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Cardano Founder Labels Ethereum Classic A ‘SCAM’ With No Roadmap, Innovation, Or Vision

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The Founder of Cardano (ADA), Charles Hoskinson, recently expressed his views on Twitter, alleging Ethereum Classic (ETC) is engaged in fraudulent activities. According to Hoskinson, ETC lacks any meaningful objective other than facilitating insiders to offload their holdings onto unsuspecting investors. Hoskinson criticized the project for lacking a roadmap, innovation, a competent team, and a clear vision.

Cardano Founder’s Critical Remarks On Ethereum Classic

Charles Hoskinson’s remarks, triggered by a Twitter post from the Proof of Work (POW) Summit, have generated attention and speculation within the cryptocurrency community. The timing of Hoskinson’s comments has sparked inquiries since Ethereum Classic (ETC) has recently experienced a notable upswing in its price and overall popularity.

Hoskinson believes that Ethereum Classic (ETC) was constructed over several years through extensive efforts and marketing conducted at Input Output Global (IOG), a prominent technology company specializing in blockchain engineering and research. Hoskinson argues that it would be unethical to subject the project’s followers to a scheme that is now considered fraudulent.

Moreover, Hoskinson believes that Ergo, a project he is presently engaged in, should have embodied the qualities and objectives that Ethereum Classic (ETC) initially aimed for Ergo, a cryptocurrency, addresses blockchain technology’s limitations, including enhancing scalability, interoperability, and security.

The founder of Cardano also asserts that Ergo is innovative, has a goal, has morally sound leadership, and has money for the future. He thinks Ergo is a superior option for investors seeking a cryptocurrency with a distinct vision and a strategy for the future.

Hoskinson’s remarks have ignited a discussion within the cryptocurrency community regarding the credibility of ETC and the ethical obligations of developers and industry insiders. While some individuals have criticized Hoskinson’s statements, others have commended him for taking a stand against practices that he deems unethical.

Hoskinson Highlights Key Factors for Secure Hardware Wallets

The controversy surrounding Ledger has triggered a discussion among cryptocurrency users regarding the significance of security in hardware wallets. In light of this, Charles Hoskinson, the Founder of Cardano, has offered his insights on the factors that users should consider when selecting a hardware wallet.

Hoskinson stresses the significance of regularly auditing open-source software from multiple sources, which guarantees transparency and enables the swift identification and resolution of potential vulnerabilities.

Furthermore, he proposes that simplicity plays a crucial role in ensuring security. Creating a hardware wallet with a minimized size reduces the potential for attacks, making it challenging for hackers to identify weaknesses.

The founder of Cardano emphasizes the significance of non-updatable firmware when a company makes explicit security assurances. This guarantees that attackers cannot exploit any vulnerabilities uncovered post-release of the hardware wallet. He proposes that enhancing security in the hardware wallet realm could be achieved by decentralizing the update process.

Additionally, the founder of Cardano cautions users that hardware wallets are not purchased for everyday usage or to provide a similar user experience to hot wallets but rather to maximize the personal protection of their cash. Hardware wallets are an extreme kind of self-custody created to ensure that the private keys remain on hardware that is difficult to tamper with and remain in one location.

Related Reading: | Bitcoin Whale’s Massive Deposit On Binance Raises Eyebrows In Crypto Community |

Cardano’s Charles Hoskinson- “Ethereum Classic Still Gives Me Sadness”

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Cardano founder Charles Hoskinson once again found himself under the target of the Ethereum Classic community member who accused the former of profiting from ETC miners by imposing a 20% miner tax.

The ETC advocate brought up Hoskinson’s name during the discussion of the future of the asset.

In his response, Hoskinson lamented that he was still sad about what happened to the project calling it dead and with no purpose for existence.

I love how a sustainable development fund turns into a miner tax. ETC still gives me sadness for what could have been. It’s a dead project with no purpose or real compelling argument to exist outside of spite.

Cardano’s tryst with ETC goes back to 2014 when he exited from the Ethereum project due to disagreements with Buterin over the project’s open-source, nonprofit structure. Having backed the hard fork in 2016, he eventually became a member of the Board of Directors.

Soon differences cropped after the ETC community rebuffed his proposal for the formation of a decentralized treasury system similar to that of Cardano.

His initial proposal for a development fund was rejected by other devs who feared that cutting down miner rewards would force them to exit the network.

