If anyone is considering adding a PoW token to their portfolio, chances are Ethereum Classic (ETC) will be considered.This is one of the few remaining options in the PoW category, but we can easily see it fading out, mainly due to Ethereum.
Ethereum Classic’s year-to-date performance shows that it can still attract investors’ attention. However, in the long run, it seems that this network will die soon. Speaking of popularity, AI has taken off very successfully this year, with ChatGPT booming in recent months.
Evaluate baseline data with AI ChatGPT
Perhaps, we can use the power of artificial intelligence to try to explore the future of ETC.
The first question asked ChatGPT for a detailed and concise explanation of Ethereum Classic and its fundamentals. It responds like this:
Source: ChatGPT
Here’s the response after switching to dark mode, asking for a more succinct answer:
Ethereum Classic is a decentralized blockchain platform based on the PoW consensus mechanism, allowing developers to create smart contracts and decentralized applications. It is based on the original Ethereum blockchain and is committed to immutability and decentralization. ETC is used as the platform’s cryptocurrency for transaction fees and value exchange.
Source: ChatGPT
AI can seem to do anything based on the information it’s given. However, instances of erroneous information sometimes arise, so it is necessary to verify the information we receive. Now that we have a good foundation, it’s time to dig a little deeper. But first, those who follow ETC closely may notice that its community is not very active right now. It also lags Ethereum and other networks.
Next, the question of why the Ethereum Classic network is not as popular as Ethereum is raised. It states the following reasons:
- Community support: After the DAO hack in 2016, the Ethereum community decided to implement a hard fork to create a new blockchain network called Ethereum, which was supported by the majority of the Ethereum community. Ethereum Classic, still on the original blockchain, has a smaller community and fewer developers.
- Lack of updates: Ethereum Classic is not updated and improved as often as Ethereum. This results in slower transaction times and weaker smart contracts.
- Awareness of immutability: Ethereum Classic’s commitment to immutability is a key feature for some users. It can also be seen as the responsibility of others, who enjoy the flexibility of the blockchain and can update it when necessary.
- Limited use cases: Ethereum has more use cases and wider adoption by businesses and developers. Ethereum Classic has a smaller decentralized application ecosystem and less use in commercial applications.
AI has given all the answers above, but it is difficult to refute. That said, ChatGPT’s answer is absolutely correct.
Ethereum Classic still has some edge over the competition
However, there are two sides to everything, and so is ETC. When asked about the advantages of Ethereum Classic over its more popular counterparts, ChatGPT replied:
- Immutability: Ethereum Classic has a strong commitment to immutability. Once a transaction is recorded on the blockchain, it cannot be changed or deleted. This makes ETC a trusted, secure platform for storing and transferring digital assets, and is especially attractive to users who prioritize security and decentralization over flexibility, functionality, and upgradeability.
- Proven Technology: Ethereum Classic is based on the original Ethereum blockchain that has been in operation since 2015, which gives it a longer track record than many other blockchain platforms and can attract serious users for its stability and reliability.
- No Hard Forks: Since forking from Ethereum in 2016, Ethereum Classic has not undergone any major hard forks or upgrades that could disrupt the network or create a competing blockchain network. This can make it a more stable and predictable platform for developers and users.
So far so good, but the answers above got us thinking about the scenarios where Ethereum Classic will achieve mass adoption. Here is a brief view shared by ChatGPT:
- In order for Ethereum Classic to be widely accepted, major changes will need to be made in the broader crypto ecosystem.
• Scenarios that could lead to mass adoption include security and immutability issues, emergence of killer apps, regulatory changes, and partnerships with reputable organizations.
• Ethereum Classic’s promise of immutability and decentralization may make it attractive to users and developers who prioritize security and don’t need to trust middlemen.
• A killer app or key partner can help attract more users and developers to the platform.
Source: ChatGPT
ChatGPT’s answer highlights some key advantages of sticking to a PoW system with a strong focus on decentralization. These characteristics will make the network and its native token more suitable, especially if it is hit by strict regulations. Regulators, especially in the United States, have been very active against cryptocurrencies, but not to extremes.
work hard to overcome obstacles
However, AI is only a technology, and its capabilities are limited. If we want to hear pithy predictions about the future of ETC, or how long it will take for ETC to reach ETH’s $1918 price at press time, unfortunately, AI algorithms are language-based, and this term can only suggest the following:
“As an artificial intelligence language model, I was not programmed to predict cryptocurrency prices or provide financial advice. The cryptocurrency market is extremely volatile and affected by many unpredictable factors such as global economic conditions, market sentiment, and regulatory changes. Any comments about the future Price predictions should be made with caution and based on more market factors. It is important to conduct thorough research and consult a financial advisor before making any investment decisions.”
Source: ChatGPT
This may be the end of the effort. But recently, there have been reports that the DAN (do anything now) crack statement opens up some restrictions. In addition, ChatGPT’s algorithm has the ability to learn and can also organize raw data into a more useful format. Thus, a new idea was born.
What if we could somehow make chatGPT aware of ETC’s price action history, including previous price patterns? Chances are good that we can make it give more specific answers to price predictions. But unfortunately, none of the statements, including the jailbreak, give concrete results that AI can read price charts and recognize price patterns.
Source: ChatGPT
technical analysis
The cryptocurrency has been on an upward trend since March 11. This is part of a top/bottom (megaphone pattern) extension after a retest of the support line. However, it also recently retested the upper bound of the pattern, where it showed signs of encountering resistance.
Source: TradingView
A retest of resistance suggests that the price may record a pivot point. However, the ETC Money Flow indicator shows that liquidity is still flowing into cryptocurrencies.one Long-term price increase It is likely to happen in the next few months, especially now that ETC is still heavily discounted up to 88%. Long-term forecasts remain uncertain.
get conclusion
The use of AI ChatGPT brings significant advantages, especially in terms of data access speed. While it does not allow for price predictions, it does provide some valuable information. Backfired, still can’t cover everything.
- ChatGPT lied about sexual assault by prominent criminal lawyer
- Bitcoin breaks out of consolidation range, what’s next?
board take
According to Ambcrypto
