Coinbase's decision to list Ethereum Classic (ETC) in mid-June blinded the crypto community; the immediate reaction has pushed ETC from around $ 11 to $ 16. As the rest of the crypt has suffered in a bear market for a month, Ethereum Classic is in countertendency; its total value has increased by almost $ 800 million.
Crypto Briefing examined the way in which the listing had carried out Ethereum Classic, one month after the initial announcement. The coin received a higher profile, with Igor Artamonov of ETCDEV who released two interviews in a week; two more than what he had given last year.
The Thailand Securities and Exchange Commission approved the ETC as the currency to be used in national ICOs; ETCDEV has reaffirmed its commitment in the mining sector; the community has sought to implement a sidechain infrastructure to address scalability issues.
But what did the community list mean? Have there been any noticeable changes in the back of the news?
"A set of ideals".
Anthony Lusardi is the director of the Ethereum Classic Cooperative (ECC), a body that oversees and directs capital received in various individuals and projects that contribute to the community.
Lusardi explains how he was an enthusiast of Ethereum (ETH) long before the community divided into two separate projects. Following the difficult crossroads, Lusardi says he started with volunteering for ETC. " What drew me to Ethereum Classic is that he wanted to remain faithful to the ideology: he had a set of ideals," he explained Lusardi.
After the split in 2016, Lusardi states the beginning of Ethereum Classic was "very exciting", but it has become difficult. The interest started to fall and since it was initially voluntary, the work commitments soon intruded.
Although many people were still in agreement with the principles of Ethereum Classic, there was a steady stream of people passing to Ethereum, which at the time was going louder and louder. "The year after [the hard fork] was quite demoralizing" says Lusardi. "It seemed that we were the only ones to shout from the roofs, nobody seemed to worry about what we represented".
After becoming director of the ECC in February, part of Lusardi's role is now to raise public awareness of Ethereum Classic and show its benefits. In addition to online initiatives, it is also organizing the second annual ETC summit (to be held in Seoul in mid-September), which aims to bring the community together to work on existing ideas and explore new uses for the ecosystem. .
admits that the listing of Ethereum Classic Coinbase has done a lot to increase the exposure of the project, with a significant increase in newcomers joining the community in recent months. However, as someone who has remained with the project through the thick and the thin, Lusardi is happy to see the returning faces. "People return to Ethereum Classic and [we’re seeing] a revitalization of many members of ETC's longstanding community", adds Lusardi.
Claim: Ethereum Classic Coinbase Listing
Just last week, the cryptographic management company Grayscale Investments – part of the Digital Currency Group (DCG) – revealed that its second largest investment was ETC worth $ 90 million. Initially, the company started investing in April 2017 (when ETC had an average of around $ 3) because it felt that the market was undervalued Ethereum Classic.
Lusardi says that being listed on Coinbase will make Ethereum Classic much more accessible. With 20 million users, he hopes it will be the opportunity to attract people directly into the ETC ecosystem.
The list means more to a deeper level, though; Lusardi feels like a claim for the Ethereum Classic community. Sticking to the founding principles has not always been easy, but hopes the increased exposure will help spread the ETC message.
" Blockchain provides us with a set of rules to which we all agree," states Lusardi. " If we begin to tamper with an immutable ledger, then what is the point? There are already many solutions available for this, we do not need the blockchain."
Being listed on Coinbase is a push for any project. The exchange has a new rigorous capital policy in which a currency must pass through a series of legal and risk assessments before a decision can be made by the executive committee of Coinbase. These evaluations take into account the legitimacy and security of a currency, as well as its profitability and its long-term use cases.
Ethereum Classic now has a base (of coins) to work on; but for a project so ideologically engaged in the decentralized agenda, it is ironic that their long-term future may have been guaranteed by a centralized institution.
The author is invested in ETH, which is mentioned in this article.