The announcement is said to be made via Twitter from the official account of Ethereum Classic. The news is about a new system which is developed on block analysis along with propagation patterns. Moreover, This new alert system is intentionally implemented to reduce the threats from blockchain and vulnerabilities.
The surveillance system aims to prevent any sort of future activities and attacks appearing on the blockchain. Whenever we hear about attack we remember the recent attack worth 51% on ETC. The tweet reads:
The new ETC network monitoring and alert system created by @ETCLabsCore shows the level of threat based on block analysis and block propagation patterns.
Ethereum Classic (ETC) Introduces Alert System https://t.co/CVuxQxoC8h
— Ethereum Classic (@eth_classic) January 29, 2019
Considering a flashback, earlier in January, the ETC blockchain faced a 51% attack. The first team to detect the network anomaly was Coinbase. Further, The news source says that they managed to halt the movement where funds were speedy on the ETC blockchain. Furthermore, they released an announcement in the first week of January, the statement read:
Regarding @coinbase account of recent events: they allegedly detected double spends but unfortunately did not connect with ETC personnel regarding the attack.
This is still very much an ongoing process. https://t.co/in1OGdV8T9
— Ethereum Classic (@eth_classic) January 7, 2019
On 1/5/2019, Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain. In order to protect customer funds, we immediately paused interactions with the ETC blockchain.
Regarding a 51% attack that happened on a PoW aka Proof-of-Work operating on blockchain involves with a group of miners tackling above 50% of its mining hash rate. Seems like, They have the control over a network, sending funds to address occurring on the main network chain and forwarding same funds to another address across a blockchain forked copy which is secretly mining.
The other nodes using the process with the main chain can examine these first transactions as valid. Then the malicious miners’ release mined blocks across the second chain, where other nodes accept particular change as a new correct chain. However, Original transaction gets erase and nodes identify the funds. And through the new chain establishing a double spend situation.
Let’s get to know more about the company project. Further, ETC Labs Core came to existence at the mid of this month which is a new core development tram working at ETC labs. This new innovative team tackles the core ETC projects, backing the blockchain, offering tools for DApps mining, development.
The revelation regarding this new team also mentions an ETC roadmap specifically for 2019. Moreover, a summarized version across the roadmap and sectors of focus for the whole year- 2019 are:
- ASAP 2019: Chain Monitoring & Analysis Tooling
- Emerald SDK, IPFS, and Multi-geth support
- Q1 2019: ETH Compatibility ECIP-1045 (Byz + Const HF)
- Q1 2019: Embedded SVM
- Q1 2019: ETH Compatibility
- ~Q1 2019: Documentation
- Q1-Q2 2019: Classic Geth
- ~Q1 – Q2 2019: JSON RPC Schema
- ~Q1 – Q2 2019: Service Runner
- Q1 – Q3 2019: ETC JIT Compiler
- Q1-Q4 2019: Multi-Geth
- Q1 – Q4: Dev Tutorials and Guides
- Q2 – Q4 2019: EVM LLVM Backend
- Q2 2019: DApp Deployment Tool
- Q2 – Q3 2019: Multi-network Explorer
- Q3 – Q4: Smart Contract IDE
- UX/ UI Research and DApp Prototyping
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