After the latest accusation, Hoskinson chose to give his side of the story in his video podcast aptly titled “Beating Dead Horses.” He claimed that ETC members were harassing him to return the Twitter handle of the Ethereum Classic to the community, which is still under his possession at the moment.

Hoskinson, in turn, offered two options, one of which is to pay him millions of dollars for the development of Ethereum Classic or to agree that no one owes anything more.

Cardano Founder Says This On ADA’s Price Dip

The Input-Output CEO recently spoke about the recent price drawdown, saying that markets are “disconnected” from reality.

“Cardano has never been stronger and frankly many other projects are also solid across the industry, yet you don’t see that reflected- just a sea of red. Macro factors always win out.”

He then went on to add that the focus should instead be on finding the true purpose of the technology. “Cardano is changing the world thanks to all of you and our best days are ahead of us,” he added.

ADA’s price has pulled back by more than 7% in the past 24 hours. The asset is currently sitting at $0.46.

Ethereum Classic Witnesses a Spike in Hash rate

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Since June, the hash rate of Ethereum Classic (ETC) has increased by 83%, according to information provided by BitwiseInvest researcher Gayatri Dhumal.

In parallel, Ethereum’s (ETH) hash rate has decreased by 11% in anticipation of the imminent Merge update. The largest winner from the current migration of ETH miners has been Ethereum Classic.

A potential Ethereum hard fork on the way?

Vitalik Buterin, the creator of ETH, endorsed the contentious hard fork in late July. It’s a “great” substitute for miners, according to the Canadian coder. After Antpool CEO Leon Lv revealed a $10 million investment in the network, the ETC coin saw a significant increase.

There are initiatives to start new hard forks for miners at the same time. However, the absence of backing from exchanges and significant decentralized apps makes it extremely unlikely that new proof-of-work coins will catch on.

The co-founder of ETH said earlier this month that “very much everyone” supported ETH’s switch to proof of stake. After years of delays, the significant software update is anticipated to take place in mid-September. Fork of Ethereum Classic is anticipated to succeed.

The Ethereum Foundation has said that the Merge will occur in two phases. The Bellatrix network upgrade, which is the first stage, is set to begin on September 6 at 11:34 AM.

After switching from proof-of-work to proof-of-stake at the execution layer, the Paris upgrade will proceed to the network upgrade. The Paris upgrade is announced to happen between September 10 and September 20, 2022.

The miners would essentially lose their work since the merge will replace mining with staking. In fact, mining is a power and energy-intensive process that uses a lot of resources. With PoS, energy use will be reduced by more than 99%.

The ETH community is bracing itself for this major upgrade that will change how Ethereum functions.

Ethereum Classic [ETC] Dips Significantly After a Roaring June Final Week

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July started with a mix of bullish and bearish signals for the cryptocurrency market. While cryptos like Bitcoin and XRP felt the bear crunch, altcoins such as Ethereum Classic were on the rise. The Ethereum fork was the biggest gainer in the top 20 club as it surpassed major players like XRP, and Dogecoin.

Ethereum Classic held the 19th rank on the charts, just falling short of THETA’s market cap. At press time, ETC was trading for $53.6 with a total cap of $6.145 billion. A 28 percent growth over the previous week had elevated the daily trading volume to $4.752 billion. Ethereum Classic also displayed another characteristic: it was the biggest weekly gainer and the biggest daily loser in the top 20 clubs simultaneously.

The cryptocurrency recorded a 10 percent dip in the last 24 hours which was 3x higher than BTC. ETC also has the advantage of a strong RSI which stayed above the $50 mark. The cryptocurrency’s 30-day moving average resed at $53.398 while investors hope for a bullish turnaround soon.

ETC 1 hour:

ETC’s hourly performance impacted its positive price action implemented on the 28th. Both the Bollinger bands diverged slightly from one another, which indicated the formation of a bearish price cloud. The RSI had dipped even further to $40 in the last 24-hours.

The Chaikin Money Flow was struggling to break out from underneath the price candles. This was an indication of the capital loss between the funds coming into the market and the funds leaving it.

ETC 1 day:

On the long-term charts, ETC was an example of steady movement. Since mid-May, the price action has been almost stagnant with the exception of slight bearish drops. The RSI here was nearer to the overbought zone after an increase in the number of ETC holders.

