Ethereum Classic protocol update activated

Ethereum Classic, which can be called the most popular variation of Ethereum, has had an update with the ECIP 1017 solution. According to the developers, the new update sets a limit on Ethereum Classic (ETC) coin supply, something which the original Ethereum lacks and Bitcoin has. The block reward is now reduced to 20%, and another 20% every 5,000,000 blocks after that.

The model chosen by the developers and supported by the fanbase is not something one can call unwise, given the fact that the supply limit in major cryptocurrencies exists for a reason. The block reward decrease is undoubtedly going to attract more miners, at least in the first days after the implementation of this update, or hard fork.

This hard fork did not lead to any segregation of Ethereum Classic, like SegWit did with Bitcoin or SegWit2x could have done if it was not cancelled. Ethereum Classic, as most top cryptocurrencies, has demonstrated good growth lately, especially from 8th to 9th of December. However, it cannot be called a real rival to Ethereum, which is the second most expensive cryptocurrency on Coinmarketcap.