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Last night on Twitter, the official Ethereum Classic team noted that there are ongoing chain reorganizations and double-expense attacks. They then asked ETC's encryption offices and mining pools to request up to 400 confirmations for withdrawals and deposits.
There were rumors of a possible chain reorganization or double expense attack.
From what we can say that the ETC network works normally.
The "Reorg" section of BlockScout does not show anything whatsoever. Https: //t.co/Yi2cXusCz9 pic.twitter.com/HdUtS0DJZK
– Ethereum Classic (@eth_classic) 6 January 2019
The team noted that, to their knowledge, the ETC network operates normally.
Chain reorganizations and double-footed expenses?
A chain reorganization is when a client in most of the blockchain projects discovers a longer chain that ignores the blocks it had previously processed. "The longest chain wins" is one of the rules of decentralized networks. "The longest chain" is defined by various metrics including difficulty (most miners were extracting this version).
51% attacks are based on the longer chain concept. If a miner has enough hash power, he can essentially rewrite a blockchain to suit his needs. They can pay for goods, services or even other cryptocurrencies and then rewrite the chronology of the blockchain so that these transactions never actually took place.
At the moment a 51% attack on the Bitcoin network is probably too expensive. However, Ethereum Classic does not enjoy the massive hash power that Bitcoin and Ethereum have. According to ETCSTATS.net, at the time of writing they only had 8.8 terrahash. Compare this with Bitcoin, which has over 39 million terrashash at the time of writing. Or a closer comparison with Ethereum, which has 190 TH / s.
These numbers represent the amount of hash that would be needed to carry out a chain reorganization or a double expense attack. Therefore, it is much less expensive to double spend or reorganize on the Ethereum Classic network than on others. It's even more expensive on the $ 600 million network than many.
Classic Ethereum exchanges featured
The ETC team emphasizes that they believe that everything is fine. However, in a follow-up tweet they asked for pools and mining exchanges to request up to 400 confirmations.
For all exchanges and mining pools, please allow significantly higher confirmation times on withdrawals and deposits (+400)
cc @OKEx @ExchangeXGroup @HuobiGroup @digifinex @binance @bitfinex https://t.co/m5cxcKBVXa
– Ethereum Classic (@eth_classic) January 7, 2019
They have specifically marked OKEx, the exchange where most of their volume takes place, along with others. Compared to other cryptocurrencies, however, the trading of Ethereum Classic is fairly uniform among the exchanges:
The increase in the number of confirmations required reduces the likelihood of victimization. It takes more hashes for each additional block that an evil miner wants to republish or delete from the blockchain. Too much chaos translates into a "fork". Most of the network decides which chain will accept in the future.
The Ethereum Classic itself derives from a rigid fork surrounding an early insect of Ethereum. The legendary DAO Hack has led some members of the Ethereum community not to agree with the decision to maintain the original chain.
Disclosure: the author holds an investment position in ETC.
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