Ethereum Classic [ETC] 51% attack leads Metronome Token to deploy new contract

Metronome [MET] token, that operates on the Ethereum platform released an update on a Medium blog and commented on the Ethereum Classic network’s 51% attack that happened earlier this year and what steps are they going to take.
The ETC network was hit by a 51% attack on January 5, where the attackers rented the required hash power to control the network. The post suggests that this attack could have been to double-spend ETC tokens while selling them to the exchange.
About the concerns people may have about MET tokens that reside on networks prone to 51% attacks, the Foundation in a Medium post revealed that the Metronome team has put in work to develop contracts for deployment on the Ethereum Classic network in order to secure the transactions. The post read:
“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.”
The team is going ahead with their planned Q1 deployment of Metronome contracts on the Ethereum Classic network. The post read that the team is confident about the contracts to be deployed and realize that this decision will be a matter of concern for people. The post explained its stance saying:
“Watching the situation unfold over the course of a few weeks — and noting Ethereum Classic’s resilience in both market-cap and ability to maintain its hash rate post-attack — the team is confident enough in the chain to deploy contracts. The additional security in continued institutional incentive to stabilize the network has helped alleviate some of the team’s concerns.”
The post urged MET owners to consider where they store their MET at all times. The post also warned MET owners regarding not storing their coins if they find any abnormality found on the deployed Metronome contracts.
“…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. As with any cryptocurrency, each owner has an individual responsibility to themselves.”
The attacked chains are vulnerable to attacks, however, the post mentions a few things to be considered.
“The primary economic incentive for attacking a network is to go after the most profitable tokens — which is usually the underlying token itself (in this case ETC). Additionally, the victims of 51% attacks are usually exchanges.”
The post about the Ethereum Classic Contract concluded with the announcement of the deployment of the contract and informed the owners of MET that they can move their token as per their wish, as the attack has proven the need for chain portability.
The post Ethereum Classic [ETC] 51% attack leads Metronome Token to deploy new contract appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Finally Added to Coinbase Wallet, More Coins are Waiting for Their Turn

CoinSpeaker

Bitcoin Finally Added to Coinbase Wallet, More Coins are Waiting for Their Turn

With support for Bitcoin, Coinbase becomes closer to creating of the world’s leading user-custodied crypto wallet. As the exchange said, adding support for Bitcoin is “an important next step in that direction.”

Bitcoin Finally Added to Coinbase Wallet, More Coins are Waiting for Their Turn

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Source: CoinSpeaker

Bitcoin Trading Platform LocalBitcoins Hacked with Thousands of Dollars Stolen

CoinSpeaker

Bitcoin Trading Platform LocalBitcoins Hacked with Thousands of Dollars Stolen

LocalBitcoins has become a victim of a phishing attack. At least six users have been affected after following a link to a fake LocalBitcoins page.

Bitcoin Trading Platform LocalBitcoins Hacked with Thousands of Dollars Stolen

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Source: CoinSpeaker

ZCash Becomes the 14th Crypro Asset Added on eToro

CoinSpeaker

ZCash Becomes the 14th Crypro Asset Added on eToro

eToro, the global multi-asset investment platform, is expanding the list of crypto assets available to its users. ZCash has become the 14th digital asset added.

ZCash Becomes the 14th Crypro Asset Added on eToro

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Source: CoinSpeaker

Mantis now fully supports Ethereum, says Cardano’s Charles Hoskinson

On January 23, Charles Hoskinson, the Founder of IOHK and the co-founder of Ethereum, made an announcement pertaining to two communities, the Ethereum and Ethereum Classic community.
He announced on Twitter:
“Mantis now fully supports Ethereum: https://github.com/input-output hk/mantis/tree/phase/release2_0 … Let me know what you think”
The announcement related to ETC Mantis client was made in the year 2017. The client is created from the scratch with the Scala programming language, and by the IOHK developers team dedicated to Ethereum Classic, Team Grothendieck. The main agenda of Mantis is to have a client for Ethereum classic, from scratch.
In their official announcement on Github, the team has stated that Mantis 2.0 will be focusing on the improvement of general performance and introducing complete network support for Ethereum. This new version was tested on the latest version of Windows and macOS, prior to the release.
The team further stated that this version provides support for CPU mining, peer discovery, fast sync, regular sync, Moreden and Ropsten testnets and private network, Ethereum classic and Ethereum networks, and ethminer integration.
adamaid_321, a Redditor said:
“Exciting – great to see another client out there and bonus points for using a (somewhat) functional language”
GoAwayStupidAI, another Redditor explained the whole update as:
“For a robust system multiple independent implementations of the same specification are valuable. Essentially this is reproducing the science. This is a new implementation of the ethereum specification. Which means it’s a wallet and full node for the ethereum network that behaves the same as other wallets and full nodes.”
He further said:

