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Metronome (MET) Keeps Faith in Ethereum Classic (ETC) Network Even After a 51% Attack

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Greed and capitalism have had a long and co-dependent relationship. However, human greed knows no bounds and people are always scheming to profit, regardless of the legality of the operation. From Ponzi schemes to outright theft, no industry is isolated from them, January 5th was just another reminder of this fact.

At the start of the year, the ETC network was a victim of a 51% attack. The miscreants were able to rent enough of the hash power to exert control over the network. There is every indication that the plan was to then spend the ETC while also selling them to a different exchange. Unsurprisingly this concerned many who had their MET tokens on such networks. In a post, outlining their plan of action, the Metronome team were found to be rather confident of the work they had put in and stated“The team has put in considerable effort in developing/auditing these contracts for deployment on Ethereum Classic and the Validator Network that will secure the transactions between chains.”

Further expanding on this they said“After careful consideration and feedback from community members, the team has decided to continue with its planned Q1 deployment of Metronome contracts on the Ethereum Classic network.”

Thus, the planned Q1 deployment on the network seems to be going ahead as planned.

Even though the notification made clear the vote of confidence, the team is clearly aware of the concern the deployment is likely to arouse within the community. Thus there was a further clarification on this, as the write-up went on to say that the developers were monitoring the situation keenly and that“Ethereum Classic’s resilience in both market-cap and ability to maintain its hash rate post-attack” has assuaged any misgivings they might have had. “The additional security in continued institutional incentive to stabilise the network has helped alleviate some of the team’s concerns,” they added.

Still, adding a word of caution, the note ended by advising token holders to be aware and on the lookout for anything that seems out of the ordinary.“Should any owner find any network with deployed Metronome contracts misaligned with their security needs and risk tolerances, then they should not store their MET on that chain,”

the team clearly explained the individual responsibility in ensuring their cryptos security.

Detailing their safety first approach, the post offers other useful hints. Advising that since all attackers are usually driven by the economic incentive, the attacks are likely to be focused on the underlying token itself and that such 51 percent attacks are usually targeted towards exchanges. The team also mentioned that post-deployment MET token holders can move their coins as they see fit, and that chain portability is of utmost priority.

The Metronome teams faith in the underlying technology is a sign of changing things. While such hacks are an unfortunate part of the business, the industry itself needs to work hard at earning and retaining such trust.

Source.bitcoinexchangeguide

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Ethereum

Ethereum (ETH/USD) weekly forecast on February 18 — 24, 2019

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Cryptocurrency Ethereum (ETH/USD) is trading at 125. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend for Ethereum. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator.

Ethereum (ETH/USD) weekly forecast on February 18 — 24, 2019

As part of the Ethereum course forecast, a test of level 135 is expected. Where should we expect an attempt to continue the fall of ETH/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 85. The conservative area for Ethereum sales is located near the upper border of the Bollinger Bands indicator strip at level 138.

Ethereum (ETH/USD) weekly forecast on February 18 — 24, 2019

Cancellation of the option to continue the decline in the rate of Ethereum will be the breakdown of the area of ​​the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair above the area of ​​145. This will indicate a change in the current trend in favor of the bullish for ETH/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.

Ethereum (ETH/USD) weekly forecast on February 18 — 24, 2019 implies a test level of 135. Further, it is expected to continue falling to the area below the level of 85. The conservative area for selling Ethereum is located area of ​​138. Canceling the option of falling cryptocurrency will break the level of 145. In this case, we can expect continued growth.

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Ethereum

Ethereum forecast and analysis ETH/USD for 2019

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Ethereum ETH/USD are traded at 123 and continue to move within the descending channel. At the moment, we should expect an attempt to reduce and test the support level near the region 75. Where again we should expect a rebound and continued growth of the Ethereum rate with a potential target above the level of 800.

Ethereum forecast and analysis ETH/USD for 2019

An additional signal in favor of the growth of ETH/USD quotes will be a test of the rising trend line on the relative strength index (RSI). As well as a rebound from an important area of ​​support. Cancellation of the Ethereum cryptocurrency lift option in 2019 will be a fall and a breakdown of level 45. This will indicate a breakdown of support and a continued fall in ETH/USD quotes below the level of 12.50. With the breakdown of the upper boundary of the downward channel and the closure of quotes above the level of 210, we should expect confirmation of the development of an upward movement in Ethereum.

Ethereum forecast and analysis ETH/USD for 2019

Ethereum forecast and analysis ETH/USD for 2019 implies an attempt to test the support area near the level of 75. Where should we expect a rebound and continued growth of ETH/USD cryptocurrency to an area above 800. An additional signal in favor of Ethereum rise will be a test of the trend line on the relative strength index (RSI). The breakdown of the growth rate of the digital currency will be the breakdown of the region 45. This will indicate a continuation of the fall with a potential target below the level of 12.50.

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Cardano [ADA]

Upcoming Implementation Of ProgPow For Ethereum Algorithm Gains Support From Majority Of Voters

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The current roadmap for Ethereum shows that there are certain upgrades and milestones that the platform aims to reach over a 4-stage plan. The most recent stage is set to include a newly integrated type of PoW (proof of work) algorithm called ProgPoW. The algorithm is resistant to ASIC use and it will be used in place of the current algorithm, ETHhash. A new online vote through Ethereum shows that the majority of their voters are in favor of this change.

Since the algorithm will be ASIC resistant, developers will see a decrease in the efficiency of using ASICs over the generic hardware that could be used to mine, which essentially means that graphics processing units will be used. However, this update does not completely eliminate the use of ASICs.

The numbers on the Ethereum platform indicate that there’s over 76% of votes (628,000 ETH, which is about $76 million). There are 23% of voters, which accounts for 191,000 ETH ($23 million) that were against it.

According to the voting portal, the token holders are the ones that will take on the most impact from the changes made with the algorithm. By allowing ETH holders to vote, the developers can get a clearer idea of what the community wants than taking into account the comments that are anonymously posted in online forums. At this point, there is no timeframe for the end of the voting process, and the election results do not place any requirements on the voters.

A consensus in the implementation of the algorithm was reached earlier last month, determining that the developers would delay the implementation. This delay gave them time to let the algorithm be audited by a third party at the beginning of this month.

Unfortunately, ProgPoW has faced a lot of controversies since it was announced, due to a post from a code contributor at Ethereum that said developers should embrace the use of ASICs. However, other members of Ethereum believe that the algorithm will not give the ASIC resistance that they expect.

Source.bitcoinexchangeguide

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