Ethereum Classic (ETC) went through a 51% attack, which seems to be unreal because crypto with such a stature being attached with such a high percentage is just fabulous. But it has happened in past with Bitcoin Gold and Vertcoin, so we must not profess that such attacks can’t happen. The blockchain technology is still new and it has vulnerabilities, which would improve with time.
Well, it was a Twitter user who claimed that ETC underwent 51% attack according to the Coinbase. Ethereum Classic officials have neither denied nor accepted this, which means that something has happened and there is a big possibility of such a big attack. But, despite that cryptos have been attacked previously and they have moved on. So, ETC is looking forward to their new developments, as they have pretty much work to do on their projects.
Recently, Ethereum Classic announced that they are introducing a new core dev team for ETC Labs. The team is highly talented and experienced. They will focus on the basic ETC projects which include providing tooling for decentralized application development, ETC blockchain, services, and mining. The team will work on the issues that are occurring on the ETC blockchain and improve its security.
Moreover, there is also a list of planned performance improvements for Ethereum Classic (ETC). This includes the upgradation of Ethereum Virtual Machine (EVM) with faster speed, LLVM support, RPC schema, chain monitoring, and IDEs.
The updates coming up from Ethereum Classic is planned to be in the following manner. Where in Q1, there would be embedded SVM which will allow SpitnikVM and EVM for the embedded applications. In between the Q2 and Q3, there would be the upgrade of ETC JIT compiler, which will translate the EVM byte-code to the native machine code. The JIT compiler will reduce the time of program implementation by a margin of 3 to 4X. Then there is a plan of EVM backend objective for LLVM between Q2 and Q4. This would allow the developers to have the opportunity to expose the EVM interest to LLVM community.
Ethereum Classic is dedicated to what they are doing and it has the potential to overcome its shortcomings. Every digital asset has limitations and with time they are able to cover it up. We have to see the new ETC Labs team that what they have to offer for the Ethereum Classic ecosystem.
So, the Ethereum Classic HODLers need to HODL on with their ETC coins and wait for the accurate moment. The things will not get worse than this, they would rather get better. The market is also outrageous and this happens when the market is new, it will take some time to get in shape.
After the last days green market, where most of the digital assets traded in positive territory, the market is back in the bear mode. At the time of writing, Ethereum Classic (ETC) was trading with a price of $4.27 USD having a market cap of $459 million. In the last 24 hours, it has traded with declining –2.40%.