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People have started using dApp on Ethereum Classic (ETC) more in recent months, with the volume of ETC being increased.
Data collected by Dapp Direct, a blockchain statistics website, found that the amount of ETC blocked inside the platform was actually increasing. It had doubled from around 2,000 ETCs in mid-July to over 5,500 ETCs by September. 5750 ETC had been registered in the network by press time; it is worth almost $ 67,000 at the current market price.
Ethereum Classic is a platform blockchain used to create decentralized applications or dApps. There are currently seven active apps on the network, including a messaging service, DEX and savings fund, as well as a forecast market and a pirate-themed game that uses smart contracts.
The operator of Dapp Direct, Alexander Tsankov, explained a Crypto Briefing that the growing amount of ETCs blocked in dApps was a promising signal. He said blocked tokens suggest that people use the network on a daily basis. "The Ethereum Classic community believes ETC is money in the same way as Bitcoin" He said. "A greater balance is indicative of health ".
Surge in Ethereum Classic development dApp
Ethereum Classic hard-fork by Ethereum in the summer of 2016. The split came after a dispute within the community on the fact that the blockchain should honor a 6.2 m hack. The group that would become the ETC community claimed that reversing the hack would compromise the immutability of the blockchain.
Although in the past it had kept a low profile, the Ethereum Classic community was one of the biggest beneficiaries of good news during the summer. Prices have increased due to the cryptographic exchange Coinbase has announced the intention to mid-June to list ETC. The listing has helped to give the project much-needed exposure and, according to reports, there has been a significant increase in returning active and new users to the network.
Anthony Lusardi, director of the ETC Ethereum Classic Cooperative Development Fund (ECC), said that there was an increase in the number of projects working to create dApps for the ETC platform. "There was a general increase in interest for ETC" He said. "Some of the biggest dApps developed and implemented have been in the last few months".
Speaking on the phone, Lusardi claimed that Coinbase's listing had given them the much needed initial exposure, but that the developers had moved on to the project because they were attracted by its immutability, a sort of "Perfect record". Just back from an ETC conference in Seoul, Lusardi said the community morale was still high, even with the recent bear market.
Currently, Ethereum has just under 2,000 dApps, with a wide variety of functions, distributed on its platform; Ethereum Classic has seven with the most popular gaming applications. Lusardi has admitted to thinking that the platform has a wider appeal, but that it has been a matter of time. He said that two major projects, so far without a name, had joined the network in the last two months.
Not all projects were so lucky. Despite a promising launch, the Augur prediction platform (REP), developed on the Ethereum blockchain, has seen a slow decline in everyday users in the last month or so. Although this does not necessarily reflect the popularity of the dApp, it may suggest that the platform is encountering difficulties in expanding its user base. *
Things look different with ETC. There is a sense of inevitability in the field of Ethereum Classic. There is still work to be done, but for the community, the belief is that mass adoption is not a matter of self; it's a question of when.
The author is invested in BTC and ETH, which are mentioned in this article.
* Editor's Note: Commentators including Andrew Macdonald of Crypto Briefing have suggested that the current statistical analysis of the dApp activity is imperfect; he argues that the average daily user statistics for Augur, for example, exclude all users who have not interacted with the platform because there is no need, once their prediction or market is live.
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