[ad_1]
It took up to 24
hours before the Ethereum Classic (ETC) hack was discovered to be ongoing on January
5 2019. The hack allowed to 60% of mining energy
which ultimately created a longer Blockchain that gave these users an avenue to
double spend. According to data collected by CoinMarketCap, Ethereum Classic
(ETC) is the 18th-largest digital currency. This recent report has raised
concerns within the crypto community, which is understandable. There's concern
that Bitcoin (BTC) may be next in line.
Ethereum Classic (ETC) Price Today – ETC / USD
Experts Think ETC Is No More Immutable
According to the president of Blockchain at the Columbia
University, Nir Kabessa, while it is a difficult move to hack bigger digital
assets, attacks on the larger cryptos are not out of reach anymore. With the
hash power securing the Ethereum Classic (ETC) and market cap of ETCs token supply now less than 1 / 20th of the
Ethereum (ETH) main chain, it is not particularly surprising that the ETC token
was successfully attacked by cyber criminals.
Ethereum Classic (ETC)
value was actually supposed to be absolutely immutable. But it is not immutable
anymore which might compromise the mission and the alteration of the community's
definition of what immutability means. If the Bitcoin (BTC) and Ethereum (ETH)
Blockchains are eventually 51% hacked, the distributed ledger community, in
general, should seriously consider a re-evaluation of the security profile of
the Proof-of-Work consensus algorithm. Overall,
coordinating attacks against the larger,
cornerstone networks is definitely going
all much more difficult in all ramifications.
Blind to the Pitfalls of the Proof-of-work Consensus
Algorithm
According to the co-founder of Qtum Jordan Earls, who is
also the co-chairperson of the Smart Contracts Alliance, the latest 51% attack
on the Ethereum Classic (ETC) software could see countless updates in the PoW
(Proof-of-Work) consensus model. However, many networks are still blind to the
pitfalls of the PoW model. This recent attack highlights the naivety and danger
of using the PoW consensus system which has been
regarded as the standard for the sector.
Earls believes that the (PoS) Proof of Stake model maintains
freedom and censorship-resistance of the PoW (model), but with no risk of 51%
attacks on Blockchains.
No Proof-of-Stake Hacks Yet
While many people have expressed their doubts over the
security of the PoS consensus model, there have
51% attacks on PoS networks at
this point which says something. However, the Senior Market Analyst at
eToro, Mati Greenspan, believes that the experts and crypto-centrists are predicting the demise of
Bitcoin (BTC) should not be believed or
taken seriously. According to the market analyst,
this recent 51% attack could actually
reinforce the market trust.
The 51% attack is the most common attack in the crypto. This can also be known as a reorganization to create a double spend or
erase previous transactions to allow you to
get your tokens back. According to Coinbase no,
less than 15 reorganizations (some of
which contained suspicious double
spending activity amounting to the tune of $ 1.1 million) has been siphoned from the Ethereum Classic (ETC)
network. This attack has ultimately brought up conversations on security issues
and token monopoly especially for the
smaller digital currencies.
Related
Source link