“In addition to providing valuable reproduction of science: by choosing Scala this enables applications written in Scala to use this as a library. (and other JVM languages to a degree) which will enable the development of more ethereum applications.”

In October, Ethereum Foundation made an announcement regarding their relationship status with the Ethereum Classic community, which had been shaky ever since the chain split caused by the DAO hack. The Foundation stated that they want to make peace with the community, and announced a donation of 15,000 ETC to Ethereum Classic Cooperative. During the same announcement, they also stated that IOHK’s Matis will be supporting Ethereum [ETH] as a part of the peacemaking.
The post Mantis now fully supports Ethereum, says Cardano’s Charles Hoskinson appeared first on AMBCrypto.
Source: AMB Crypto

Ethereum Classic [ETC]: A deep-dive into 51% attack leading to the loss of $1.1 million worth ETCs

Opinion
Cryptocurrencies – money of the future. Bitcoin and cryptocurrencies promised a lot of things and along with those promises came the problems that we would never have faced if we stuck to the fiat system. But then again the world isn’t all black and white.
As promising and strong cryptocurrencies sound, they aren’t almighty and invulnerable, they do have drawbacks like the one that has taken Ethereum Classic [ETC] down temporarily.
Satoshi Nakamoto envisioned how Bitcoin network, which makes use of Proof-of-Work [PoW], could be attacked in his whitepaper. Nakamoto stated:
“If a greedy attacker is able to assemble more CPU power than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments, or using it to generate new coins.”
Assembling of CPU power came to be known as a “51% attack”, i.e., if a person/organization amassed more than 50% of the total hash power that is being used to mine a particular coin, then that coin could be controlled by the said person.
The person could go back and change the history in the blocks, rewrite transactions, generate more coins, add more blocks to it. This attack is the major drawback of PoW and sometimes referred to as “security risk” or “attack vector”.
Ethereum Classic [ETC], a fork of Ethereum which took place in July 2016, has been the victim of the aforementioned and its blockchain has been “reorged”. Reorged is a short-form of “chain reorganization” in which a person with enough hash power takes control of the blockchain and goes back to the block of his liking and extends an alternative block history as per his liking.
The 51% attack was reported by Coinbase on January 7, 2019, but a few people on Twitter had already whiffed out the 51% attack rumors.
Pierre Rochard, a well-known Bitcoin enthusiast, asked ETC developer Donal McIntyre on Twitter:
“Was there a deep reorg on Ethereum Classic yesterday?… 75 blocks deep I hear, with a doublespend”
Donal McIntyre replied:
“Well ETC is still small and has many enemies so an attack with sufficient GPU power may be plausible, but I will check with others in the ecosystem.”
The devs realized that there was an attack and as per the blog by Coinbase, a total of 219,500 ETC worth a whopping $1.1 million was double spent.
Why ETC?
51% attacks are not very uncommon; they keep happening from time to time on smaller blockchains that are still nascent and are under development.
The reasons that could summarize why ETC faced this 51% attack could be:

ETC uses the same mining algorithm as Ethereum, and as compared to ETH, ETC has only a fraction of its mining power i.e., hash rate. So, a temporary shift in the hashing power from ETH to ETC could easily allow someone to launch a 51% attack.
With the developments happening in the cryptocurrency world and it reaching mainstream attention/adoption, mining has also become institutionalized and a majority of the hashing power for most top-10 coins is derived from mining pools. ETC, as per Crypto51.app, had a total of 112% of hash rate coming from one such pool, “Nicehash”.
The ETC network is still small.
All PoW based assets are susceptible to 51% attacks.

