Ethereum Classic ETC – Securing blockchain ecosystems has always been a priority for major cryptocurrencies and the latest alternative coins. Ethereum Classic it taking the risks involved seriously and is not at a point of admitting bugs are becoming a threat to its ecosystem.
The smart contract technology seems not to be working for but against Ethereum Classic. Bugs are part of the blockchain technology but if they turn harmful and affect the operations of the system, remedial measures are a must. Ethereum parity has been a thorn in their system.
Ethereum Classic (ETC) Smart Contracts
Simply put, mart contracts are computer programed and help execute specific functions; it is an input out mechanism. Recent studies have confirmed that out of 19,000 Ethereum contracts scrutinized, 44% of them are vulnerable. Technically, when flawed codes continue being used, they propagate as they continue being outdated and might affect new smart contracts in a system.
Running on open-source block explorer, Ethereum Classic ETC codes have bugs that need to be monitored 24/7 and periodic resetting or restarting. This definitely means undesirable downtimes that have made the EtherHub impossible to use.
Currently, networks riding on the Ethereum network lack a working open-source block explorer. The only way out of the bug menace is to get a working Explorer or fix the bugs that are affecting the webserver and the block grabber. Once the software runs on the EtherHub 7 foe seven days, the bug issue bugs might be a thing of the past.
According to Ethereum Forum, the problem points have been identified and the corrections are underway;
This is a two-part issue:
- Remove the charts that compare ETH/ETC on hashrate and price.
- Stop querying minergate.com for hashrate (how to calculate), calculate it directly from the node. This may be best done by having grabber.js calculate and store the data in MongoDB whenever it retrieves new blocks. But implementation details are up to you.
- Runs without crashing or halting (stopping syncing but process continues to run)
- Reliably fetches new blocks
- Reliably fetches old blocks (there may be an issue where grabber is crashing on very early blocks)
- Works with both mainline geth and parity (either with or without –geth compatibility mode; without is preferred)
The Ethereum Parity Issues
Bugs gained entry in to the Ethereum system through the native digital wallet, Parity affecting all multi-sig accounts. The wallet requires multiple users to use their keys to allow users transfer of funds. The bugs have spread to recent ICOs using Parity to store their funds on the Ethereum platform.
Community developers in the system have been fighting the bug and a breakthrough is not yet in sight and here is a conversation in the community forum a dated 4th April:
”Proposal; Please note that this proposal has been accepted by @bakon and his improvements/submissions will be prioritized for payment provided that they’re of acceptable quality.
Ethereum Classic (ETC) in the Market
Whether the blockchain is headed to another fork to end the bug issue remains to be seen. However, from previous experience, hacks and easy when there are vulnerabilities in the network and it is becoming a wait-and-see-scenario for the investor; a situation affecting the ETC performance in the market.
Before the bug issue was reported in November 2017, the coin was doing pretty well and the gains are already going to the dogs. The coin hit a high of $45.51 on January 4th and the price has plummeted ever since. ETC is currently trading at $16.30 with marginal gains of i6.91% against the dollar and losing to BTC by 1.03%.
The near future of the coin looks bleak but if the bug issues are resolved in the few coming days, Ethereum Classic ETC will start showing signs of recovery. The community developer team however has not indicated when the problem will be resolved.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.