• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Saturday, January 28, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Ethereum Classic Ponders ‘Code Is Law’ Philosophy After Multiple 51% Attacks – BeInCrypto

7 August 2020
in Altcoin
Reading Time: 3 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT


After suffering two 51% attacks in a week, the ETC community is reeling. Vitalik Buterin suggested that ETC change its consensus algorithm to Proof of Stake. But is the conservative “Code Is Law” protocol ready for a change?

On July 31, Ethereum Classic was hit by the first of two 51% attacks. Analysis by forensics firm Bitquery showed that the attacker spent about 17.5 BTC (~$190,000) renting hash power on power broker NiceHash.

Related articles

Solana Re-enters Top 10 Digital Asset With Impressive 135% Rally

15 January 2023

Solana Back in the Top 10 After 135% Breakout

15 January 2023

As a result, the attacker made off with an estimated 807,260 ETC. The payout was about $5 million, and that’s not counting the estimated 13,000 ETC in block rewards that were earned during the attack.

[crypto-donation-box]

On the following Wednesday, mining company Bitfly discovered an attack that got away with a further $94,000 in block rewards.

Ethereum Classic: Proof of Forsake

The official Ethereum Classic Twitter account urged exchanges to increase confirmation times in response to this attack. Binance froze ETC deposits and withdrawals.

Understandably, people in the community want something to be done. Responding to a Bitfly tweet about Wednesday’s attack, Ethereum founder Vitalik Buterin suggested ETC change to a proof of stake (PoS) consensus algorithm.

Though nobody wants to lose money, the risks of these recent attacks are relatively small. When blockchain adoption is more widespread in the Internet of Things, an attack like this could have dire consequences.

John P. Conley, the chief economist of the Geeq protocol, explained in an interview with blogger Blockchain Brad his more deep-seated fears about blockchain 51% attacks:

It would be worth purchasing those tokens if it was an economic attack. You know, North Korea, Russia or China, whoever. If something lived on a chain and I could buy a hundred million dollars worth of tokens and control the chain, that’s a really cheap cyberattack.

Upping Security

When Ethereum originally forked in 2016 to return $50 million of stolen tokens, ETC held steadfast to the original code. Thus, ETC adamantly holds a “Code Is Law” ethos—the idea that the chain should remain as originally intended. A change to PoS could be seen as backpedaling on the protocol’s founding principles.

ETH 2.0 will be more resistant to this type of hack. Buterin said in an interview with the Centre for International Governance Innovation that there is a mechanism to stop such an attack automatically.

Likewise, some are looking to other consensus algorithms for security. Proof-of-Authority has hashers registering their name and equipment.

Cryptohopper
ADVERTISEMENT

The Geeq protocol, which released a native token today, claims to use “proof of honesty” to achieve a 99% Byzantine Fault Tolerance (a measure of resistance to an attack).

Alternatively, Twitter user @LigerLite pointed out that a PoS Ethereum Classic would be just like mainchain Etheruem.

They suggested using Proof-of-Capacity. In this algorithm, mining is done on free hard drive space. The bigger the hard drive, the more hashing power. It is nearly as secure as PoW, but up to 30 times more energy efficient.

Another alternative is the SHA3 algorithm, a cryptographic method built for security. Yaz Khoury, an ETC developer, suggested this secure method of mining could make ETC a majority chain.

Hopefully, developers can solve these security issues before an attack on a global scale occurs. In the meantime, Ethereum Classic can remind us of simpler times.

Want to know more?

Join our Telegram Group and get trading signals, a free trading course and daily communication with crypto fans!





Source link

Tags: AttacksBeInCryptoClassicCodeEthereumLawMultiplePhilosophyPonders
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Market Wrap: Bitcoin Breaks $11,800; Ether Options Market Explodes

Next Post

Texas Regulators Clamp Down on Bitcoin ‘Ultra Mining’ Firm

Related Posts

Solana Re-enters Top 10 Digital Asset With Impressive 135% Rally

15 January 2023
0

Solana flipped Polygon on January 15 to be the 10th largest crypto asset by market cap, following a seven-day rally...

Solana Back in the Top 10 After 135% Breakout

15 January 2023
0

Solana flipped Polygon on January 15 to be the 10th largest crypto asset by market cap, following a seven-day rally...