As per Crypto51.app, the total network hash rate for ETC was at a mere 8TH/s as compared to that of Bitcoin [BTC] 42,336 PH/s or Ethereum’s 171 TH/s. Moreover, the cost of launching a 51% attack for ETC would only cost ~$4,404 per hour.
Future of ETC
Charlie Lee suggested a possible workaround for this problem that ETC is facing in a tweet. He said:
“Be careful w/coins that are not dominant in their respective mining algorithm, especially ones that are NiceHash-able. ETC has less than 5% of the total Ethash hashrate and is 98% NiceHash-able. 1-hr attack costs $5k. Almost $500k has been double spent”
ETC dev, Donald McIntyre in his blog stated:
“I think that continuing to build the stack as planned (a secure PoW base layer, with layer 2 sidechains, plus developer tools, continuous efficiency gains and adding of new features in the long term) will get ETC closer to the long term vision of a blockchain perfectly suitable for secure decentralized computing.”
Furthermore, he added:
“With the above in mind I think the best path is to explore a mining algorithm change to put ETC in a unique, incompatible PoW niche. Even if that implies a tradeoff as miners will have less optionality to point their infrastructure to different chains depending on the profitability of the day.”
Conspiracies Everywhere:
A Twitter user @_itsanhonour tweeted suggesting that the ETC’s 51% attack was some sort of a conspiracy theory as OKEx exchange is the largest source of volume ETC.

Peter Todd, a well-known person in the crypto-community, tweeted:

To the above tweet, a user @Cryptojack2 suggested that Vitalik Buterin, the creator of Ethereum organized the attack. He commented:
“yep, makes perf sense- not because it is the true defin of SHITCOIN- no devs,hugely inflated MC,no real usage(besides being “immutable”-ROFL & working on the “one and only consensus-POW”).It is the evil lord @VitalikButerin , that organised the attack…”
Summing it all up
This is not the first time Ethereum Classic has been under the eye of media. Ethereum Classic was supposedly used by Barry Silbert as a classic “pump and dump” scheme back in 2016/2017. Moreover, Silbert allegedly used insider information to accumulate more ETC before it was listed on an exchange that he owned, Kraken.
So far, the reports by Coinbase claim that a total of $1.1 million worth of ETC was double spent and it was even confirmed by the devs.
As a layer of additional security, Ethereum Classic’s official Twitter page, tweeted:
“To all exchanges and mining pools please allow a significantly higher confirmation time on withdrawals and deposits (+400)
cc @OKEx @ExchangeXGroup @HuobiGroup @digifinex @binance @bitfinex”
Like, Coinbase, exchanges including Poloniex, OKEx, and many others, have decided to block the sell and withdrawal for Ethereum Classic until further notice.
The prices of ETC as a result of this attack has slipped by 7% and have halted there as of now since the exchanges have stopped transacting ETC.
Ethereum Classic forked from Ethereum as a result of the legendary DAO attack that caused a lot of users to lose their ETH tokens. ETC was developed as a result of a difference in opinion, and “immutability” became the main ethos for the Ethereum Classic. Since the attack was a deep chain reorganization the “immutability” claim now seems to have gone down the drain.
And as for the future of ETC, it is all up to the devs and how they change this vulnerability. Only time can tell how ETC will fare in the world of cryptocurrencies.
The post Ethereum Classic [ETC]: A deep-dive into 51% attack leading to the loss of $1.1 million worth ETCs appeared first on AMBCrypto.
Source: AMB Crypto

Coinbase Halts Ethereum Classic Transactions After the Network Comes Under Attack

CoinSpeaker

Coinbase Halts Ethereum Classic Transactions After the Network Comes Under Attack

Coinbase took to its Twitter to reveal that its internal developers detected a “deep chain reorganization” of the Ethereum Classic (ETC) blockchain. During that ‘reorgs’ nearly $500,000 worth of ethereum classic was spent twice

Coinbase Halts Ethereum Classic Transactions After the Network Comes Under Attack

