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Future NFT -a: Case Study on Ethereum Classic (etc.)
In recent years, tokens that are not lost (NFT) have gained enormous popularity and attention of the cryptocurrency community. These unique digital assets are assets and checking certain articles such as art, collecting and even articles in the game. However, one of the most promising NFT projects is Ethereum Classic (etc.), a decentralized alternative to the Ethereum block chain that has been obtained since 2016.
In this article we will deepen the NFT world, we will explore the benefits and challenges, etc., and we will examine its potential for success in the future.
What are NFT?
NFTs are unique digital assets created by blockchain technology. They can take on a lot of shapes, such as:
- Works of art (for example, paintings, sculptures)
- Collecting items (for example, rare coins, brands)
- Elements in the game (for example, virtual signs, amplifiers)
- Music and audio files
- Virtual property
NFTs are stored in a block chain, which guarantees their deficiency, property and authenticity. This decentralized nature enables peer transactions without the need for intermediaries.
occurrence etc.
Etc. He launched it in 2016, Vitalik Butein, Co -lounder of Ethereum, as an alternative to the Ethereum network. The project aimed to create a more scalable, safer and decentralized block chain that could withstand high -performance tasks such as smart contracts. Since its inception, etc. has attracted a dedicated community of developers, merchants and investors.
Benefits, etc.
Unique characteristics, etc. Make it an attractive option for several cases of use:
- Scalability : consensus algorithm, etc. (POS) allows faster transaction processing time compared to the Ethereum (POW) testing algorithm.
- Security : etc. Use a safer implementation of the Byzantine failure tolerance (BFT), which ensures checking transactions without endangering the network safety.
- Decentralized Government
: Community, etc. is regulated by a decentralized autonomous organization (DA), where the rear of chippers have a vote in the decisions -made processes.
Challenges etc.
While etc. It has its advantages, it also faces several challenges:
- Limited market capitalization : compared to Ethereum, which has much higher market capitalization, market value, etc. is relatively low.
- Competition with Ethereum : With an increase in new intelligent contracting platforms such as Binance Smart Chain (BSC) and Polygon (MBIC), etc., faces hard competition in terms of scalability, usability and adoption of developers.
Case Study: NFT market
In order to recommend the potential, etc. Let’s look at his performance on the NFT market. 2021. Etc. experienced significant growth of demand and values:
- The total supply of token etc. was 100 million.
- Token, etc. The most respected, «etc./eth», in August 2021. He reached a maximum of $ 11.8 billion.
- Average token price etc. was about $ 0.02.
Conclusion
Ethereum Classic was a pioneering project in the NFT space, racing the way for other decentralized markets and intelligent contract platforms. Although it faces similar challenges to those faced by Ethereum, unique characteristics and support of the community, etc. They make it an attractive option for those who seek greater scalability and decentralization.
As the panorama of cryptocurrencies is still developing, we can expect to see more projects such as ETC that exploit Blockchain technology to create new and innovative assets based on NFTs. Who knows? Maybe one day we will see the future where Ethereum Classic becomes another name on the list of successful NFT markets.
Recommendations
- For those interested in investing in ETC or other NFT projects, consider diversifying its portfolio in multiple crypto currency.
