Finally the developers of Ethereum Classic (ETC), Ethereum Classic Labs, have announced a plan that promises to protect the Blockchain from possible attacks.
The most anticipated plan for Ethereum Classic
A few weeks ago the most outstanding crypto news were the 51% attacks that the Ethereum Classic Blockchain suffered. And it was not just one, but two and days apart.
Yes, the hacker managed to steal approximately $ 7.3 million worth of cryptocurrencies after the two attacks. Obviously, quick action was needed because something was not right.
In this sense, yesterday Ethereum Classic Labs published on Medium the “Network Security Plan“, Which includes several immediate modifications, as well as actions that must be carried out in the medium and long term.
Therefore, in the short term, ETC Labs proposes to maintain a plan of “defensive mining“, Where miners must cooperate to maintain a more consistent hash rate, while developers monitor the network to identify anomalies.
The team is also working on an arbitration system, Permapoint, that would prevent chain reorganizations caused by 51% attacks.
However, these are the actions that can be taken in the short term to keep the Blockchain safe. But, it might not be enough.
In the long term, such important changes are considered, such as an update to the network to keep it safe. In fact, they might even have to completely change their current consensus algorithm, Ethash, to a new one if the community so decides.
Will the Ethereum Classic community be ready to execute the changes necessary to keep its Blockchain safe?
Europe ready to regulate cryptocurrencies and Blockchain
Yesterday, a report was published by IFC Review where it is ensured that the European Commission is in the final stages of a proposal for a first regulatory framework for cryptocurrencies and Blockchain in the region.
The report ensures that the Commission has been working since last year on the regulatory framework and has therefore consulted with experts from across Europe.
In this sense, the publication ensures that the successful approval of the law, and its adoption, would provide the necessary legal environment for the crypto industry and the Blockchain to develop. Therefore, the next legislation has been described as “historic”.
Binance Smart Chain Blockchain integrates Band Protocol
For those who don’t know, Binance Smart Chain is Binance’s Blockchain that supports dApps. In this sense, as the DeFi industry expands, the demand for reliable data oracles does too.
These data oracles basically connect developers to real-world market prices, which in turn reduces fees and increases scalability.
In this sense, Binance Smart Chain established a partnership with Ban Protocol, which provides high scalability that will help establish a new and innovative ecosystem. It could also help build DeFi products more effectively.
It can certainly be a very positive thing for the Binance Blockchain and its community.
In a few lines …
- Kadena, the Blockchain initially developed by JPMorgan, is able of performing 480,000 transactions per second.
- The amount of Bitcoin on the wallets of crypto exchanges has dropped 10% since March, now being the lowest value since November 2018, according to Unfolded.
- Tone Vays think that $ 45,000 or $ 50,000 are reasonable targets for Bitcoin if it exceeds $ 20,000.
- Ministry of Technology of Colombia sees the potential in Blockchain technology for the public sector.