Our world now has a huge number of cryptocurrencies and tokens, but they all face the same problems – scalability, rate jumps, duration of transactions and their high cost. At the same time, every second cryptocurrency sets its task to solve these problems – but most of them are still not successful. In this article, we will look at MicroBitcoin and Ethereum Classic and see who has better managed to overcome the existing problems of cryptocurrencies.
The Ethereum Classic cryptocurrency was formed on July 20, 2016, as a result of the split of Ethereum – the second cryptocurrency by capitalization and the platform for the development of decentralized applications. The reason for the split was the DAO attack. In June 2016, The DAO was hacked using the same security flaws outlined in the paper and approximately US$50 million were stolen. As a result, Ethereum underwent a hard fork, copying and modifying the main code to revert the DAO hack. Meanwhile, the main code remained as is, and the community began calling it “Ethereum Classic”. Since then, Ethereum and Ethereum Classic have been operating as separate coins while sharing the same goals and vision: to become the world’s first decentralized computing platform.
Ethereum Classic has recently upgraded its Network Protocol on May 29, 2018, to hybrid Proof-of-Stake (PoS) consensus algorithm. The community has called it the beginning of the Ethereum Ice Age,’ because it would essentially ‘freeze’ block validations.
MicroBitcoin is designed to introduce cryptocurrency into the world of micropayments and make it so that paying in cryptocurrency for a cup of coffee will be profitable and easy. This is achieved through the hybrid Scrypt algorithm PoW/PoS. Its use allows to carry out transactions up to 25 times faster than bitcoin and approximately 8 times faster than Ethereum Classic.
In addition, the supply of the of MicroBitcoin is much lower than of Ethereum Classic – it is only 25.2 million coins. Due to the smaller amount of coins, the value of the cryptocurrency can grow faster and more significantly than in the case of Ethereum Classic. Coin holders will be able to earn approximately 10% of their capital per year by through POS storing the cryptocurrency on their wallets.
Mining of MicroBitcoin also does not require the use of special equipment and is available to everyone.
MicroBitcoin is a green coin as it does not consume energy for verification of transaction comparing to other cryptocurrency using POW as their consensus algorithm.
Though the MBC coin is now available only at one exchange – Aristex – it has great plans for the future to get listed on other exchange and wallet providers, as well hardware wallet.
One of the main tasks of MicroBitcoin is to preserve the anonymity of users. Each person can decide whether he wants to sign the transaction with his name when sending funds. Isn’t that the real crypto-freedom?
|Coin Name||Ethereum Classic||MicroBitcoin|
|Max Supply||210 to 230 Million||25200000|
|Type||PoW after Upgrade – PoW / PoS||PoW / PoS|
|Start Date||July 2016||March 2018|
|Difficulty Adj.||Every 1 Block||Every 1 Block|
|Coinbase Maturity||–||20 Blocks|
Ethereum Classic and MicroBitcoin have different goals. The ETC way is more ideological, it is focused on smart contract development. The MicroBitcoin project aims to simplify the payments and allow micropayments possible with affordable transaction fee and faster conformations. It has faster transactions, almost zero commissions, and anonymity.
From a traders’ perspective, both coins can be appealing to profit from. MicroBitcoin cost is much lesser than ETC, with a market price of approximately USD $15 for July. ETC’s price is largely based on speculation, and thus it is vital for any traders or investors to understand the difference between both coins and their utility.