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Ethereum Classic News #1: SafePal, RoundlyX, UNICEF, Hashrate, Huobi, Agharta, Network Health

Jan 21, 2020 | Cryptocurrency

Every unique cryptocurrency ecosystem is trying to advance. As far as Ethereum Classic is concerned, there has been plenty of activity taking place behind the scenes. 

Whereas most people only speculate on the ETC price, keeping tabs on the bigger picture is crucial. All of the developments below are crucial to the cryptocurrency industry as a whole. 

SafePal Partnership

In terms of hardware wallets, there are more options than most people realize. SafePal is an option not mentioned all that often, for reasons unknown. Earlier this week, the company confirmed how Ethereum Classic support is now available. ETC holders are always looking for secure storage solutions. 

That is not the only announcement by this company. SafePal also confirms it has formed a strategic partnership with the Ethereum Classic Consortium. What that partnership will entail exactly, has yet to be unveiled. Even so, it is a prominent turn of events for this cryptocurrency ecosystem.

RoundlyX Supports Ethereum Classic

Most cryptocurrency enthusiasts will know RoundlyX by now. It is a prominent company capable of improving crypto adoption globally. Their service revolves around rounding up spare change and converting it to cryptocurrency holdings. The company initially provided support for just bitcoin, butt hat situation has changed significantly. 

In the recent update, support for ETC has been confirmed. This makes for an interesting addition. Diversification is key in the cryptocurrency space. Relying on just one currency is never advised, even if that asset is Bitcoin itself. Adding some Ethereum Classic to one’s portfolio can go a long way.

UNICEF Contribution

Cryptocurrency projects often make positive headlines regarding good causes. Whether it is through donations or supporting initiatives directly, there are numerous examples. Ethereum Classic Labs is stepping up its game in this regard.

Earlier in the week, the group confirmed it would donate $1 million to UNICEF. This money is to be used for future blockchain initiatives. As UNICEF has confirmed it wants to look closer at blockchain, any funding will be more than welcome. It also generates some positive attention for the ETC project.

Hashrate Spike

As we documented on the site earlier, the Ethereum Classic hashrate is in a good place. It reached a new high since late 2018. Whereas one would think that this uptrend could be broken easily, the reality is very different altogether.

Since that time, the ETC hashrate has continued to increase steadily. Today, the network sets at over 16.5 terahash per second. This is the highest level since late September 2018. The all-time high hashrate of just over 18 terahash per second is still within reach. Very solid progress has been made in this department.

Huobi ETC/HUSD Trading

Albeit the trading of ETC has never been a problem, more options are always welcome. Huobi introduced ETC/HUSD spot trading on January 15. It is certainly an interesting addition. Only time will tell how popular this trading option will become among enthusiasts. 

Agharta Upgrade is a Success

The biggest news in early 2020 for Ethereum Classic is the Agharta upgrade. It has successfully gone live on the network without any major problems. Most of the network nodes upgraded well ahead of this upgrade to avoid potential discrepancies. 

As part of Agharta, ETC now provides the Constantinople opcodes found in Ethereum. This helps improve operability between ETC and ETH. Overall, a welcome upgrade, and one that will help advance Ethereum Classic in the years to come. 

Network Health

It is often difficult to gauge  the network health of any cryptocurrency. Statistics provided by Coin Metrics paint an interesting, albeit temporary picture. For ETC, it appears that there is plenty of activity at any given moment. 

Fintoism Ethereum Classic Network Health 2101

Every cryptocurrency network has fluctuations where both of these statistics are concerned. That is not something to be concerned about, as it is perfectly normal. Ethereum Classic is in a good place, overall.

Images courtesy of their respective sources.

Fintoism is not providing financial or investment advice. All content published on this platform is for entertainment and educational purposes only.

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<a href="https://fintoism.com/author/oglock/" target="_self">JP Buntinx</a>

JP Buntinx

JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.

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