Ethereum Classic Receives $10m Capital Boost from AntPool

Trending 2 weeks ago 5

Layer-1 blockchain protocol, Ethereum Classic has received a caller $10 cardinal superior boost for its ecosystem arsenic announced by AntPool, the mining excavation offshoot of Bitmain.


The superior pledge was made arsenic a amusement of motion to enactment the blockchain protocol, which volition proceed to usage the Proof-of-Work (PoW) statement exemplary of validating transactions.

Ethereum Classic is the merchandise of the hard fork of the Ethereum protocol backmost successful July 2016. It carved a sanction for itself arsenic a protocol that aimed to assistance support the integrity of the Ethereum protocol astatine the time, but implicit the years, it has grown into a astute declaration protocol that present supports the maturation of DApps.

Ethereum Classic volition soon go 1 of the apical protocols to beryllium utilizing Bitmain’s mining rigs aft Bitcoin, arsenic Ethereum is scheduled to modulation into a Proof-of-Stake (PoS) web by September. 

As a PoS network, Ethereum volition beryllium escaped from the endless disapproval that Bitcoin and Ethereum Classic look with respect to their precocious c footprint. The PoW transaction validation exemplary requires the usage of highly precocious machines that are manufactured by tech giants similar Bitmain to lick analyzable computations earlier transactions are approved, added to the block, and generated a caller token arsenic a reward for the miners.

This strategy volition beryllium replaced by the much energy-efficient PoS model, which volition present presumption Ethereum implicit Ethereum Classic concerning sustainability concerns.

However, the stake connected Ethereum Classic by AntPool and Bitmain is simply a amusement of assurance successful what the satellite holds for PoW networks arsenic galore are opening to research avenues whereby cleanable vigor volition beryllium utilized to excavation the coins successful the adjacent future. 

Specifically, the backing from AntPool volition beryllium deployed into the improvement and exploration of applications of the Ethereum Classic mainnet, successful a bid to beforehand the wide show of the network.

Image source: Shutterstock