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Will Ethereum Classic disrupt IoT market?

HomeAnalysis — Will Ethereum Classic disrupt IoT market?

 

Just several months ago, cryptocommunity reacted on Coinbase (world-largest fiat gateway) decision to support Ethereum Classic with mixed feelings. Some people expected to see Ripple or EOS, were caught off guard when Coinbase made this announcement. But in-depth examination shows that ETC has strong fundamental opportunities.
ETC is currently focusing on improving the scalability of the network through sharding and sidechains, which can improve transaction speed to 1,000+ tx/sec.They are just finishing the first Proof of Concept of ETC sidechains and are in the process of creating a pilot project in collaboration with a third party. But more important is IoT, which is one of the main focuses for the ETC development team, as they have plans to run the Ethereum Classic blockchain on embedded devices and create a fully functional side chain network for connected devices in late 2018 or early 2019. Another strong point of Ethereum Classic is decentralization in machine-to-machine communication, which involves sensitive IoT communication among participants of network. According to ETCDEV statement, ETC platform is going to have sidechain network dedicated specifically to IoT devices, and light client for IoT and Mobile is scheduled for 2019.

While ETH and ETC are similar in many ways, difference between platforms is getting more distinctive. With concentration on IOT, ETC can advance in IOT market. The Global Internet of Things (IoT) market reached USD 598.2 Billion in 2015 and the market is expected to reach USD 724.2 Billion by 2023. According to Business Insider reportthere will be 34 billion devices connected to the internet by 2020, up from 10 billion in 2015. IoT devices will account for 24 billion, while traditional computing devices will comprise 10 billion. Nearly $6 trillion will be spent on IoT solutions over the next five years. With all this information, ETC looks set to advance in the IoT market, and grow its intrinsic value. If you look at the numbers, IoT is another next big thing in tech, and combination of IoT and Blockchain is a great thing. ETC is definitely in my watchlist for 2019.

Token information

Token name: Ethereum Classic

Type: Smart-contract platform;

Ticker symbol: ETC

Supply: 103,440,887;

Traded on almost on every exchange;

Official website

Sources:
Official ETC DEV team roadmap

Cryptoglobalist