Ethereum Classic Introduces New Team Of Core Developers
A week after Ethereum Classic (ETC) network experiences a 51% attack and faced criticism that the compromised protocol has become irrelevant, a new ETC Labs Core developer team has been introduced, aimed at becoming the talent force behind the network
A Medium post introduced the team and has Constantine Kryvomaz, Michael Collison, Mike Lubinets, Shane Jonas, Stevan Lohja, and Zachary Belford. The post also elaborates ETC’s game plan for 2019, including the introduction of an app GUI in the second quarter that will enable third parties to deploy distributed apps.
The ETC network will also be upgraded to make it compatible with the Constantinople hard fork on the Ethereum blockchain. Earlier expected to release on January 16, the hard fork has been delayed due to some security concerns.
Woes of ETC Network
The Ethereum Classic network has been under scrutiny with a sudden spike in miner rewards based on transaction fees. With blocks with fees as high as 200 ETC and one with a reward above 400 ETC, the network has raised concerns that a bad actor was ready to pay to have transactions included into the block.
After a few such instances were recorded, the fees returned to normal setting an anomalous absolute record. Following the 51% attacks, ETC market prices fell slightly to $4.26 on Tuesday, still higher than the recent lows of under $4. With price even lower at $3,896, the attack can still continue on the network.
According to https://t.co/C3gOyui2x2, here's how much it would cost to launch 51% attack for 1hr:#BTC – $246,083#ETH – $79,078#BCH – $9,155#XMR – $4,589#ZEC – $14,320#ETC – $3,965
It is still possible to rent enough computing power for another 51 percent attack for ETC.
— Weiss Ratings (@WeissRatings) January 14, 2019
Currently, it is unclear how the new core ETC Labs could ais in regards to the potential attack. The ETC network is still backed by relatively few miners despite being compatible with ASIC machines.
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