Press Release

ETC Labs builds Special Team to work on Ethereum Core Classic Projects

As per the latest news in a leading news agency, Ethereum Classic Labs which is one of the first incubators which support innovative projects on the Ethereum Classic Blockchain and known for accelerating development of the Ethereum Classic community & ecosystem has decided to set up a new development team to be called as ETC Lab Core. The new core team developed would be focussing on the ETC projects and lending support to the digital coin’s blockchain along with assistance with tools for mining, decentralized app development, and services.

Ethereum Classic is an open-sourced Blockchain-based platform that enables smart-contracts and has a Turing-complete programming language. Ethereum Classic came to existence after Ethereum hard fork that took place in 2016 after The DAO collapse. As the original Ethereum, ETC provides smart-contracts and a development platform. It also provides the Emerald Software Developer Kit: a toolkit, unique to ETC, made for building DAPPS (decentralized applications). The ETC team aims to use its product in the Internet of Things to provide machine-to-machine communication.

In the early stage, the primary function of the team would be to review Ethereum’s hard fork Constantinople which is expected around the 3rd week of Jan. It would be done before the Classic Improvement Ethereum Proposal which is expected to provide some support for Ethereum’s Byzantium and upgrades on Constantinople platform of the network of ETC. Later part of the year, the team would be working on other issues like monitoring of chain and tooling of analysis since the attack on ETC which amounted to almost 51%, earlier this January.

As per a recent report from Cointelegraph, Coinbase which is a cryptocurrency exchange identified a blockchain reorganization on the ETC platform recently and declared that the recent 51 percent attack involved around $1.1 million net worth of crypto trading. Coinbase is a platform that makes it is possible to store, transfer, buy and sell digital currency. The process of signing up is similar to any other website. After logging in, it is possible to choose any national currency in the settings to show the relative rate of Bitcoin. To transfer money, it is necessary to add some to the account and then submit the information about the receiver. The latest news concerning Coinbase is that access to its system is now available for 24 countries. Coinbase offers two-factor authentication, exchange on stock markets where all operations are possible without leaving the account, instant confirmation of transfers, and partnership programs which give users $10 for inviting friends to join the platform.

Earlier developers of ETC did not accept the news of the attack claiming that such thing did not happen on the so-called network. However, later on, all the mining pools and exchanges were asked to confirm on their trading which involved their deposits and withdrawals. Earlier last month, Igor Artamonov who is the founder of the development teams of ETCDEV claimed that the team is not in a position to continue its operation and would be shutting down its activities primarily due to the recent crash in the digital currency world along with a cash shortage in the organization.

As per CoinMarketCap, ETC is trading at $4.37 which is up by 2.57 since yesterday. The market capitalization is expected to be around $469 million which is the 18th largest in the world of cryptocurrency.

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