Ethereum Classic’s development and accelerator organization, Ethereum Classic Labs took to Twitter to reveal their latest partnership.
Ethereum Classic’s development and accelerator organization, Ethereum Classic Labs took to Twitter to reveal their latest partnership. The organization is all set to collaborate with an invite-only community, iZbreaker in order to launch a decentralized application. The tweet read,
iZbreaker is said to use developmental resources of ETC Labs along with its technical and marketing expertise on a new decentralized application.
The announcement was also confirmed by a blog post, in which the CEO and founder of iZbreaker, Count Erik Wachtmeister, suggested that the partnership will accelerate substantial connections all around the world, especially between globally influential people that include, artists, industry influencers, actors politicians and various others. He further said,
“After extensive due diligence, it is clear that ETC Labs and building on Ethereum Classic’s public blockchain is ideal to unleash the power of iZbreaker, achieving our goal of delivering a secure, user-guided discovery experience.”
Ethereum Classic Labs’ CEO, Terry Culver said that iZbreaker’s “unique approach” to build the community while retaining aspects like data sovereignty, integrity and security captured their attention. He also added,
“We were excited about the iZbreaker project and team from the beginning and thought it was an ideal fit for Ethereum Classic’s security, low transaction fees, and stability.”
iZbreaker shelters various features in its platform like the “use of proximity discovery, current modes, respective freemium access to a Lounge, and the invitation-only access to the Club.”
Furthermore, the platform will have to abide by Ethereum Classic’s smart contract, ERC-20.
ETC Labs’ Advancement of the Ethereum Classic Protocol Supports Cross-chain Capability for Metronome’s Cryptocurrency. Today, San Francisco …
SAN FRANCISCO–(BUSINESS WIRE)–
ETC Labs’ Advancement of the Ethereum Classic Protocol Supports Cross-chain Capability for Metronome’s Cryptocurrency
Today, San Francisco based Ethereum Classic Labs partners with Metronome to enable, for the first time, cross-blockchain “chainhop” interoperability. This allows digital assets to be transferred between two of the largest blockchains — Ethereum (ETH) and Ethereum Classic (ETC) and back. The ETC Labs’ advancements to Ethereum Classic (such as the Atlantis hard fork, among other projects), deliver greater compatibility for blockchain solutions, enabling Metronome cross-chain transactions to quickly, easily, and securely occur between ETH and ETC.
“ETC Labs has worked hard to improve Ethereum Classic to provide greater cross-chain interoperability,” said Jeff Garzik, CEO and co-founder of Bloq, chief designer of Metronome, and one of the earliest Bitcoin developers. “ETC Labs’ improvements to Ethereum Classic helps Metronome to provide self-governance, reliability and portability to the global community to store-of-value, payment and transactions across Ethereum and Ethereum Classic.”
As part of the relationship, ETC Labs will support Metronome’s Validator Network to ensure reliable and secure transaction verification that guards against double-spend attacks and provides fluid cross-chain transactions. Metronome’s Validator Network will initially consist of 5+ decentralized, off-chain validators to attest to the validity of transactions and grow its decentralized community.
“We are excited to work with the Metronome team to help initiate its Validator Network, which will first enable movement of Metronome tokens between Ethereum and Ethereum Classic,” said Terry Culver, ETC Labs’ CEO. “The work ETC Labs and the community have done with Ethereum Classic’s open-source protocol has extended that protocol’s value such that projects like Metronome can be confident in Ethereum Classic’s role in the global decentralized community. This will further the adoption of mainstream applications.”
The Atlantis upgrade consists of 10 Ethereum Improvement Proposals (EIPs) that focus on stability, Op-code upgrades, precompiled contracts to improve zk-Snarks, performance related improvements and enhanced security (EIP 658). It also provides features and functionality that will bring it to a similar level as the Ethereum blockchain, reducing development cycles and improving interoperability between blockchains. Read more for additional information of the improvements of the Atlantis ECIP 1054 hard fork.
Launched in 2018, Metronome is a wholly autonomous cryptocurrency built for:
Usability: Metronome uniquely supports all currency use-cases – store of value, unit of account, and payment mechanism – for both humans and machines;
Fairness: Nobody holds special privileges or access in the Metronome ecosystem, with all opportunities to purchase Metronome made available to the public; and
Endurance: Metronome was designed to be the first cryptocurrency to move across blockchains, offering a unique level of digital asset protection.
Ethereum Classic Labs’ mission is to accelerate development of the Ethereum Classic community, development and ecosystem. Supported by a core development team to create development tools, interoperability functionality and technology resources, ETC Labs provides blockchain developers the resources necessary to build socially impactful, decentralized applications that are vital to the traditional community core values. ETC Labs is dedicated to providing financial assistance and mentorship programs to advance the development and proliferation of Ethereum Classic solutions. Interested parties can visit https://etclabs.org/ or can follow via Twitter @etclabs.
Ethereum Classic Atlantis Hard Fork Explained By ETC Labs Tech Coordinator … Stevan Lohja, the Technology Coordinator at Ethereum Classic Labs, one … EIP-161 would “make it possible to remove empty accounts at a low cost.
