Ethereum Classic News: 51% Attack On Ethereum Classic (ETC)

by | Jan 8, 2019 | Blockchain, Cryptocurrency, Cryptocurrency News

ETC | Ethereum Classic | 51% Attack

Ethereum Classic (ETC) experienced a 51% attack from 9 p.m. Jan. 6 to just after midnight on Jan. 7, resulting in a blockchain reorganization hundreds of blocks deep. The news of the attack has pushed ETC’s price down by 7 %, shaving off  $40 million off its market cap.

The number of double spends during this 51 percent attack, if any, is unknown at this time. For now, it is recommended to wait for 400 plus confirmations before accepting any Ethereum Classic (ETC) transaction.

ETC in trouble 

Just last month,  ETCDev shutdown their operations due to the price crash, leaving ETC vulnerable as it was the dev team’s job to maintain the main ETC client. While there is no obvious linkage between the primary dev team walking out and the 51% attack, it just that ETC appears to be standing on extremely murky waters.
An attack of this size is enough to ruin the reputation of any cryptocurrency as the users loses their confidence over the token’s immutability and security. Primary dev walking out around the same time is a further insult to injury.

Ethereum’s Constantinople hard fork 

Scheduled in about a week’s time, Ethereum’s Constantinople hard fork is expected to slash the mining rewards from three Ether to two. In addition, the developers are considering including ProgPoW in the fork, which would block ASIC miners.
While it just speculation the attack is being blamed on the 1.4 GH/s ASIC ETHash rigs. Thus seemingly, the 51% attack on ETC might be employed as a justification to implement ProgPoW for both Ethereum (ETH) and Ethereum Classic (ETC). Moreover, the users of both the protocols are demanding an immediate block of ASIC miners due to the same.

It is interesting to note the timing of this 51 percent attack, just a week before Ethereum Constantinople hard fork. Enough time for the developers to block ASIC miners by including ProgPoW in the fork.

Left as nearly stranded as possible, the new upgrade on ETH will not only leave ETH miners faced with slashed block rewards, but the ASICs may be blocked with ProgPoW all thanks to the ETC 51% attack.

Read more: Ethereum Blockchain Based Game “EtherGoo” Migrates To TRON Network

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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