ETC Labs has reportedly created an action plan to protect the Ethereum Classic (ETC) blockchain against future 51% attacks, weeks after the network was hit with two consecutive attacks that saw hackers double-spend millions of dollars worth of ETC tokens.

Leading stablecoin issuer Tether has moved 23% of the USDT supply from the TRON blockchain to Ethereum, meaning $1 billion worth of TRC-20 tokens out of the $4.3 billion were moved into Ethereum.

Cryptocurrency firm SpaceChain has revealed in a press release it completed the first multi-signature bitcoin transaction in space, a step forward in its goal of building a network of blockchain nodes placed on satellites.

Gibraltar-based blockchain company Coinsilium and UK/Singapore-based firm Indorse, have announced the launch of Post Covid Hack 2020 - a global online hackathon for innovators interested in using blockchain technology to tackle the challenges related to the COVID-19 pandemic. CryptoCompare is delighted to support this unique positive initiative.

Top stories in the Crypto Roundup today:

• ETC Labs Unveils Multi-Stage Plan to Thwart Future 51% Attacks
• Tether Moves 23% of USDT on TRON to Ethereum Network
• SpaceChain Signs Multi-Signatures Bitcoin Transaction in Space
• Blockchain Hackathon Opens Its Virtual Doors

At the time of writing, bitcoin (BTC) is trading at $11,813.09 (0.44%) with a daily Top Tier volume of $3.08 bn. As for ether (ETH), it is trading at $410.43 (0.80%) with a daily Top Tier volume of $1.69 bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 4,653.11 (-0.72%).

ETC Labs Unveils Multi-Stage Plan to Thwart Future 51% Attacks

ETC Labs has reportedly created an action plan to protect the Ethereum Classic (ETC) blockchain against future 51% attacks, weeks after the network was hit with two consecutive attacks that saw hackers double-spend millions of dollars worth of ETC tokens.

The blockchain-supporting organization is set to, for now, stabilize ETC’s plummeting hashrate, increase network monitoring, and coordinate closely with cryptoasset exchanges. ETC Labs is also developing more wide-ranging fixes that will require community consensus.

Some of the proposed long-term fixes include changing Ethereum Classic’s Proof-of-Work (PoW) consensus algorithm, introducing a treasury system, and adding 51% attack resistant features. Among the various possible consensus algorithms, ETC Labs has two under consideration:

"The two alternatives under consideration are Keccak-256, or RandomX. These could be implemented through a hard fork in approximately 6 months, provided that testing is completed successfully.”

The proposal’s timeline extends into the new year, but will need input from the community and consensus among stakeholders.

Tether Moves 23% of USDT on TRON to Ethereum Network

Leading stablecoin issuer Tether has moved 23% of the USDT supply from the TRON blockchain to Ethereum, meaning $1 billion worth of TRC-20 tokens out of the $4.3 billion were moved into Ethereum.

Speaking to The Block, Tether CTO Paolo Ardoino said a “cryptocurrency exchange is willing to swap part of its Tethers from TRC20 to ERC20.” While Ardoino did not name the exchange The Block suggested it is “most likely Binance.”

The chain swap will see Tether’s USDT supply on Ethereum increase to 8.5 billion, while the supply on TRON will decrease to 3.3 billion.  There are over 13 billion USDT tokens in circulation, spread across eight blockchains: Omni, OMG Network, TRON, Algorand, Ethereum, EOS, Bitcoin Cash, and the Liquid Network.

SpaceChain Signs Multi-Signatures Bitcoin Transaction in Space

Cryptocurrency firm SpaceChain has revealed in a press release it completed the first multi-signature bitcoin transaction in space, a step forward in its goal of building a network of blockchain nodes placed on satellites.

The press release details the firm, with support from the European Space Agency, sent around 0.001 BTC ($122) to two Bitcoin addresses through hardware installed on the International Space Station (ISS). Encrypted data was transmitted through a ground station to the ISS, which holds a private key to verify and approve such transactions.

Using an on-board computer created by GomSpace, a nano-satellite manufacturer, the transaction was carried out. Jeff Garzik, Spacechain’s co-founder and CTO, said:

"Executing the multi-signature transaction in space encapsulates our continuous efforts in building out an open-source blockchain-based satellite network that is secure and immutable."

The project’s whitepaper details that putting nodes in space will make it harder for third-party service providers to shut down, improving security.

Visualizing Tether Minting New USDT on Ethereum

On Monday August 10th, Tether added 500MM new USDT to Ethereum. The bubbles show the large cohort of newly minted USDT (in dark green) being sent to Bitfinex, the exchange owned by the same parent company as Tether. 500 million USDT is a significantly larger sum than what had previously been minted - on-chain data reveals periodic inflows of 120M new tokens. 

Blockchain Hackathon Opens Its Virtual Doors

Gibraltar-based blockchain company Coinsilium and UK/Singapore-based firm Indorse, have announced the launch of Post Covid Hack 2020 - a global online hackathon for innovators interested in using blockchain technology to tackle the challenges related to the COVID-19 pandemic. CryptoCompare is delighted to support this unique positive initiative.

The hackathon’s objective is to help alleviate the negative socio-economic effects of the current pandemic by connecting skilled developers, innovative startups, and blockchain companies to build and harness solutions.

The 3 month-long online hackathon is open to participants from across the globe. It has onboarded more than thirty partners, such as The Government of Gibraltar, IOVlabs, Blockchain for Humanity, Mishcon de Reya, KuCoin & KuChain, UCL CBT, Startup Grind, and many leading universities. 

How to participate: 

1. Register for free at https://postcovidhack.com
2. Select the challenge that fits you best
3. Build your winning solutions with the help of expert mentors
4. A panel of renowned judges will evaluate all the solutions
5. All shortlisted participants will present their solution during an online demo day and the winners will be announced the same day

On top of the USD 30,000 in prizes, the best solutions will also be offered potential long-term business partnerships and legal engineering advisory!

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