An Expected Challenge
It has long been argued that once ETH shifts to POS that Ethereum Classic and Ravencoin will absorb the majority of Ethereum miners. There are a handful of others that stand to experience somewhat of a boost but I think that we can all agree that ETC and RVN will be the true “winners of the day”. What still remains to be seen though is which one will secure the majority and go on to be the “coin of choice”. Even though the chances are pretty good that ETC will be the ultimate winner here, I prefer to hold and accumulate RVN. It is likely that the “Ethereum” name will play a subconscious role in the decision-making process. Humans are funny that way! I expect a form of loyalty to the Ethereum brand, even though there is nothing to substantiate such reasoning. ETC is merely a fork, similar to how Bitcoin Gold and Bitcoin Cash are merely forks of Bitcoin. Apart from that aspect, there is no real allegiance or affiliation to Bitcoin. However, I do still consider that many people will be thinking this way.
ETC & 51% Attacks
This has been an ongoing concern for Ethereum Classic investors for some time now. I draw your attention to a CoinDesk article from 2020 in which ETC was featured as the victim of three 51% attacks in the period of a single month. In all fairness, this is likely to become less of an issue once more miners are actively mining ETC. However, I still prefer to hold Ravencoin, which to my knowledge has functioned without issue since inception. Ravencoin is actually a Bitcoin fork, funnily enough. In a recent article, I addressed some of the perks and use cases of Ravencoin.
Ethereum Classic is also somewhat limited when it comes to actual utility. Ravencoin, on the other hand, has a handful of use cases, along with the traditional transfer of value that all coins offer to some extent. Upon visiting the official Ravencoin site, you will notice that Ravencoin provides tokenization for project shares, virtual goods, physical and digital assets, as well as credit.
Ravencoin is a protocol based on a fork of the Bitcoin code which adds features specifically focused on allowing tokens to be issued on the Ravencoin blockchain. These tokens can have whatever properties the issue of the token decides – so they can be limited in quantity, named and be issued as securities or as collectibles. You can make your own security token within minutes and have it trade worldwide.
This is still a very underutilized aspect of Ravencoin, in my opinion, and also includes the minting and creation of NFTs. Considering that transacting on the Ravencoin chain is also very affordable, it makes sense that this particular aspect of Ravencoin will enjoy increased adoption in time to come.
To be honest, both ETC and RVN look pretty decent in terms of price action when viewed over time. They both display signs of life and offer great trading and medium-term investment opportunities. So, I will give ETC credit, as it does tick this box quite nicely. However, it does seem to me that Ravencoin holds a number of “wild cards” that could eventually become a game changer for the project
In many ways, both options offer relatively good odds. However, at the heart of investment psychology is the process of looking toward the future and not the past. Ethereum Classic has a relatively well-known history but Ravencoin has a potentially bright future. In terms of future prospects and utility, Ravencoin does appear to have the upper hand. Either way, both projects are likely to benefit considerably once the “Merge” takes place.
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This article was first published on Sapphire Crypto.
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