Rajarshi Mitra
Independent Analyst
- IOHK CEO Charles Hoskinson had offered to help the ETC community reduce 51% attacks on a condition.
- He demanded the community institute a decentralized treasury system like Cardano.
- ETC has reportedly turned down Hoksinson’s offer.
- ETC/USD bears stayed in control of the market for the second straight day.
Charles Hoskinson, the CEO of IOHK (Cardano’s parent company) had recently offered to help the troubled Ethereum Classic (ETC) community on one major condition. The community would first have to institute a decentralized treasury system like Cardano. If ETC failed to do so, Hoskinson felt his help would be a waste of time and money.
It's not worth my company's time or our strategies to pivot for a grant or a one-off payment to go and bail us out. If there is a treasury system, it means that I can be in the business of building open source innovations and open source software and bringing these things to market and be paid to do that patent-free and open source.
In recent times, Ethereum Classic has suffered numerous 51% attacks, leaving its fate uncertain. Hoskinson noted that IOHK has done significant research in the proof-of-work space and is aware of how to prevent such attacks from occurring in the future.
IOHK has come up with a hybrid proof-of-work, proof-of-stake protocol that uses a periodic checkpoint system to mitigate hostile network reorganizations. Hoskinson has clarified that he is not willing to make any future commitments unless Ethereum Classic leadership accepts his aforementioned terms.
The CEO said that he feels morally obligated to help ETC despite leaving the Ethereum project to work on Cardano. Interestingly, the ETC community feels it has enough internal resources to deal with the tough situation before them, according to a Cointelegraph report.
ETC/USD daily chart
-637327962692579561.png)
ETC/USD bears stayed in control of the market for the second straight day. The price has dropped from $6.74 to $6.64 in the early hours of Wednesday. The MACD shows increasing bearish momentum.
ETC/USD has strong resistance levels at $7.42, $7.12, $7.05 (SMA 20) and $6.99 (SMA 200). Healthy support lies at $6.496, $6.47 (SMA 50) and $6.28.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto today: Bitcoin, Ethereum, XRP tests key support, TRON network non-stablecoin activity hits new highs
Bitcoin, Ethereum, and XRP hover around key support levels after registering a steep correction earlier this week. TRON network’s stablecoin activity hit new highs following the release of SunPump. TRON trades at around $0.1500, almost flat on the day.
Bitcoin Weekly Forecast: $50,000 on the horizon if it breaks below key support level
Bitcoin price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit
Vitalik Buterin, Ethereum co-founder, has not sold Ether since the altcoin’s ICO in 2018. On-chain transfers by Buterin make headlines as ETH holders keep eyes peeled for selling pressure on the altcoin.
WazirX, PenPie and Bo Shen hackers launder $42.7 million in stolen funds through Tornado Cash
Three different hackers responsible for the exploit of crypto assets worth millions of dollars from crypto exchange WazirX, DeFi protocol Penpie, and Founder of Fenbushi Capital Bo Shen are using Tornado Cash to move part of the stolen funds.
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.