Stevan Lohja, the Technology Coordinator at Ethereum Classic Labs, one of the first blockchain-focused incubators that supports the development of various projects on the Ethereum Classic (ETC) network, has confirmed that the Atlantis hard fork for the Turing Complete platform will be activated.
Lohja, a former Technical Writer at ETCDEV, an Ethereum Classic-focused development organization that shut down due to lack of funding (last year), noted that Atlantis Ethereum Classic Improvement Proposal (ECIP-1054) consists of a subset of updates including EIP-161.
Elaborating on the recent concerns cited by the proof-of-work (PoW)-based platform’s community members, Lohja wrote in a blog post, published on May 31, 2019, that EIP-161 has raised concerns because it proposes “an irregular state change.”
EIP-161 Would Make It Possible to “Remove Empty Accounts at a Low Cost”
Lohja, a Fine Arts in Web Design and Interactive Media graduate from The Illinois Institute of Art-Schaumburg, claimed that the Ethereum (ETH) network has a denial-of-service (DoS) attack vulnerability where “someone can create empty accounts that increase the size of the blockchain.”
The experienced technical writer explained that activating EIP-161 would “make it possible to remove empty accounts at a low cost.” He added that removing the empty accounts effectively “reduces the size of the blockchain state” which results in improved network performance. For instance, a reduction in blockchain state would also reduce the “sync times for clients,” Lohja wrote.
EIP-161’s “Context and Result” Different Than That of Ethereum’s DAO Fork
Loha further noted that EIP-161 “removes system empties” and it will “not infringe on a user’s value or code.” He also clarified that the “context and result” of EIP-161 are “different than that of the radical and irregular DAO ICO bailout fork.” That’s because the DAO ICO bailout fork altered the Ethereum blockchain’s checks and balances (belonging to its users at that time) – in order to “bail out special interests.”
In September 2016, the Ethereum network suffered DoS attacks that adversely affected the performance of its network. After the hack, the attackers managed to create “significant state bloat of account empties; lacking code, balance, storage, and nonce == 0.” To address these issues, EIP-161 was implemented as it allowed developers to “clean” account empties.
As noted by Lohja, EIP-161 was activated on November 22, 2016, at block height 2,675,000. However, a “consensus bug” was discovered just a few days later and Ethereum developers had noted (at that time) that the software glitch was due to two separate implementations exhibiting “different behavior in the case of state reverts.” The issue was later fixed to “clarify that empty account deletions are reverted when the state is reverted”, Lohja noted.
Ethereum Classic (ETC) is a fork of Ethereum. Or perhaps Ethereum is a fork of Ethereum Classic… It depends on who you ask and can be a little …
Ethereum Classic (ETC) is a fork of Ethereum. Or perhaps Ethereum is a fork of Ethereum Classic… It depends on who you ask and can be a little confusing.
Either way, the original Ethereum blockchain is now split into two competing versions. One is sitting pretty as the second-largest cryptocurrency by market cap – namely Ethereum. Ethereum Classic has been having a rougher time of it and is currently 18th in the market cap rankings.
Let’s dive a little deeper into what Ethereum Classic is and how it came about.
The creation of Ethereum Classic
Soon after the birth of Ethereum, a new concept was invented. The Decentralised Autonomous Organisation (DAO) was a smashing idea in theory that generated a lot of hype. However, in reality, things did not go to plan.
The DAO was supposed to be used as a fundraising tool for various projects built on Ethereum and was crowdfunded itself in 2016. This was the largest crowdfunding campaign in history at the time.
However, disaster struck the project soon after its release. The open source code had a major bug in the system which a hacker exploited. This resulted in 3.6 million ETH being stolen, equivalent to $50 million at the time. The DAO contained 14% of all circulating Ethereum upon its creation.
The hack caused much debate within the Ethereum community about how to proceed. Should they continue on and learn from their mistakes? Or should they roll back the blockchain, returning the money to the investors whilst also harming the supposed immutability of the blockchain?
Eventually it was decided to roll back the blockchain. However, this decision wasn’t without controversy and did not achieve consensus. Therefore, when the roll back was initiated, several miners continued to mine the original chain, causing a split. This resulted in the creation of two Ethereums: Ethereum and Ethereum Classic.
Unlike the split between Bitcoin and Bitcoin Cash, the fork for Ethereum has been a lot more civil. They have now co-existed together for a few years without the vitriol and competitiveness we have seen from the Bitcoin split.
Backers of Ethereum Classic
There are currently three separate teams supporting ETC. The first and most commonly cited is Ethereum Classic Cooperative. This is a project run by investor and Greyscale CEO Barry Silbert. There have been comments that Ethereum Classic is now Barry Silbert’s cryptocurrency in much the same way Ethereum relies on Vitalik Buterin. However, Silbert claims to have taken a “very hands-off approach”.
