In spite of the three 51% attacks in a single month, ETC’s price has shown strong resilience. Although, down a bit for the past month, its persistence may suggest that security is not the topmost priority for the investors running to join a bull run in the cryptocurrency market. However, some warn that until it improvises its blockchain and makes it secure, the additional attacks on Ethereum Classic can trigger a market sell-off and direct to a collapse of its crypto assets.
For a blockchain system’s security, a 51% attack is essentially as terrible as it gets. That is the point at which a solitary entity deals with a dominant part of the system’s figuring power, permitting it to redirect additional units of the cash. Ethereum is anticipating changing its calculation at some point one year from now. In a tweet thread Sept. 2, Ethereum author Vitalik Buterin contended Ethereum’s arranged Proof-of-Stake (PoS) calculation gives it a key principle advantage over PoW.
During the long stretch of August, the Ethereum Classic system endured not one but rather three 51% attacks, the first occurred on Aug. 1, the second on Aug. 6, and a third on Aug. 29. An enormous level of ETC holders got their tokens automatically after the Ethereum chain split and, subsequently, the cost of ETC has stayed stable in the course of recent years.
What’s more, as long as the market stays in bull mode, almost certainly, traders will compromise their security worries for better yields until that security issue turns out to be sufficiently large to trigger a breakdown of the whole framework. The ongoing 51% assaults on the Ethereum Classic system likewise have not prompted any extra inquiries or stresses from Grayscale’s customers on this crypto resource.
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