Ethereum Classic Tweeted: “ETC is the only secure PoW smart contracts platform at the base layer. As Bitcoin, ETC has a mechanical, algorithmic, and capped; thus, sound and trust minimized monetary policy. Logic Behind a Likely 1000x Medium to Long Term Rise in #EthereumClassic.”
Donald McIntyre proposes that there will be only 3 or 4 chains at the base layer contributing to market shares of 50%, 25%, 12.5%, and 6.25%. Further, he clarifies stating that PoW will be the base layer in the blockchain industry as it is more secure than PoS and several other consensus mechanisms.
Only ETC has PoW smart contracts at the base layer. ETC is mechanical, algorithmic, and capped, therefore providing for sound and trust minimized monetary policy. While the Bitcoin will be the largest system at the base layer consisting of 50% share, ETC will have 25% due to its high value as a general computing platform.
Further, the base layer is projected to be analogous to gold, with nearly $8 trillion in value. If the base layer achieves 50% of the value of gold, then ETC will be worth $1 trillion or ~$4760 per ETC.
Sydney Ifergan, the crypto expert, tweeted: “Perhaps, we have to wait to see how the Donald McIntyre logic for Ethereum Classic (ETC) unfolds, whether 1000x more or less.”
Ethereum Classic (ETC) Upgrade Instructions
The upgrade instructions for ETC Phoenix are already doing the rounds. Some community members were concerned about “What does fork mean to ETC holders? Do we continue to keep the coins in our wallet and not have to do anything?” However, the clarification provided in this regard was: “You don’t have to do anything with your $ETC it’s only for node hosts.”