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Source: CoinSpeaker

Ripple CTO Claims XRP Eliminates PoW Risks Seen in Ethereum Classic’s 51% Attack

Ripple Labs has long been a polarizing startup in the cryptosphere. Case in point, the San Francisco-headquartered company, started by Stellar Development Foundation Mt.Gox co-founder Jed McCaleb, is often bashed for being in bed with centralized financial entities — what Bitcoin was created to destroy. Moreover, many believe that the XRP digital asset is centralized, controlled by puppet masters at the fintech firm.
However, David Schwartz, the chief technology officer at Ripple, has claimed that his firm’s protocols actually have their benefits. Schwartz’s controversial comments come after the Ethereum Classic blockchain was attacked by an unnamed group/user.
Related Reading: Ripple Exec: Crypto Technology Needs Improvement Before Adoption
Ripple CTO Bashes Ethereum Classic’s PoW, Praises XRP Ledger
The crypto industry en bloc was shocked on Monday, as a damning Coinbase blog post surfaced. Per previous NewsBTC reports, Mark Nesbitt, a security engineer at the world-renowned startup, divulged that Coinbase detected a number of deep chain reorganizations (reorgs) on the Ethereum Classic network. Upon further analysis of the reorgs, Coinbase determined that an unnamed malicious user was leveraging rented hashpower to double spend ETC. And as such, the firm was mandated to shut down trading operations for the asset.
After a deep-dive of this industry event, which went under the radar for over 24 hours, Coinbase’s engineers discovered that upwards of 88,500 ETC, which amounts to a fiat sum of ~$450,000, were falsely deposited on the OkEX exchange.
As this news broke, reaching the eyes and ears of cryptocurrency commentators across the globe, Twitter quickly erupted in a frenzied clamor. Tim Swanson, a leading American technology guru with vested interests in crypto-related firms, took the time to state that by design, Proof of Work (PoW) chains “cannot guarantee settlement finality.”
Litecoin creator Charlie Lee took the time to caution his followers, stating that coins that aren’t dominant in their respective consensus mechanisms (Ethash for Ethereum Classic) are susceptible to attack. Lee then drew attention to NiceHash, a mining marketplace, to prove his point, noting that it would cost a mere $5,000 to attack the ETC for an hour.
While the aforementioned comments were expected, what was unexpected was the response that the so-called “XRP Army” had to this industry occurrence. Not only did Ripple’s biggest fans claim that the multiple reorgs of the ETC chain were a win for XRP, but so did David Schwartz, the aforementioned member of Ripple’s top brass.
Citing the Coinbase exposé piece, Schwartz noted that the XRP Ledger isn’t susceptible to double spend attacks, as its “distributed agreement protocol” eliminates that risk. For those who missed the memo, XRP’s consensus mechanism is vastly different from the PoW schemes that networks like Bitcoin utilize, as validators and tracking servers maintain the ledger without mining.

Another PoW blockchain suffers a double spend attack, this time ETC. XRP Ledger's distributed agreement protocol eliminates this risk.https://t.co/RQBEWAXmRD
— David Schwartz (@JoelKatz) January 7, 2019

This pro-Ripple statement should come as no surprise, especially considering that Schwartz is an obvious advocate for the network he builds on.
Schwartz’s brief statement on the matter quickly became a rallying cry for Ripple’s most fervent fans, with Twitter accounts bearing “XRP” in their names quickly lauding their favorite asset, while bashing PoW networks. While there were hundreds backing the third most valuable cryptocurrency by market capitalization, skeptics were quick to debunk this newfound love for Ripple.
Skepticism Ensues
Rob “Crypto Bobby” Paone, a skeptic of XRP’s status in this industry, touched on the discussion that XRP is better than its PoW counterparts in a recent Youtube video. Addressing the topic with skepticism and hilarity, Paone, a growth advisor at Mike Novogratz-backed Airswap, noted:
“If you’re an XRP fan, you can certainly say ‘hey Coinbase, you listed Ethereum Classic that got 51% attacked, so it has proven [itself] to be not secure.’ But, on the other end [of the spectrum], maybe [the Ripple ledger] is very vulnerable to government, regulators, and things of that nature, due to the potential centralized nature of it.”
The seasoned industry commentator wasn’t alone in his cynicism. Far from, in fact. Gab.com, a pro-crypto social media platform built around the premise of free speech, quipped that if Ripple Labs can freeze funds, whenever and for whatever reason, there’s a chance you might have a “scamcoin on your hands that isn’t decentralized.”

