Former ETCDEV Business Manager Explains Why Ethereum Classic 'Has Huge Potential'

  • Former business development manager McIntyre at ETCDEV, an Ethereum Classic development company which shut down recently due to lack of funding, has shared some insights with CryptoGlobe.
  • McIntyre, a former vice president at Morgan Stanley, explains why Ethereum Classic is arguably one of the most valuable crypto networks.

Donald McIntyre, the former business development manager at ETCDEV, a company that focused on contributing to the ongoing development of Ethereum Classic (ETC), has said that Ethereum (ETH) is “not a valuable network except for experimenting.”

Ethereum Only Good For Experimenting

McIntyre, the former vice president of giant financial institutions, Morgan Stanley and UBS, told CryptoGlobe that Ethereum, which recently went through a successful hard fork, is only good for “testing and demonstrating what doesn’t work.” Meanwhile, McIntyre believes: 

Ethereum Classic pays attention to all activities in ETH and generally imports the new additions that may be useful for ETC. However, after they migrate to ETH 2.0 the paths of both networks will likely diverge significantly.

When questioned about some challenges the Ethereum Classic network faces and whether he thinks it has the potential to be a useful platform in the long-term, McIntyre remarked:

The main [obstacles] ETC faces are that it depends on Ethereum migrating to proof-of-stake (PoS) and sharding so ETC would be the only (proof-of-work) PoW and Turing complete network. It needs another independent development team because the current teams are very friendly and coordinated. It needs to grow and have more hashing power so [that] 51% are less likely [and] users and [crypto] exchanges can use less confirmations to accept payments and deposits.

ETC Has "Huge Potential" Because Of Its "Functionality, Secure Consensus Mechanism"

McIntyre continued: “ETC has ... huge potential because its functionality, secure consensus mechanism and fixed monetary policy (limited supply of ETC tokens) make it ideal for decentralized [and] secure computing, internet-of-things (IoT), robotics and smart contracts between people and businesses.”

Going on to share his views regarding Bitcoin (BTC) and the Lightning Network (LN), a popular layer-two payment protocols for crypto networks, McIntyre said: 

Bitcoin will serve a large amount of users because BTC will be a primary or perhaps the primary store-of-value (SoV) in the future. However, the store of value feature could not exist if BTC were not transferable and used for high and low value payments as well. The part about scaling to satisfy low value, high frequency payments will ... likely [be] done by LN.

Blockchains Helps Us "Minimize" The Need For Trust

Explaining how he believes the Bitcoin network will offer greater security in the foreseeable futures, McIntyre noted:

In terms of cost, BTC will be very expensive and secure, this is why it will be used for high value transfers. Both LN and BTC [currently] have poor user experience because they are new protocols. All protocols go through this process, and in the future, [centralized] apps and [decentralized applications] dapps will make UX (user experience) very easy and pleasant.

When asked about what he thinks may be the main use cases for blockchain technology McIntyre said:

The central purpose of blockchains is to minimize trusted third parties. This is because trusted third parties can be hacked, be manipulated by governments, or even behave fraudulently. The most conflicting trusted third parties are financial institutions, large tech companies, and cloud services because all these companies combined manage our money, information and communications. So, I see that financial services, IoT and dapps will significantly minimize the use and interference of these security holes.

P2P Token Trading Platform AirSwap Discloses ‘Critical Vulnerability’

  • Peer-to-peer trading platform AirSwap claims to have identified a "critical vulnerability" in one of its smart contracts. 
  • Ten addresses have been identified so far as being at risk of exploitation. 

Peer-to-peer token trading network AirSwap has disclosed a “critical vulnerability” in a newly released smart contract. 

AirSwap's Critical Vulnerability

According to the disclosure, which was published on Sept. 13, AirSwap’s internal security team identified a potential exploit in a newly released mainnet smart contract. The vulnerability would allow an attacker to “perform a swap without requiring a signature from a counterparty.” 

AirSwap claims that the offending code was only present for twenty-four hours on the network before being identified and removed. However, users of AirSwap Instant between Sept. 11 and Sept. 12 may have been affected by the vulnerability, with the report claiming that 10 accounts have been recognized so far as being at risk. 

AirSwap has published the addresses to the vulnerable accounts, telling all other users that no further action is required. The report also outlines the step-by-step actions taken by the exchange in the aftermath of discovering the vulnerability, including an apology to its client base, 

We would like to deeply apologize to our affected users for any inconvenience these vulnerabilities may have caused, and hope that the important lessons we continue to learn throughout these processes form the basis for a more open, secure, and efficient trading environment.

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