New versions of existing cryptocurrencies pop up on a regular basis and in this regard, Bitcoin has seen its fair share of new clones over the past year alone. It now appears that Ethereum is suffering from a similar fate. The Ethereum Emerald project is currently attracting a lot of attention off-late but it seems as though the Ethereum Classic community isn’t too pleased with the project at this stage.
The Concerns Regarding Ethereum Emerald
Hard forks of existing cryptocurrencies have become a norm in the industry as of late. Ethereum Emerald is a fine example of how existing code is used, modified slightly, and turned into a brand new cryptocurrency. Additionally, its developers claim Ethereum Emerald will offer the cryptoverse with a “next generation smart contract platform”, albeit living up to those expectations may prove to be rather challenging, for obvious reasons.
Unlike what one may expect, Ethereum Emerald is a hard fork of Ethereum Classic, rather than Ethereum itself and one of the main concerns ETC supporters have is the name of this new currency. Ethereum Classic developers have been working on the Emerald Project for quite some time now and the name “Ethereum Emerald” can cause a lot of unnecessary confusion in this regard. Whether this has been done purposefully or is just a mere coincidence is subject to debate.
A Detailed Look Into The Matter
While Ethereum Emerald is designed to be an airdrop, there are still some concerns regarding its legitimacy. Very little is known about the project in its current stage, albeit that doesn’t automatically turn this coin into a pure scam. It is also nearly impossible to find any code on GitHub pertaining to Ethereum Emerald at this stage, although that is not entirely uncommon in the cryptocurrency world either.
Perhaps the most worrisome aspect is how there is no information regarding the ETE developers. Nor are there any exchanges officially supporting this upcoming airdrop either. As is usually the case when it comes to brand new cryptocurrencies and airdrops, users are advised to conduct their due diligence first and foremost. Ethereum Emerald can be a completely legitimate project, but a lack of any real information will always make most people wary.
The growing number of hard forks of existing cryptocurrencies is slowly becoming rather disconcerting. While it is good to see so many developers have a different take on existing currencies, they can easily contribute suggestions to the existing development branches rather than creating new currencies which serve no real purpose.
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