A hacker stole over 5 million dollars worth of cryptocurrency by performing a 51% attack double spend on the Ethereum Classic ETC blockchain. This hacker rented thousands of mining rigs?! Sub to VoskCoin –
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Proof of Work PoW is a blockchain consensus mechanism, its basically what moves a blockchain forward, processes transactions, and mints new crypto coins. Ethereum Classic uses the same mining algorithm as Ethereum, dagger-hashimoto Ethash, basically any Ethereum GPU mining rigs or ASIC mining rigs can be used to mine Ethereum Classic as well. Ethereum is a much bigger and more valuable blockchain network than Ethereum Classic, so this creates an excess of available hashrate that could be used to attack Ethereum Classic.. and that is basically exactly what happened. Charles Hoskinson of IOHK said they could innovate on the Ethereum Classic blockchain, but ETC has no funding so they are not interested in working for free. Vitalik Buterin did not delay in saying that Ethereum Classic should upgrade to Proof of Stake PoS with Ethereum, which will mean that their blockchain will no longer be mineable. Let’s review what happened with the Ethereum Classic 51% attack double-spend attack and how this hacker was able to basically steal over 5 million dollars worth of cryptocurrency!
Links!
Ethereum Classic ETC ranked 25 by coinmarketcap –
Ethereum vs Ethereum Classic explained –
IOHK officially involved with Ethereum Classic –
Charles Hoskinson IOHK tweet Ethereum Classic –
Ethereum Classic 51% attacked twice for 5 million –
Ethereum Classic double spend attacked twice 2020 –
807,260 Ethereum Classic ETC hacked in 51% attack –
Vitalik Buterin says Ethereum Classic should upgrade to Proof of Stake PoS, which means to move away from mining Proof of Work PoW –
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