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

Namrata Shukla



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

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.

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Facebook’s Libra is a double edged-sword, but will benefit Bitcoin, says Caitlin Long





Facebook's cryptocurrency Libra is a double edged-sword, but will benefit Bitcoin [BTC], says Caitlin Long
Source: Unsplash

On 18 June, the world’s biggest social media platform, Facebook, introduced its new cryptocurrency, Libra, set to launch in the first half of 2020. The coin that would have its own blockchain will be backed by several sovereign currencies, and these reserves would be managed by the Libra Association. The association will also be engaged in several other key activities, which would focus solely on the development of the Libra ecosystem.

Notably, the coin has brought together major players in both the financial and technology industry including, MasterCard, Paypal, and Coinbase. Despite such strong backing however, the concept of the coin was soon shot down by several influencers and government authorities.

The French Minister of Finance and Economy, Bruno Le Maire, released a statement asserting that Facebook’s digital currency becoming a sovereign currency was “out of question,” adding that “it can’t and must not happen.” Along with this statement, the Finance Minister also raised concerns about money laundering and terrorism funding and urged G-7 countries Central Bank Governors to draft a report on the new “global currency” for their meeting in July.

Further, Facebook’s cryptocurrency is also facing hurdles in its native country. Maxine Waters, Chair of the House Financial Services, has requested the social media giant to hit the pause button on the development of Libra, until Congress and regulatory authorities hold a discussion on the digital currency. This request was put forth mainly because of the firm’s “troubled past.”

In an interview with WhatBitcoinDid, Caitlin Long, Co-founder of the Wyoming Blockchain Coalition, stated that Libra had its pros and cons, adding that it was a “double-edged sword.” However, the blockchain evangelist continued to assert that this was going to benefit Bitcoin, stating that the social networking platform was “making cryptocurrency a mainstream word.” She added that Facebook would introduce the concept of digitally scarce money to people and that these people would look for the best cryptos that would retain the most value over time. That crypto was going to be Bitcoin, she said.

Long stated,

“This is a detour kind of like Andreas analogy, it’s the intranet before internet. We’ve even seen it in this industry, it’s blockchain not Bitcoin but people are coming full circle back around to Bitcoin. These are detours that are ultimately helpful to gaining adoption and wider support, but they’re not where we end up and I think we will end up in Bitcoin.”

Further, Long was asked whether Libra was going to be its own currency, considering it will not be pegged to a specific currency, but several fiat currencies. To this, she stated that Libra was indeed going to be a currency of its own, similar to Bitcoin. She stated that it was going to function like a “central bank,” remarking that it would be a “private version of a central bank.” Long went on to add,

“They’re going to be managing reserves against the liability. For them it will be the people who own the coins and they will be managing the reserves against that […] they are going to be marketing this in the developing world, this is going to be a developing world concept probably more than a developed world concepts […] so my guess is this is mostly an emerging market phenomenon secondarily a European phenomenon and lastly a U.S. phenomenon.”

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