoin could collaborate technologically to compete against global traditional systems at the base layer.
In my layered blockchain industry hypothesis, layer 1 competes with gold, but is programmable and socially scalable on a planetary scale. Layer 2 competes with fiat money, but is programmable and highly secure when anchored to layer 1. Both estimates are on a fully diluted basis.
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