Pro tip: if Ripple Labs can freeze your funds at anytime for any reason you might have a scamcoin on your hands that isn't decentralized.
Might as well just open a normal bank account lol.
— Gab.com (@getongab) January 7, 2019

Gab, which is no stranger to financial censorship, added that considering Ripple’s purported control over its go-to ledger, you might as well open up a traditional bank account. Via the medium of another inflammatory tweet, the American startup, known for its enamorment with Bitcoin, later noted that XRP is only great if you trust Ripple Labs.
One Twitter user commented that the XRP can be 51% attacked when a “few board members agree on something,” accentuating the centralized nature of the company behind the shadowed ledger.
However, in a recent questionnaire, Ripple’s CEO, Brad Garlinghouse, has claimed that this critique is fundamentally false. Speaking with Monica Long, one of Ripple’s Senior Vice Presidents, Garlinghouse noted that “people are going to spread their FUD (fear, uncertainty, doubt),” adding that there is much misinformation regarding XRP’s status and underlying nature.
The chief quipped that due to the presence of misinformation, those misaligned may continue to “engage in whatever zealotry [they want].” Yet, in quick succession, Ripple’s c-suite head noted that “by many measures, the XRP Ledger is more decentralized than Bitcoin.” He went on to elaborate:
“Ripple runs seven validators, [which is] about four percent of [all] public validators… On the Bitcoin ledger or Ethereum ledger, you have a very small number of miners controlling, you know, well past 50% of [the] mining power.”
This, of course, came straight out of the mouth of Ripple’s very own head. Regardless, a number of XRP diehards have incessantly used comments from Garlinghouse and Schwartz to bash traditional cryptocurrencies over the head.
Featured Image from Shutterstock
The post Ripple CTO Claims XRP Eliminates PoW Risks Seen in Ethereum Classic’s 51% Attack appeared first on NewsBTC.
Source: New feedNewsBTC.com

News Flash: Is Ethereum Classic [ETC] blockchain Under 51% Attack? Several blocks Reportedly Go Under Reorg

The news or the ‘unconfirmed rumors’ that Ethereum Classic is undergoing chain reorganization and was under double spend attack seems to be coming true. This was first reported by the security firm SlowMist and, over the last couple of hours, the blockchain has undergone several block reorganizations as reported by Ethereum Classic explorer BlockScout.
Ethereum Classic informs exchanges and mining pools of higher confirmation time
Earlier today, a certain section of the media send out news that according to Chinese security firm SlowMist, the Ethereum Classic (ETC) network is prone to a possible 51% attack and crypto exchanges with ETC listings are advised to strengthen guards. This news even led to a sudden drop in Ethereum Classic prices.

Although, things were cleared out by the official twitter handle of Ethereum Classic which mentioned that the news floating in media regarding the double spend attack and chain reorganization were rumors and also posted a picture that there was no reorganization being undertaken. The tweet also confirmed that there were no issues with the blockchain.

There have been rumors of a possible chain reorganization or double spend attack.
From what we can tell the ETC network is operating normally.
BlockScout's "Reorg" section shows nothing of the sort.https://t.co/Yi2cXusCz9 pic.twitter.com/HdUtS0DJZK
— Ethereum Classic (@eth_classic) January 6, 2019

But it seems, since the time Ethereum Classic has cleared the air, the movement of chain reorganization has picked up. There are several blocks over past few hours that are reorganized.

Ethereum Classic is yet to confirm officially but the ‘rumored’ attack news seems to be true.
The news is further fuelled by a recent tweet Ethereum Classic has put forward, where it has replied on the attack news and has informed several exchanges and mining pools to allow a significantly higher confirmation time on withdrawals and deposits (+400).

To all exchanges and mining pools please allow a significantly higher confirmation time on withdrawals and deposits (+400)
cc @OKEx @ExchangeXGroup @HuobiGroup @digifinex @binance @bitfinex https://t.co/m5cxcKBVXa
— Ethereum Classic (@eth_classic) January 7, 2019

While the updates are still flowing, certain Twitter accounts have sent out post regarding the confirmation of the attack.

