New Dedicated ETC Labs Core Dev Team to Focus on Ethereum Classic Core Projects

As per a blog post published on Medium late yesterday afternoon, the folks over at Ethereum Classic Labs have announced the launch of a new dev team (called ‘ETC Labs Core’) that has been assembled to work exclusively on many crucial aspects of the ETC ecosystem such as:

• Supporting the digital currency’s native blockchain ecosystem.
• Devising tools that can be used for the development of decentralized applications on the token’s network.
• Creation of mining-related protocols and services that can enhance one’s overall customer experience.

It's a pleasure to formally announce ETC Labs Core. We're excited to announce our project plan to the community also! #ETC $ETC #EthereumClassic #Ethereum #Blockchain #Cryptocurrency #DApps #Decentralized https://t.co/GzBk1zvWSy

— ETC Core (@etc_core) January 14, 2019

More On The Issue

As per a roadmap laid out by ETC Labs, the newly created research team will start off the new year by reviewing Ethereum’s upcoming Constantinople hard fork— an event that is set to take place on Jan 16.

This will be done before the team sets out to finalize the Ethereum Classic Improvement Proposal 1045— which has been devised to draw in support for certain fragments of Ethereum’s Byzantium and Constantinople upgrades on the ETC network.

Additionally, the team has also been tasked with the responsibility of working on a number of issues related to things like chain monitoring and analysis tooling. This is because there still lies a danger of the ETC network being subject to a 51 percent attack in the future (much like the one that took place on the network earlier this January).

For those not aware of the aforementioned issue, on Jan 5. cryptocurrency exchange Coinbase detected a sudden ETC blockchain reorganization which seemed to indicate that the network had been subject to a 51 percent attack (that involved a huge sum of money estimated to be around $1.1 million).

At first, the ETC dev team outright denied these reports stating that “no double spending related issue” had taken place on the network. However, in the midst of all these allegations, the team did request a whole host of cryptocurrency exchanges and mining pools to “significantly increase their confirmation times on all withdrawals and deposits”.

Final Take

Late last year (December 2018) one of the founders of ETCDEV, Igor Artamonov, went on record to state that his team could no longer continue their ongoing work on improving the ETC ecosystem (primarily due to the recent crypto market crash which had caused a severe “cash crunch within the company’s coffers.”)

Unfortunately ETCDEV cannot continue to work in the current situation and has to announce shutdown of our current activities pic.twitter.com/N6xWnpBNJJ

— Emerald (@getemerald) December 3, 2018

In closing, it is worth pointing out that ETC is currently trading for a price point of $4.40 — thus showcasing a profit of around 2.57 percent since yesterday afternoon.