Huge Crypto Dump Incoming As FTX Plans To Sell Altcoins Worth $4.6B

12 January 2023
0

Even though the FTX bankruptcy was two months ago, the issue is far from over for the crypto industry. Currently,...

Robinhood Delists Bitcoin SV, Price Drops 10%

11 January 2023
0

Robinhood announced that it will no longer support Bitcoin SV from January 25, sending the crypto sinking some 10%. Robinhood...

Will SAND Price Climb or Fall as Token Unlock Approaches

10 January 2023
0

SAND’s price is likely to tank 20% or more following the next unlock that will disburse a further one-fifth of...

Load More
Next Post

Texas Regulators Clamp Down on Bitcoin 'Ultra Mining' Firm

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • XMR, DOT Move Higher, Rebounding From Recent Declines – Market Updates Bitcoin News
  • NFT Tallinn to be the flagship large-scale Web3 event in Northern and Eastern Europe
  • NFTs and Other Trends That Will Shape the Crypto Industry

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$45,716.00-1.31%
  • ethereumEthereum(ETH)$3,456.77-0.85%
  • tetherTether(USDT)$1.000.04%
  • binancecoinBNB(BNB)$439.95-1.61%
  • usd-coinUSD Coin(USDC)$1.00-0.21%
  • SolanaSolana(SOL)$128.84-4.73%
  • rippleXRP(XRP)$0.82-1.94%
  • TerraTerra(LUNA)$111.19-1.25%
  • cardanoCardano(ADA)$1.190.55%
  • AvalancheAvalanche(AVAX)$92.73-3.81%
  • polkadotPolkadot(DOT)$22.10-4.14%
  • dogecoinDogecoin(DOGE)$0.144901-0.44%
  • Binance USDBinance USD(BUSD)$1.000.03%
  • TerraUSDTerraUSD(UST)$1.00-0.03%
  • Shiba InuShiba Inu(SHIB)$0.000026-1.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$45,705.00-1.34%
  • CronosCronos(CRO)$0.473031-1.56%
  • matic-networkPolygon(MATIC)$1.63-2.68%
  • Lido Staked EtherLido Staked Ether(STETH)$3,455.57-0.80%
  • NEAR ProtocolNEAR Protocol(NEAR)$15.62-3.50%
  • daiDai(DAI)$1.00-0.09%
  • cosmosCosmos Hub(ATOM)$30.76-3.98%
  • litecoinLitecoin(LTC)$123.39-2.73%
  • chainlinkChainlink(LINK)$17.14-5.68%
  • tronTRON(TRX)$0.069912-3.60%
  • bitcoin-cashBitcoin Cash(BCH)$370.86-0.90%
  • FTX TokenFTX Token(FTT)$49.41-1.74%
  • ethereum-classicEthereum Classic(ETC)$45.69-1.36%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • algorandAlgorand(ALGO)$0.88-4.27%
  • stellarStellar(XLM)$0.231372-0.55%
  • leo-tokenLEO Token(LEO)$5.95-0.02%
  • OKBOKB(OKB)$20.68-0.82%
  • UniswapUniswap(UNI)$11.31-3.17%
  • vechainVeChain(VET)$0.076890-1.96%
  • Axie InfinityAxie Infinity(AXS)$63.07-4.37%
  • HederaHedera(HBAR)$0.235142-4.16%
  • Internet ComputerInternet Computer(ICP)$21.47-0.24%
  • filecoinFilecoin(FIL)$24.44-2.18%
  • ElrondElrond(EGLD)$189.04-2.56%
  • decentralandDecentraland(MANA)$2.61-2.92%
  • The SandboxThe Sandbox(SAND)$3.40-2.47%
  • FantomFantom(FTM)$1.52-3.28%
  • moneroMonero(XMR)$214.53-0.30%
  • wavesWaves(WAVES)$37.59-24.48%
  • theta-tokenTheta Network(THETA)$3.76-6.47%
  • cETHcETH(CETH)$69.26-1.11%
  • tezosTezos(XTZ)$3.80-4.12%
  • ApeCoinApeCoin(APE)$11.60-3.99%
  • The GraphThe Graph(GRT)$0.480061-4.90%