Ethereum Classic (ETC) blockchain is under attack.Confirmation time is increased to 200 blocks at the moment for ETC pools.We will keep you updated. pic.twitter.com/UIMQ7UK55s
— 2Miners (@pool2miners) January 7, 2019

Another Twitter account sent out a tweet indicating “One $ETC Private Pool Claimed over 51% Network Hashrate”.

"Chinese blockchain security firm SlowMist sent out an alert that the Ethereum Classic (ETC) network might have been targeted by a 51% attack."
Exclusive: One $ETC Private Pool Claimed over 51% Network Hashrate https://t.co/thv4sI1P95
— Classic is Coming (@ClassicIsComing) January 7, 2019

While there is still no confirmation from any of the developers from Ethereum Classic, the collated evidence does show that all is not good at Ethereum Classic. The chain is definitely reorganized and the wait time for confirmation has also risen. The information regarding the associated loss would only be clear once Ethereum Classic makes an official announcement.
What are your thoughts on this Ethereum Classic attack? Do let us know your views on the same.
The post News Flash: Is Ethereum Classic [ETC] blockchain Under 51% Attack? Several blocks Reportedly Go Under Reorg appeared first on Coingape.
Source: CoinGape

Two Flippenings in Crypto Rally, Litecoin Over Stellar and Neo Rising

Following a few days of sideways trading crypto markets have bounced again today as $7 billion gets funneled back into digital currencies. Not all are benefiting from this rally though but the ones that are include Litecoin and Neo which are the only two adding double digit gains in the top forty at the time of writing.
Litecoin Lifted Above Stellar
Litecoin has had it worse than most in 2018, falling from the giddy heights of over $350 to a yearly low of around $23 in mid-December according to Coinmarketcap. This equates to a loss of around 93%, equaling its loss of a similar percentage back in 2014.
Things have slowly started to turn around for LTC as it has recovered 65% since the 2018 low point and has currently made 14% on the day. Over the past 24 hours Litecoin has climbed from $35 to reach an intraday high of $40 before pulling back a little. This marks an almost 2 month high for LTC which has just surpassed Stellar and taken back sixth spot. At the time of writing Litecoin has a market capitalization of $2.3 billion which is a nudge above XLM on almost the same.

Often called the ‘silver’ to Bitcoin’s ‘gold’, Litecoin has not seen much on the news front recently. A recent lightning network milestone was reached when 100 active nodes was exceeded which shows that the ecosystem is steadily growing despite the negative price action.
Wake Up Neo
The only other altcoin in the top twenty posting double digit gains on the day is Neo. Over 15% was added when Neo, often referred to as the ‘Chinese Ethereum’, jumped from $7.68 to an intraday high of $8.88 before pulling back slightly.
Neo has also been battered in the bear market slumping from an all-time high of almost $170 to a mid-December low of $5.6, a whopping 97% dump. Since then though, Neo has managed to claw back 57% to its current level at just below $9.

The team is very active with constant updates on latest developments, developer conferences, and new dApps joining the network. A solid recovery is virtually guaranteed and it seems to have already started as Ethereum Classic has just been flipped as Neo takes seventeenth spot from ETC with a market capitalization of $570 million. The two are very close though and are currently trading places.
At the time of writing Litecoin and Neo have both flipped the coins above them and are the only two in the top forty making double figure gains on the day.
Image from Shutterstock
The post Two Flippenings in Crypto Rally, Litecoin Over Stellar and Neo Rising appeared first on NewsBTC.
Source: New feedNewsBTC.com

OKEx Launches Perpetual Swaps For ETC and LTC

As crypto markets are maturing, the products delivered by exchanges for traders and investors are also becoming more sophisticated and exotic. One such product is the Perpetual Swap and, OKEx has recently started providing it to its customers. While it’s over a month since the exchange started with perpetual swaps, it has recently added ETC and LTC perpetual contracts.
Perpetual swap to provide 40x leverage to traders trading LTC and ETC
According to the latest announcement issued by OKEx, the Malta-based cryptocurrency exchange has added perpetual swaps for Ethereum Classic (ETC) and Litecoin (LTC). The swaps were available for trade from 11:00 am Jan 2, 2019 (CET, UTC+1).
The specification of this new derivative is as follows:
Ethereum Classic

