Plus   Neg

ETC Labs Forms Team To Oversee Development Of Ethereum Classic Projects

etclabscore jan15 lt

Ethereum Classic (ETC) Labs launched a new dedicated core team called ETC Labs Core to oversee the development of Ethereum Classic projects, ETC blockchain and support for these. Its aim is to take forward the ETC mission of improving immutability, decentralization, and backward compatibility.

Last week, U.S.-based cryptocurrency exchange Gate.io said a 51 percent attack occurred recently on the Ethereum Classic (ETC) blockchain, which saw the attacker transferring a total of 40,000 ETC in total valued at about $200,000 in four of the total seven rollback transactions detected.

However, the attacker returned $100,000 worth of Ethereum Classic to them later. Another crypto exchange, Bitrue, was also targeted. But their security system thwarted an attempt to withdraw 13,000 ETC.

Gate.io later raised the ETC confirmation number to 4000 and launched a strict 51-percent detect for enhanced protection against future attacks. They also suggested other ETC exchanges to take actions to protect the trader from blockchain rollback/reorg.

ETC Labs' new core team will be focused on core Ethereum Classic projects, supporting the ETC blockchain, providing tooling for decentralized application development, mining, and services.

Ethereum Classic Labs is among the first incubators to accelerate innovative projects on the Ethereum Classic Blockchain (ETC). The incubator platform based on the ETC blockchain was officially launched in mid-May 2018.

In the first quarter of 2019, the team looks to focus on reviewing Ethereum's (ETH) Constantinople hard fork, which is scheduled for January 16. It will then look to finalize the Ethereum Classic Improvement Proposal 1045.

The team will also put in place sufficient chain monitoring and chain analysis tooling on an immediate priority basis in light of the recent 51% attack on Ethereum Classic blockchain network.

Additionally, they will provide a documentation website to the community to help new and existing developers, with the possibility of including embedded documentation in their tooling. The team will also continuously support new and existing developers with tutorials and guides.

In the second quarter, the team will look to study more about the DApp development environment, and conducting research prior to providing DApp tooling. It will also come out with prototypes of the upcoming DApp tools.

For comments and feedback contact: editorial@rttnews.com

Technology News

Follow RTT