The Chaikin Money Flow indicator also sided with the bull as the graph ascended above the zero line. The sharp turn in the CMF can be attributed to users flooding the ETC market. Ethereum Classic’s Bollinger bands moved parallel to each other after its sustained price hold. It is predicted that the cloud may not be as large as the hourly charts because of the pattern break.

Binance Commences Trading For XRP And ETC Coin-Margined Perpetual Contracts

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Malta-based exchange of crypto-currency, Binance was launched in 2017 only three years ago. Despite a little late entering the crypto market, the exchange was quick enough to establish its position in the crypto-verse. Binance is currently the largest cryptocurrency exchange in the world. The exchange never fails to roll out new updates for its users and the platform. Despite being subject to several scandals, Binance continued to retain its position on the top. Earlier today, the exchange launched coin-margined perpetual contracts for two popular coins.

XRP And ETC Join The List

At 7:00 AM [UTC], Binance commenced trading services for coin-margined perpetual contracts for the coins XRP and Ethereum Classic [ETC]. Users would be allowed to leverage the coins within the range of 1-75x. The aforementioned coins would be paired against the United States Dollar [USD]. Binance made the announcement via a blog post and suggested,

“The XRPUSD and ETCUSD coin-margined perpetual contracts are futures contracts that use base assets i.e. XRP and ETC as collaterals.”

The Changpeng Zhao-led exchange recently rolled out the coin-margined perpetual contracts feature along with USDT-margined futures. Back in August, CEO CZ revealed that the volume of both Coin-margined, as well as USDT-margined futures, reportedly went up to a high of $13 billion.

While XRP and ETC are the latest additions to the list, Bitcoin [BTC], Ether [ETH], Chainlink [LINK], Binance Coin [BNB], Tron [TRX], Cardano [ADA] along with Polkadot [DOT] have been part of coin-margined perpetual futures. Even though the “Order Price Cap Ratio” for every coin is 5% the leverage for Bitcoin ranges from 1x to 125x while the leverage of altcoins is limited from 1x to 75x.

The crypto community seemed to be happy with the exchange’s latest additions, however, some of them pointed out that rolling out ETC futures would be a mistake citing the series of 51% attacks the network has endured in the past month. Twitter user, @simonadams19821 said,

“Are you seriously launching etc futures with the network constantly being attacked wow talk about irresponsible @cz_binance I urge you to reconsider this.”

Additionally, the price of Ethereum Classic [ETC] seems to have taken a hit post the 51% attacks. During the time of writing, the altcoin was trading at a low of $5.07 with a 1.39% plummet in its price over the last 24-hours.

Ethereum Classic Suffers Yet Another 51% Attack; 7,000 Blocks Reorganized

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Ethereum Classic [ETC] has suffered a 51% attack for the third time in a month following which reorganization of over 7000 blocks occurred on the network which corresponded to approximately two days of mining.

A chain reorganization takes place when a party gains more hashing power than the rest of the miners in the network. The offending miner then achieves the ability to rewrite the chain’s history and also “double-spend” the blockchain’s native token. The double spends made in the latest attack is not known yet.

A leading organization behind the Ethereum Classic network, ETC Labs called the entire fiasco “suspicious” as it occurred a day after the core-dev meeting.

The 51% attack was first spotted by the mining pool Ethermine’s parent entity Bitfly which revealed that all the lost blocks will be removed from the immature balance and that the platform will check all payouts for dropped transactions.

Ethereum Classic official Twitter handle also responded and tweeted,

“While ETC is still making progress in evaluating proposed solutions, we are aware of the current risk to the network at these low hash rate levels. To miners, exchanges, and other service providers we suggest keeping confirmation requirements levels well above 7K for now.”

Following the attack, Ethereum Classic’s hash rate which was declined significantly over the past couple of months was down by 4.77% in the last 24 hours. At 3.78 Th/s, the hash rate was still hovering close to its three-year low.

ETC Cooperative, which happens to be another prominent foundation supporting ETC network’s development also addressed the recent turn of events and tweeted,

“We are aware of today’s attack and are working with others to test and evaluate proposed solutions as quickly as possible. As ETC makes progress in areas, it still makes up just ~3% of ETH’s hash rate. We kindly ask that miners, exchanges, and others raise confirmations to >12K.”

The network suffered its first 51% attack of the year between July 29 and August 1, when 3,693 blocks were reorganized. Less than a week later 4,000 blocks were reorganized after the network was hit by the second attack. During this time, the adversary was able to double-spend 807,260 ETC [nearly $5.6 million, at that time] after spending 17.5 BTC [around $200,000] to acquire the hash power for the attack.