Contract Face Value- USD 10
Minimum Price Interval- 0.001 point
Leverage- 1-40x
Funding Fee and Settlement- Once every 12 hours at 3 am and 3 pm (CET, UTC+1)
Funding Rate- Clamp (MA (best buys+ best sell)/2- spot index/spot index price- interest),+0. 2,0/2 %)

Litecoin

Contract Face Value- USD 10
Minimum Price Interval- 0.01 point
Leverage- 1-40x
Funding Fee and Settlement- Once every 12 hours at 3 am and 3 pm (CET, UTC+1)
Funding Rate- Clamp (MA (best buys+ best sell)/2- spot index/spot index price- interest),+0. 2,0/2 %)

The constituents for both these products are;
Ethereum Classic

Exchange
Trading Pair
Weight

GDAX
ETC/USD
25%

Binance
ETC/BTC
25%

OKEx
ETC/BTC
25%

Kraken
ETC/USD
25%

 
Litecoin

Exchange
Trading Pair
Weight

GDAX
LTC/USD
25%

Binance
LTC/BTC
25%

Bitstamp
LTC/USD
25%

Kraken
LTC/USD
25%

 
The exchange is already providing perpetual swaps for EOS, ETH, BCH, BSV, and XRP and has now ETC and LTC
Perpetual swap is a game played by experienced and matured traders and, providing a variety of perpetual swaps will definitely attract new eyeballs to OKEx. This will also boost the volumes on the exchange for said coins.
Will OKEx be able to pull inexperienced traders to itself by way of perpetual swaps? Do let us know your views on the same.
The post OKEx Launches Perpetual Swaps For ETC and LTC appeared first on Coingape.
Source: CoinGape

Consensys CEO: The Future of Crypto is Very Bright, 2019 Will be a Watershed

CoinSpeaker

Consensys CEO: The Future of Crypto is Very Bright, 2019 Will be a Watershed

The past month hasn’t been good for Ethereum and it’s co-founders’ company Consensys. With Ethereum going below $90 support line, and mainstream media attacking Consensys on all fronts, Consensyss’ image has already been tarnished.

Consensys CEO: The Future of Crypto is Very Bright, 2019 Will be a Watershed

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Source: CoinSpeaker

8 Days of Christmas: Coinbase Adds Crypto-to-Crypto Trading

CoinSpeaker

8 Days of Christmas: Coinbase Adds Crypto-to-Crypto Trading

San Francisco-based cryptocurrency exchange and wallet service Coinbase has launched its new “Convert” service as a part of their “12 Days of Coinbase” mission, imagined to help people and their clients all over the world.

8 Days of Christmas: Coinbase Adds Crypto-to-Crypto Trading

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Source: CoinSpeaker

Ethereum Classic team: Our goal is to revolutionize the ETC community and inject competition, vigor and democracy

Ethereum Classic [ETC], one of the leading projects in the cryptocurrency space, has been in the limelight because of the turmoil in the community. Now, the Ethereum Classic Labs has stepped into the spotlight to tell their part of the story.
Earlier this month, one of the development teams, Ethereum Classic Development Company, released a public statement that they will be shutting down their operations. This came across as a blow in the entire community, as majority of them believed that it was the only development team, however, the community has two other development teams: ETC Commonwealth and IOHK.
Additionally, the team has been working towards the development of the ecosystem since the DAO hack, which was the main cause for the chain split that resulted in the existence of Ethereum and Ethereum Classic.
The reason for shutting down the operation is stated to the inadequacy of funds by the founder and CTO of ETCDEV, Igor Artamonov. He has stated on Twitter:
“As is publicly known we have struggled with funding our operations in the last few weeks. This was partially due to the market crash, combined with a cash crunch in the company. We appealed to investors in the ecosystem as well as external to it. We also did o the community fund, but in none of those cases were we successful in securing short term financing”
This was followed up by Igor speaking about the entire situation on his blog post, in addition to the GitHub situation. Few days prior to the announcement of shutting down, the team announced that they lost control over their GitHub account, including Classic Geth, one of the main clients of Ethereum Classic.
Igor had stated that he had lost access to the funds which were procured for the development of the company. Following this, he sought assistance from Ethereum Classic Labs, the team that provides financial assistance for the advancement of the ecosystem, and DFG. Furthermore, he provided access to a representative of DFG, krykoder on their request, who then removed everyone’s admin access.

