Ethereum Classic Offers Update on Controversial 51% Attack

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Ethereum Classic Offers Update on Controversial 51% Attack

Ethereum Classic suffered a 51% attack in the early hours of August 1st.

An article from the ETC Cooperative stated assaulters flooded the network with offline mined blocks. As an outcome, the network was not able to process the volume of deals, resulting in a reorganization of the chain and split in between nodes.

” Miner 0x75 d1e5477 f1fdaad6e0e3d433 ab69 b08 c482 f14 e launched around 12 hours worth of offline mined blocks resulting in a significant reorg. OpenEthereum nodes were not able to handle that big a reorg, resulting in a chain split with OpenEthereum nodes on one side and Core-Geth, Multi-Geth and Hyperledger Besu nodes on the other.”

At present, examinations are still on-going with concerns to the complete level of the damage triggered.

Up until now, those lines of examination have actually not shown up any proof of double-spending.

In reaction and as a preventive step, some exchanges, consisting of Poloniex, have actually suspended ETC deposits and withdrawals.

Ethereum Classic Core Designer, Stevan Lohja, went on to state an unknown bug was the reason for the chain split at the point of network flooding.

Lohja suggested node operators running OpenEthereum, and Multi-Geth nodes move right away to either Core-Geth or Hyperledger Besu.

In spite of the turmoil, he looked for to assure stakeholders that it’s organisation as typical.

” The bulk chain is running as regular. The significant miners inadvertently mining the inaccurate chain are moving to Core Geth in addition to other ETC company.”

Ethereum Timeless Has Actually Formerly Been 51% Assaulted

Ethereum Classic was formerly 51% assaulted, back in January 2019.

Although the complete level of the existing attack is unidentified, the one in January 2019 was categorized by Coinbase as a “deep reorganization,” with verified doubled invests amounting to 219,500 ETC (or $1.1 million at the time).

” This is called a “chain reorganization,” or “reorg” for brief. All reorgs have a “depth,” which is the variety of blocks that were changed, and a “length,” which is the variety of brand-new blocks that did the changing.”

At That Time, the occurrence activated conversations over the practicality and security of proof-of-work (PoW) systems moving forward.

As the 2 most popular PoW procedures in the area, some even forecasted the death of Bitcoin and Ethereum.

Confusion from financiers saw both Ethereum Classic and Ethereum experience a sell-off as an outcome of the attack on Ethereum Classic.

Matti Greenspan was eager to tension that Ethereum Classic and Ethereum are clearly different entities. What’s more, arguing the case for PoW, he stated:

” The factor is that Ethereum has a hashrate of about 20 times that of Ethereum Classic. So, while it may be possible to momentarily get sufficient hashrate to control 51% of ETC’s network, it would be almost implausible to impact ETH in this method.”

The weekend attack saw Ethereum Classic suffer a sell-off, closing 9% down on the day.

Nevertheless, rate action printed a Daul Maul wick. It extended as high as $8.30 and as low as $6.50, to close the day at $7.18

Ethereum Classic daily chart

 Ethereum Timeless day-to-day chart YTD. (Source: tradingview.com)

Considering this is the 2nd 51% attack to happen in less than 2 years, financiers are inquiring about the steps carried out following the very first attack.

Or is this an inevitability for all PoW procedures that do not have the hashing power of Ethereum and Bitcoin?

Samuel Wan Read More.