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Metaverse: Network Under Attack, Bitfinex Warns Against Making Deposits

Cryptocurrency Mar 18, 2018 03:47AM ET
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Metaverse: Network Under Attack, Bitfinex Warns Against Making Deposits

Metaverse (ETP) is a digital asset that has seen a serious slide since its launch this summer. And as the market moods further depressed the price, the Entropy token, or ETP is facing another problem: suspended trading due to a network attack. ETP has slid from a recent January peak at $5 to $0.85, expecting the slide to deepen on dwindling trading.

The Metaverse team warned users to suspend any movement of coins, due to an attack based on a future block timestamp. To fix the attack, the team plans a hard fork:

"To ensure a safe community and to get the consensus and the agreement of community, we hereby announce that Metaverse will have a hard fork on March 16, 2018 (GMT+8) at the block height of 1030000 and will release a fixed version within 24 hours from this announcement. All transactions happened in between this timeframe will be discarded."

Tokens issued on the Metaverse chain would be also in danger of rolling back transactions.

Metaverse is a lesser-known platform aiming to host tokens and potentially ICO projects. However, this network is relatively more obscure compared to similar projects - NEO, QTUM, and the leading one, Ethereum.

The trouble with Metaverse has been a lack of communication, and a scattering of the community, leading to the disastrous slide in prices as investors abandoned the token. The other problem with the ETP asset is that it is only available for international investors through Bitfinex, and for now, the project has not made a payment to another quality exchange, instead choosing obscure markets that further angered investors.

Saved by Rebranding?

Some believe Metaverse may choose to rebrand itself and make another attempt to become a more influential platform. In the past months, alternatives to Ethereum were seen as viable investment options. However, projects quickly diverged, as some platforms managed to deliver more than others.

But at this point, Metaverse remains an extremely risky investment, potentially turning around its fortunes in months if not years. The Chinese project is relatively non-transparent, and is harder to valuate at the moment.

The advantage of Metaverse lies in attempting to offer an intuitive way for building its brand of smart contracts. The initial idea of Metaverse was to offer solutions for objects of art or intellectual property, but also other blockchain use cases for the business.

One of the potential rebranding names would be Entropy, the name of the token at this time.


This article appeared first on Cryptovest
Metaverse: Network Under Attack, Bitfinex Warns Against Making Deposits
 

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