Now, the ETC Labs team has published a statement on the incident, remarking that the team lead by Igor consisted of an excellent developers who contributed to the growth of the ETC after the split. Nonetheless, this was followed by the team claiming that the overall “ecosystem lags way behind and the gap between ETC and its competitors has grown wider”.

They further said:
“During the past year, ETC Labs has fully supported ETCDEV, ECC and other parts of the ecosystem. However, we are sorry to have discovered some fatal flaws such as: some people only care about their own status and power in the community instead of the future of ETC, some of the most vocal people take no action, and different parties lack cooperation. All these have contributed to ETC’s lack of development.”
ETC Labs stated that prior to this, Ethereum Projects Github account had three admins apart from Igor, adding that Cody Burns was the “only active” one among the four of them. However, they claimed that Burns barely made contribution to the core code and also failed to provide constructive advice. The report also stated that Burns and Igor “actually formed a highly-centralized decision-making system” because of which there were several ideas that were “rejected and wasted”. They stated:

“We are aware that removing other owners would bring criticism and misunderstanding, but we’re determined and willing to shoulder that, because it’s truly a “now or never situation.” Also, we fear nothing because we are truly and fully committed to the future of ETC, and we have absolutely zero malicious intentions. Our goal is to revolutionize the ETC community and to inject competition, vigor and democracy into the ecosystem.”

Following which, they stated ETC Labs and Krykoder are not going to be the only admins of the Github, and that “multiple appropriate owners will be added to manage the resources in a democratic and decentralized manner”.
They said:

“We also noticed the revolution has begun to take effect. Some people are becoming busy, and we hope they are busy doing the right thing for ETC. Our congratulations to Mr. Cody for becoming the owner of the ‘new’ repo as he wished, and we hope the new repo does well, for the sake of ETC”

Nonetheless, this statement also drew the Igor’s attention, who said:

The post Ethereum Classic team: Our goal is to revolutionize the ETC community and inject competition, vigor and democracy appeared first on AMBCrypto.
Source: AMB Crypto

Tron [TRX]’s Justin Sun invites ETCDEV developers to join the “family”

Justin Sun, the Founder and CEO of Tron Foundation, has always been in the limelight because of the brawl with Vitalik Buterin, the co-founder of Ethereum. Additionally, Ethereum, the third biggest cryptocurrency and the leading smart contract platform, has always been the biggest competitor of Tron, with the network surpassing that of Ethereum’s on several terms.
Now, Sun is back in the spotlight because of his invitation to one of the Ethereum Classic’s development team. The development team happens to be Ethereum Classic Development Company aka ETCDEV, which recently announced that they would be shutting down their operations.
The team has been responsible for taking care of the main client of Ethereum Classic, Classic Geth, ever since the occurrence of the DAO hack that resulted in split chains. The team is also known for the development of Emerald, Sputnik VM and Orbita. The reason for the company wrapping up their operations is owed to be the bear market, which resulted in the team failing to raise the sufficient fund required for the development of one of the leading projects.
Justin Sun said on his official Twitter handle:
“You can join #TRON family! Actually one developer in @etcdev has contacted us. #TRX $TRX”
Chris Tannahill, a Twitterati said:
“Despite what people may say, I think you’re doing some great things in this space, Justin  Some projects have brilliant ideas that are not sustainable in the current bear market. It’s awesome that Tron is looking to support developers through these difficult times. Keep it up”
PabloTheViking, another Twitterati said:
“Very clever move, Justin! This might turn out to be the smartest move you have ever done to lay the foundation for future growth of the Tron platform. Developers and applications are key to win this battle!”
Recently, Sun stated that Tron would be building a fund in order to rescue Ethereum [ETH] and EOS developers from the “collapse” of their respective platforms. He stated that the fund will be of help to them only if the developers chose to migrate their dApps to Tron.
The post Tron [TRX]’s Justin Sun invites ETCDEV developers to join the “family” appeared first on AMBCrypto.
Source: AMB Crypto