Ethereum Classic (ETC) Presents New ETC Labs Core Team
ETC Labs Core will focus on the central issues, including decentralized apps and the state of the Ethereum Classic network.
Ethereum Classic (ETC) has introduced a new ETC Labs Core developer team to serve as the talent force behind the network. The announcement arrived about a week after the network suffered a 51% attack and underwent a reorganization, sparking criticism that Ethereum Classic has become compromised as well as irrelevant.
The team consists of Constantine Kryvomaz, Michael Collison, Mike Lubinets, Shane Jonas, Stevan Lohja, and Zachary Belford.
The Ethereum Classic network will see various developments in 2019, including an app GUI introduced in the second quarter to allow third parties to deploy distributed apps. The project has lagged Ethereum in terms of initial coin offerings (ICOs) or applications, leading to the accusations of irrelevance.
ETC will also upgrade its network to make it compatible with the Constantinople hard fork on the Ethereum blockchain. The Ethereum network is expected to introduce a set of mandatory upgrades on January 16.
In recent days, the Ethereum Classic network has prompted additional worries with a sudden spike in miner rewards based on transaction fees. Blocks with fees as high as 200 ETC, as well as one with a reward above 400 ETC, triggered concerns that a bad actor was ready to pay to have transactions included into the block. A few instances later, fees returned to normal after 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.
However, attacking the ETC network is still possible, with the price even lower at $3,896.
It is unknown how the new core ETC Labs team could help as regards the potential attack. The Ethereum Classic network is still backed by relatively few miners despite being compatible with ASIC machines. Most of the potential Ethereum Classic hashing power is concentrated on cloud mining service Nicehash. The ETC network carried around 47,220 transactions in the past 24 hours, based on Blocktivity data, still lining up among top 10 by daily usage and surpassing larger rivals such as Bitcoin Cash (BCH), Dash (DASH) and Monero (XMR).