|Jun 13, 2018 12:51 PM||By: Art Vasquez | 3824 Views|
Coinbase, the most significant cryptocurrency exchange, brokerage, and wallet based in the US, combined Ethereum Classic on June 12 ahead of other significant cryptocurrencies such as Ripple and EOS.
The center was taken aback by the sudden decision of Coinbase to add ETC to its program, given that it is the 18th most expensive cryptocurrency in the global business and there are more than a dozen cryptocurrencies with the more substantial market estimate and volume.
Dan Romero, the vice chairman and familiar manager at Coinbase, confirmed that the cryptocurrency community usually responded to the ETC integration with surprise. He indicated that its compliance with local ordinances mainly fueled Coinbase's determination to integrate ETC.
“Seeing some head-scratching on this one [ETC integration]. We’ll proceed with scoring as many assets as we can in a secure and compliant manner. Building a brand that’s most trusted and gives customers immediate access to cryptocurrency with USD, EUR, GBP requires being submissive with local laws,” Romero explained.
ETC was created after an assembly of developers hard-forked the Ethereum blockchain network after the Ethereum society agreed to fork the chain to recover the losses of investors in the Decentralized Autonomous Organization (DAO), one of the first significant decentralized statements on the Ethereum protocol.
Eventually, the development of ETC was split among several development groups and currently, IOHK, the establishing team of $4.4 billion blockchain network Cardano created by Ethereum co-founder Charles Hoskinson, continues as one of the few development teams that manage the development of Ethereum Classic.
ETC, like Ethereum, is sustained by developers in the open-source development agreement and the success of ETC does not benefit a single organization. Cryptocurrencies such as Ripple and EOS are overseen by autonomous and private organizations including Ripple Labs and Block.one.
The single launch of ETC and the decentralized character of its development agreement are what led Coinbase to conclusively blend ETC ahead of other cryptocurrencies such as XRP and EOS.
Brian Armstrong, the CEO at Coinbase, announced that the integration of ETC is only the commencement of new cryptocurrency combination and in the mid-term, the company will continue to add further cryptocurrencies and tokens.
“Excited to resume adding new assets to Coinbase,” Armstrong said. The official release of the Coinbase team emphasized that the platform will encourage the ERC20 pattern and bitcoin forks first, before moving to other cryptocurrencies.
“We have earlier announced our plan to support the ERC20 technical standard and Bitcoin forks. We will publish the intention to add specific assets within those categories before final engineering integration. This is compatible with our public process for adding new assets,” the Coinbase team said.
Tokens will be next on the line, as the Coinbase team maintained on its latest report. 0x, which has a Coinbase co-founder as an advisor, will likely be integrated next. But, it is also possible that coinbase integrate the entire ERC20 token pattern as a whole, implementing all tokens listed on Paradex, the decentralized cryptocurrency exchange based on the 0x rules