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Ethereum Classic (ETC): There is no denying that IoT is the next big thing in technology. We are entering an age where Machine-to-machine communication will become the norm in everyday life. This explains why there is so much interest in IOTA (MIOTA) at the moment. It has positioned itself as the crypto that will revolutionize this industry.
But it’s not the only one! Ethereum Classic also has its goals set on the IoT market. According to Terry Culver, the ETCDEV team believes that smart contracts are the ideal protocol, when it comes to machine communication. This means that the ETC team looks set to focus more deeply on this market, and the opportunities there are limitless. The question is, can ETC win this market?
Looking at its fundamentals, there is a good chance that Ethereum Classic has what it takes to win the battle to take over the IoT space. One of the key pillars supporting Ethereum Classic at this point is decentralization. Machine-to-machine communication will best thrive in a decentralized environment, especially when it involves sensitive IoT communication. Ethereum Classic (ETC) happens to be one of the most decentralized blockchain platforms in the market.
It has always been a decentralized platform from the word go, and has never had any figure-head behind it. It’s a community, which makes it perfect for trustless machine-to-machine communication. This aspect to it not only places it in a better position in IOT than other blockchain projects, but also ahead of IOTA (MIOTA). IOTA (MIOTA) has a central operator, one that will remain there until the network grows big enough to not require one.
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Another factor that gives Ethereum Classic (ETC) an edge in IoT is the decision to focus more resources on machine-to-machine smart contracts. According to the ETCDEV, the team intends to run a sidechain network dedicated to IoT devices. The use of sidechains means that ETC will be able to scale effortlessly in the IoT environment, which is key to the growth of the internet of things technology.
Without scalability, blockchain would not work in IoT, and sidechains are a perfect solution to this problem. In essence, by building a sidechains network for IoT, Ethereum Classic ensures that machines not only communicate with each other, but in an environment where they can scale infinitely.
Ethereum Classic (ETC) also has an element of security to it. That’s because it is an immutable blockchain meaning that, transactions on the ETC blockchain cannot be edited. It’s what sets it apart from Ethereum Classic. It is also a proof-of-work blockchain, and with a decentralized network of miners, making it almost impossible to attack. For IoT systems, it offers the perfect fit.
With all these fundamentals, Ethereum Classic(ETC) looks set to win the IoT market, and grow in value. IoT is simply the next big thing in tech, and the blockchain project that wins it, will have hit a jackpot. In essence, Ethereum Classic is the crypto to watch in the later part of 2018 and 2019.