The two other teams working on Ethereum Classic are Ethereum Classic Labs and IOHK Ethereum Classic. IOHK is a technology company founded by Cardano creator Charles Hoskinson, so its time is split between the two cryptocurrencies (although it is likely that much of its focus is now on Cardano).
Ethereum Classic Labs is partnered with Barry Silbert’s Digital Currency Group and helps fundraise start-ups and projects on the Ethereum Classic blockchain.
Attack on Ethereum Classic
Earlier in 2019, Coin Rivet reported that ETC was suffering from a 51% attack. Coinbase was the first to spot the attack, stating on its blog: “We detected 12 additional reorganisations that included double spends, totaling 219,500 ETC ($1.1 million).”
Whilst this could have been a disaster from both a PR and security perspective, the reaction was subdued. This was either due to a lack of interest from the market as a whole or a strong belief from the Ethereum Classic community that they would survive and return stronger.
Ethereum Classic began trading at just under $1 and soon rose to $2.70 in early 2016, before ending the year at $1.60. Like every other cryptocurrency during 2017, the price of Ethereum Classic rose with the rest of the market.
The coin peaked at $47.77 in December 2017, and in January 2018, Barry Silbert released his tweet below when the price was $28.13. Unfortunately for anyone that might have listened to Silbert’s advice, they will have seen ETC succumb to the grip of the bear market as the cryptocurrency now rests at $5.68.
At the same time, Ethereum continues to plug away at a much higher value. ETC never managed to attract the ICO platforms that allowed the Ethereum chain to pump so massively in price, and with the days of ICOs seemingly over, it appears to have missed the boat on this price boosting tactic.
If you’re not watching Ethereum Classic ($ETC), you’re doing it wrong
Ethereum Classic has struggled to compete with Ethereum since their split. With continued progress being made on Ethereum as well as the rise of other competing blockchains such as Cardano or EOS, the future of ETC appears to be one of struggle.
Should another bull run occur soon though, ETC may cling on and survive a little longer, but it is unlikely to reach mainstream attention.
Many digital asset investors consider Ethereum Classic (ETC) as one of the best cryptocurrency to invest in 2019. Some digital asset investors are still …
Many digital asset investors consider Ethereum Classic (ETC) as one of the best cryptocurrency to invest in 2019. Some digital asset investors are still looking forward to the coin as a long-term investment opportunity. While the price of Ethereum Classic is currently in the red, the digital currency has the potentials to surge significantly in the short-term. Ethereum Classic might end this second quarter in a much better way due to the numerous bullish Ethereum Classic news in the crypto space.
Ethereum Classic (ETC) News
Thanks to the Ethereum Classic Labs that Ethereum Classic is a very strong asset. The crypto project launched the ETC Labs in January this year. The firm launched the project with the aim of enhancing the Ethereum Classic network. The network has achieved a lot since they launched the ETC Labs. The project has achieved ETC-ETH compatibility, important features enhancing the environment for decentralized application development, and tooling for crucial data analytics. The number of developers added to the ecosystem of Ethereum Classic has also increased significantly, an increase of about 75 percent.
Still in the first quarter, Ethereum Classic implemented several dynamic path APIs with the configuration of Geth clients as the key feature. They have also implemented the Multi-Geth Ethereum Virtual Machine layer. Ethereum Classic has experienced a great level of success in the first quarter of this year. As the market is getting better and improving, the probability of the price of Ethereum Classic surging higher also increases.
Ethereum Classic (ETC) Price Prediction
The price of Ethereum Classic ended Q1 on a higher note than it started the year. This resulted in more bullish Ethereum Classic price prediction 2019 and Ethereum classic price forecast. The bullish Ethereum Classic news also contributed to the growth of ETC USD price. The second quarter also started pretty well, leading most digital currencies to test new yearly highs.
The price of Ethereum Classic recently declined below the $6.5 support level. Ethereum Classic price plunged lower and broke the $6.3 and $6.2 support levels. Ethereum Classic even plunged below the $6 level and traded close to the $5.5 level before it started correcting higher. The price of ETC is currently supported at the $5.8 level. The immediate resistance of the coin is at the $6 level.
While this year started in a very bearish way for almost all the digital currencies in the market, the first quarter of the year ended in a bullish way. By the end of the first quarter, some digital currencies were recording gains of more than 100 percent. Ethereum Classic is one digital currency that also had a pretty great 2019 Q1.
According to the lastest ETC price analysis on the cryptonewsz; the team of Ethereum Classic comprises of a set of determined enthusiasts who believe in the crypto and would like to steer it towards a bullish surge. The coin is regarded as the future of the Internet of Things (IoT). In 2018, the crypto partnered with Foxconn to promote its incubator project, ETC labs. Recently, Google’s BigQuery platform has added its support to the crypto along with few other cryptocurrencies trading in the market.
ETC might not have cracked the code to attract retail investors yet, but the coin has positioned itself securely in the market and is making continuous progress despite the recent downtrend. By the end of 2019, the coin can be priced between 5 USD to 9 USD. From a 2 year perspective, the price can increase as much as 20 USD, and if it survives the wave, in 5 years, the price can reach up to 50 USD.
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