Cryptocurrency News

ETC Labs Launches New  ETC Development Team ETC Labs Core

Ethereum Classic

Ethereum Classic Labs launched a new core development team known as ETC Labs Core to focus on Core Ethereum Classic Projects. The launch was announced as per a blog post on Jan 14. The new team will be majorly focusing on supporting ETC blockchain, providing tools for DApp development, mining and services.

ETC Core Team and Project Plan

As per the blog post, the team would not only include 6 skilled developers, but also consist of Michale Collison, Constantine Kryvomaz, Mike Lubinets, Shane Jonas, Zachary Belford and Stevan Lohja. The blog post read,

“In pursuit of our mission, we value state immutability, decentralization, and backward compatibility.”

The project in the first quarter of 2019, will supposedly review Constantinople fork  before finalizing ECIP-1045. Thereby, introducing Constantinople upgrades and a subset of Byzantine in association with IOHK, ETC Coop, other ETC teams and the community.

Ethereum Classic

In the following quarters, the team will be working on supporting and maintaining Classic Geth and Multi-geth. With the priority focus being on Chain monitoring and analysis tooling, in the wake of the recent 51% attack on the Ethereum Classic.  Reportedly, a deep chain reorganization of the ETC blockchain has involved about $1.1 million worth of crypto in January,indicating a 51% attack.

Also Read: Bakkt Expands Compliance Scope; Acquires Assets in Rosenthal Collins Group

Reorganizations and Double Spends

Initially ETC developers denied the attack  on the network. However, a total of 15 reorganizations, 12 of which contained double spends, summing up to 219,500 ETC were identified. Double-spending occurs when the fraudsters sell cryptocurrency for fiat. After which they amend the ledger to retrieve the coins, keeping fiat at the same time. Following this, the interactions with the ETC blockchain were immediately paused to protect customer funds.

ETCDev’s founder and CEO added,

As is publicly known we have struggled with funding our operation in the last few weeks”,Artmanov said in an announcement. “This was partially due to the market crash, combined with a cash crunch in the company. We appealed to investors in the ecosystem as well as external to it. We also did the community fund, but in none of these cases were we successful in securing short-term financing.“

Currently, ETC is trading at $4.37. It has increased by 2.57 percent in the last 24 hours.  The new core development team endeavours to restore confidence of the customers lost due to the attacks on Ethereum Classic blockchain. This proves that there’s still a lot of work to be done over at Ethereum Classic.

Also Read: LedgerX rolls out its first Bitcoin Volatility Index

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