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Why Is This Happening to Ethereum Classic?
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DAO attack explained: https://www.coindesk.com/understanding-dao-hack-journalists Understanding a Reorganization of a POW Blockchain: https://blog.coinbase.com/ethereum-classic-etc-is-currently-being-51-attacked-33be13ce32de
Cost per hour of 51% attacks: https://www.crypto51.app/?fbclid=IwAR2FOi6dCSasJws4t_9o0c53agPplbcOII4f_taU633r4ZMNdZQlgyQoKkM
Welcome to a new episode, today I want to address what’s been happening with Ethereum Classic and also bring to light what this event means for other cryptocurrency blockchains as well.
For those of you new to this space, or are unfamiliar with the origins of Ethereum Classic, here’s a brief breakdown.
Ethereum launched a DAO (which stands for Decentralized Autonomous Organization) as a way to facilitate decentralized, self-governance, in the Spring of 2016. Shortly after, a hacker took advantage of a bug in this code and was able to steal 3.6 million ether. The community was divided on how to address this problem. The decision was ultimately made to hard fork the code, roll back the blockchain and restore the stolen funds for those who lost lots of coins. Not everyone in the Ethereum community agreed with this decision and a group of devs and nodes continued the original blockchain. That blockchain is what we now call Ethereum Classic. It’s a bit ironic that the “original” chain is the one with the altered name, but that’s to be expected if you go against the Ethereum Foundation and their team.
Ok, getting back to today’s topic. Ethereum Classic has experienced what many are calling a 51% attack. This means that someone or a group of people were able to control the network by having enough computing power to comprise over 50% of the network. In the world of Proof of Work blockchains, the majority rules. In the case of Ethereum Classic in the past two days, they saw a private mining pool gain enough hash power to be able to rewrite their blockchain and double spend Ethereum Classic coins. More than 100 blocks of the Ethereum Classic blockchain have been “reorganized”, which explains how 88,500 ETC were able to be double spent. Ethereum Classic devs aren’t all on the same page with classifying this as a bonfide 51% attack, some believe it to
...
https://www.youtube.com/watch?v=uoiJGnCrnd0
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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW
DAO attack explained: https://www.coindesk.com/understanding-dao-hack-journalists Understanding a Reorganization of a POW Blockchain: https://blog.coinbase.com/ethereum-classic-etc-is-currently-being-51-attacked-33be13ce32de
Cost per hour of 51% attacks: https://www.crypto51.app/?fbclid=IwAR2FOi6dCSasJws4t_9o0c53agPplbcOII4f_taU633r4ZMNdZQlgyQoKkM
Welcome to a new episode, today I want to address what’s been happening with Ethereum Classic and also bring to light what this event means for other cryptocurrency blockchains as well.
For those of you new to this space, or are unfamiliar with the origins of Ethereum Classic, here’s a brief breakdown.
Ethereum launched a DAO (which stands for Decentralized Autonomous Organization) as a way to facilitate decentralized, self-governance, in the Spring of 2016. Shortly after, a hacker took advantage of a bug in this code and was able to steal 3.6 million ether. The community was divided on how to address this problem. The decision was ultimately made to hard fork the code, roll back the blockchain and restore the stolen funds for those who lost lots of coins. Not everyone in the Ethereum community agreed with this decision and a group of devs and nodes continued the original blockchain. That blockchain is what we now call Ethereum Classic. It’s a bit ironic that the “original” chain is the one with the altered name, but that’s to be expected if you go against the Ethereum Foundation and their team.
Ok, getting back to today’s topic. Ethereum Classic has experienced what many are calling a 51% attack. This means that someone or a group of people were able to control the network by having enough computing power to comprise over 50% of the network. In the world of Proof of Work blockchains, the majority rules. In the case of Ethereum Classic in the past two days, they saw a private mining pool gain enough hash power to be able to rewrite their blockchain and double spend Ethereum Classic coins. More than 100 blocks of the Ethereum Classic blockchain have been “reorganized”, which explains how 88,500 ETC were able to be double spent. Ethereum Classic devs aren’t all on the same page with classifying this as a bonfide 51% attack, some believe it to
...
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