Cryptocurrency traders come from across a wide range of age groups. From teenagers to older and seasoned traders are drawn to the promise of earning big rewards in a short span of time. To enable traders to practice this concept on a trusted cryptocurrency exchange platform, the leading global crypto trade exchange, PayBito has added another major cryptocurrency to its coin list – Ethereum Classic.
A brief background of Ethereum Classic:
Although Ethereum Classic (ETC) operates on the same protocol as Ether (ETH) and executes a similar function, it does have its unique traits. Much like other altcoins, ETC derives its value from the speculator market. Use of case scenarios and community support are the other two factors that have thrust it in the limelight. Its market cap at the moment is $782 M.
What makes ETC eligible to be listed on PayBito?
PayBito follows strict guidelines to choose a utility coin for listing on the exchange. When compared to those, Ethereum Classic ticks all the boxes. The guidelines uphold certain core principles which can be understood as follows:
1) The utility token should have true value addition potential, should be able to resolve or simplify existing problems, and create value for network participants.
2) Proof that the technology works – The engineering and product quality can be gauged by the existence of a working alpha or beta product on a test net or main net. A verified documented peer-review and testing by contributors separate from the initial development team further strengthen this conviction.
3) The coin should have a team of efficient engineers, architects, and business planners with strong track records behind it.
4) The Consensus mechanism and future revenue generation system – The coin should have a convincing process to process definition for implementation of major code updates or voting process for conflict resolution. It should be backed by a business plan that can draw in funds beyond that which was raised from an ICO or from traditional investors.
5) The coin should provide details of its potential scalability, clear milestones setups, and operating expenses.
6) It should have favorable Market Distribution analysis – This includes data on Market Capitalization, Asset Velocity, Circulation, and details on where the asset would be available for trade.
7) It should have favorable Market Demand – This includes demand from customers, developers and contributors, and external stakeholders.
8) The blockchain network of the coin should meet certain set standards regarding changes in market capitalization, nodes, and transaction fees.
9) Compliance to regulations is another area that PayBito makes a priority when listing a coin.
10) HashCash also looks for a comprehensive white paper that would contain the above information.