The Technology Coordinator at Ethereum Classic Labs (ETCLabs), Stevan Lohja, stated yesterday that if Ethereum Classic removed ‘Ethereum’ from its brand, it would completely dominate other top cryptocurrencies.
This could be because people associate ETC with Ethereum, perhaps thinking of it as second-best to Ethereum. By comparing the network to Ethereum, users and developers do not truly consider the merits and technology of the ETC blockchain.
Currently, Ethereum Classic (ETC) is ranked #20 among all cryptocurrencies in terms of total market capitalisation, trading at a value of $5.82.
Ethereum Classic hosts the ‘original’ Ethereum blockchain, with Ethereum operating a new hard-forked blockchain following the DAO hack of 2016. This is the reason why such a move may be extremely contentious. Community members believe ETC is the original Ethereum, hence its name.
A prominent ETC community Twitter account spoke against this statement, arguing that instead, the group which split off from the blockchain in 2016 should rename. Another major reason for this, according to the account, is that Ethereum Classic, unlike most other blockchains, is completely decentralised, with practically no governance. In this way, it is most like the top and most well-known cryptocurrency, Bitcoin.
On the other hand, Yaz Khoury, a prominent community member and a director at ETC Cooperative, completely supported the suggestion. He stated:
I always advocated changing the currency names. The network name can change organically if we start calling the currency itself something else.
Community members were quick to jump on the train, suggesting other names for Ethereum Classic. Some popular suggestions include Muerethe, Verdance and Hemereum.
Only time will tell if Ethereum Classic ever decides to change its name. It would require community consensus, as it is a decentralised platform.