In light of these events, cryptocurrency exchange, OKEx had revealed that it was considering the removal of the asset.

The series of attacks pertaining to the network insecurity has pushed ETC’s price further down the bearish region as it was down by nearly 50% since February this year. Notably, ETC had suffered a similar attack in 2019.

Bitquery: Ethereum Classic 51% Attack More Than Just a Technical Glitch

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A new study has revealed that the latest Ethereum classic attack was more than just a malfunction, that authorized a double spend that resulted in the loss of millions. The Ethereum classic 51 percent attack netted the hacker crypto worth $5 million. The majority of the people initially presumed it was just an innocent slip; however, blockchain data analysis firm Bitquery has discovered the method used by the hacker to steal ETC.

On August 5, the blockchain analysis firm published an analysis breaking down every step the attacker did to carry out a 51 percent attack on Ethereum during the weekend. The steps highlighted indicate prudent planning and deep understanding of the Ethereum classic blockchain structure, in such a way that the hack was completed without instantly notifying blockchain securities until it was uncovered a few days too late.

How the Ethereum classic blockchain was compromised

The attacker transferred Ethereum classic from the exchange platform to his crypto wallet, then back to the exchange via the original ETC blockchain. Subsequently, the hacker used more than 51 percent of the accessible hash power to mine thousands of ETC blocks. Notably, some of the hacker-mined blocks contained transactions that sent ETC to different addresses that he owns rather than to an exchange.

In the end, the hacker broadcast his vicious blocks, which led to the restructuring of the blockchain framework, replacing the genuine blocks with those owned by the attacker. The attacker is said to have spent about 12 hours transferring Ethereum classic to exchanges for sale or converting it to alternative currencies.

51 percent attacks on a blockchain can be tragic

After the malicious blocks were identified, the digital ledger showed that the transactions that were being made to the exchange from wallets did not occur. Instead, the ETC remained with the hacker, suggesting how dangerous 51 percent attacks can be to a blockchain infrastructure that is meant to be unalterable. The study by Bitquery suggests the hacker spent under $200,000 to commit the damage, utilizing hashpower provided by daggerhashimoto.

It is not yet verified whether the attacker was aware of the situation or whether a stroke of luck hit him. In conclusion, 51 percent attacks are a worrying indication in the crypto industry. However, the public nature of blockchain and the rigorous detective work by blockchain watchers may provide us with expectations that such incidents will seldom go unidentified.

Ethereum, Litecoin Price Analysis: Altcoins Try to Surge as Bear Still Looms Large

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The beginning of the new week kick-started a price surge in the cryptocurrency market, as several major coins witnessed a slight uptick in their value. This move further prompted investors and holders to presume that the bear market could soon be turning a corner.

The two cryptocurrencies that have had an impact on the market recently were Litecoin and Ethereum Classic. Being Silver to Bitcoin’s Gold has certainly raised Litecoin ‘s status in the crypto realm with Ethereum Classic still aiming to reach the top 20 club.

Litecoin

At press time, Litecoin was trading for $42.2 with a total market cap of $2,74 billion. A 1.82 percent price increase over the previous 24-hours had taken the daily market volume to $1.334 billion. The Charlie Lee founded cryptocurrency was in the 7th place on the cryp[to charts with Bitcoin Cash and Bitcoin SV ahead of it.

Litecoin

Technical analysis of Litecoin showed that the cryptocurrency was still in the midst of an increasingly positive investor sentiment atmosphere. The Relative Strength Index was near the overbought zone, which meant that more people were selling LTC than buying it. The Chaikin Money Flow for LTC was, however, positive. At the moment, the CMF was above the zero line because the capital coming into the LTC market was more than the capital leaving the market.

Ethereum Classic

Ethereum Classic has had a tumultuous period over the past few months with the value constantly changing. Since January, ETC has not witnessed any significant change but that did not mean that its supporters had given up. At the time of writing, ETC held a value of $5.75 with a market cap of $668.816. Over the past 24-hours, the altcoin saw a 2.4 percent increase in its price which was a better hike than the ones enjoyed by its counterparts.

Eheruem Classic

The Ethereum hard fork was behind altcoins such as Neo and VeChain with a slight market cap difference. The Chaikin Money Flow indicator for ETC was right on the zero line. This was a sign that the capital coming into the ETC market was almost equivalent to that of the capital leaving the ETC market. The Relative Strength Index for ETC showed a similar pattern to that of Litecoin’s as the graph was again near the overbought zone.

