In line with a recent official press release ‘published‘, Ethereum Classic Labs has revealed a new Ethereum Classic [ETC] development team named ETC Labs Core. As per the announcement, the new team would be engaged on core projects, supporting the ETC’s blockchain and providing tools for DApps [Decentralized application] development, mining, and services.
Within the Q1 of 2019, the team would supposedly concentrate on reviewing Ethereum’s [ETH] ‘hard fork‘, that is expected around within the mid of Jan. this year. This might be done before finalizing the Ethereum Classic’s Improvement Proposal 1045, that would introduce support for a few elements of Ethereum’s Byzantium and Constantinople upgrades on the ETC network.
During the remaining year, the team is about to figure on connecting problems like chain observance and analysis tooling problems within the wake of the ‘51% attack‘ on ETC that occurred earlier this January.
As reported earlier crypto exchange Coinbase revealed an ETC blockchain reorganization and indicated that it had been a 51% attack involving over $1.1 Mln worth of crypto’s.
ETC developers firstly denied the reports stating the attack, adding that double spending didn’t took place on the network. However, they did noticed all exchanges and mining pools to considerably increase confirmation times on all withdrawals and deposits.
Even earlier in Dec. last year, the founding father of one amongst the leading ETC development groups ETCDEV, Igor Artamonov ‘declared‘ that the team cannot continue operating and must stop working its activities, partly due to the ongoing crypto market crash “combined with a cash crunch within the company.”
However at the reporting time, Ethereum Classic ‘ETC’ is presently trading at a price around ‘$4.26 USD‘, down by 3.73% over the last 24 hours, according CoinMarketCap. The altcoin’s market capitalisation is around $457 Mln, making it the eighteenth largest cryptocurrency.