Altcoins

Altcoin Report: Ethereum Classic Embraces the Hard Fork

Nick Marinoff | Oct 27, 2016 | 08:00

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Ethereum Classic undergoes a successful hard fork, Zcash prepares for its grand introduction, and Jaxx adds Litecoin. Want to catch up on your latest altcoin news? Read the stories below.

Also read: Altcoin Report: Monero Shutting Down Until January

ETHEREUM CLASSIC

Following a recent DDoS attack, Ethereum Classic has undergone a successful hard fork to set things “back to normal.”

This is not the first time such a move has been executed, and unfortunately, the price of ether has suffered in the long run. Immediately following the hard fork, the cryptocurrency dropped by about three percent, although this may be a direct reaction to bitcoin’s recent rise (currently $681 at press time). Others are arguing that the system has already undergone too many forks and that Ethereum isn’t likely to benefit as it once has.

The decision allegedly stemmed from cryptocurrency developers without any public input, which has ultimately led to controversy. In response, a small group has already formed to “continue the original ETC chain.”

ZCASH

The launch of Zcash is set to take place on October 28, and mining companies are preparing themselves as best they can. The new cryptocurrency has already earned the attention of platforms like Jaxx, which announced plans to integrate the new system into its blockchain wallet.

Describing his venture, founder Zooko Wilcox states:

“Zcash is a new technology that lets you put encrypted data into a blockchain. Blockchains as they currently exist, don’t offer much (or any) control over the disclosure of the data you put on the blockchain. Any data you put in there is visible to all users of the blockchain. Zcash is the first protocol of its kind, and is the accumulation of years of academic research, hard engineering work, and diligent security work.”

JAXX

After several calls to add Litecoin to its system, Cryptocurrency wallet Jaxx has announced plans to comply. The virtual coin will be added to Jaxx’s platform and apps, giving users easier and more refined access to what is being touted as the world’s fourth largest cryptocurrency.

Director of the Litecoin Association Andrew Vegetabile explained:

“Having Litecoin integrated with Jaxx allows our community members, who are also members of other communities, to feel a sense of unity when accessing platforms that allow multiple cryptocurrencies. This partnership enables those cross-community members to access their various cryptocurrencies in one platform without having to worry about keeping up with multiple wallets and applications.”

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Images courtesy of YouTube, Bitcoinist.