A closer look revealed that the RSI was climbing up ever so slightly but it would still take some time to draw more people into the ETC ecosystem to buy more of the tokens. An increased buying pressure would help keep the ETC blockchain buoyant.

Is Ethereum, Cardano and Ethereum Classic leading the “Altcoins Season”?

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In the first few months of 2020, as the collective crypto industry witnessed a boom, a strong narrative gained traction in the “Altcoins Season.” With Ethereum leading its march from the front, an unexpected collapse as a result of COVID-19 ‘s impact on the traditional market spilled cold water on the argument.

However, as observed in May, after Bitcoin’s halving momentum came to an end, other altcoins started to pick up the pace and attracted a considerable amount of attention.

Now, according to Coinmetrics’ recent state of the network report, it was indicated that another “Altcoins Season” could be on the cards.

Per the report, a radical shift has started towards the end of April. From April to May, there was a significant change in the spot-volume markets of major exchanges such as Kraken and Coinbase. It has been noted that May has turned out to be extremely positive for retail activity as online brokers such as Robinhood, Fidelity, TD Ameritrade, etc. have all recorded a huge amount of activity.

Inspired by an old-school financial trait, investors might turn “overconfident” on the market and possibly try to take on more risk-on assets. As a result, the trading volume could have shifted from fiat on-ramp exchanges to those platforms that cater to a list of riskier digital assets.

From the above chart, the shift in spot trading can be observed. As pictured, major assets such as Bitcoin registered a minor dip in terms of its spot volumes as other assets such as Cardano, Ethereum Classic, THETA, and Matic facilitated an increase in the industry.

As the trading volume moved into these riskier Altcoins, the report speculated on the possibility of the beginning of an “Altcoins Season.”

Altcoins Season and its Question Marks

Now, the argument is quite constructive in the report, but a closer look is needed for assets that have improved their spot volumes.

Ethereum led the charge in the built-up, but the largest altcoin has been steadily increasing in activity due to the advancement of Ethereum 2.0.

Another increasingly active asset was Cardano, but a large part of the community believed it was due to the anticipation of Shelley Testnet.

It is therefore conceivable that the “Altcoins Season” is yet to arrive and it is imperative that the performance of another month be taken into account before filing those bags with the top altcoins.

ETC Labs Teams Up With Chainlink With Oracle Technology Usage In Sight

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Ethereum Classic was one of the ventures on cryptocurrency that had fallen into the background during 2019. ETC seems to have decided to go up the ante as developments continue to pour into 2020.

Etherum Classic Labs has recently announced that it is partnering with ChainLink to use its oracle technology. This has been done to make ETC much more compatible with that of Ethereum, its parent blockchain.

In a blog post, Ethereum Classic listed out the reasons why the organization decided to bring decentralized oracles to its fold. One of the main reasons for this was to create a bridge between Ethereum Classic and other blockchains outside its systems. This was due to the fact that Ethereum Classic and Ethereum do not natively interact with off-chain services.

Chainlink’s oracle technology is the bridge that Ethereum Classic referred to. Oracles enable off-chain connectivity for smart contracts by reformatting the original external connection points. Through this method, oracles will be able to send and receive data between two different software applications. According to Chainlink:

“Chainlink can give smart contracts access to data providers, web APIs, enterprise systems, cloud providers, IoT devices, payment systems, and other blockchains. Importantly, Chainlink is a proven decentralized oracle network, which allows Ethereum Classic smart contracts to interact with off-chain resources with the same security guarantees as the underlying blockchain.”

Security is considered to be of paramount importance because if a decentralized smart contract is triggered by a centralized oracle, it could cause havoc on the network. Chainlink has assured users that it will bring both decentralization to the data source and the overall data retrieval process. Chainlink has always prided itself on being very close to the developers, and that’s what they did at this turn.

Developers will also be given the option to decentralize the data retrieval mechanism. This will be done by commanding multiple Chainlink oracles to retrieve the same data point. The extended functionality provided by the company is expected to bring in more people to the Ethereum Classic blockchain.

One of the main applications of oracle technology is the provision of DeFi on the fledging Ethereum Classic network. DeFi projects can fully utilize the power of aggregated data that can then be stored and studied at a later date. Analysts and developers both hope that companies will soon be launching more products to increase adoption across tokens.