In the Ethereum Classic attack aftermath, which recorded the third 51% attack on the network, we can see that the cryptocurrency has increased by 3% which many consider a miracle so let’s find out more in the latest Ethereum classic news.
ETC trades at $6.68 and increased by 3% in a day, cutting short on the losses of the week to less than 2%, while the price is down by almost 11% in a month. In The Ethereum Classic attack aftermath, developers confirmed that the attack caused a huge reorganization of more than 7000 blocks which corresponds to 2 days of mining. At the time of writing, there are no more details about the attack provided.
The network experienced similar attacks a month ago and the attacker made about $1.7 million during the second attack. The ETC hashrate or the computational power of the network was about to be halved in August, made a 51% attack on the network cheaper. The costs of one-hour attacks on the ETC network hit $4,349 according to crypto51.app which is a website that tracks the costs of the attacks. In comparison, such an attack will cost about $607,907 in the case of BTC and about $436,617 in the case of Ethereum.
ETC is ~3% of the overall ETH network hashrate. We are well aware of potential repeated attacks while solutions such as "reorg caps" and the subsequent ECIPs are being tested and evaluated.
If you haven't already please increase (which most have) please raise confs above ~10K.
— Ethereum Classic (@eth_classic) August 29, 2020
In the meantime, the Input-Output Hong Kong, the Cardano ADA developer said that there were two draft proposals on how to prevent 51% attacks on the network by including “checkpointing” which will prevent these 51% attacks as well as a new treasury system that will provide ETC with long term reliable and sustainable funding for all developers and ecosystem participants alike.
Hackers targeted Ethereum Classic again in the third 51% attack on the network this month as exchanges such as OKEx considered delisting the coin over the security concerns. The strategies to protect the network from these kinds of attacks could be a little late-coming. For the third time this month, the hackers gained control over the Ethereum Classic blockchain in a 51% attack that reorganized more than 7000 blocks.
The developers create a new plan as they proposed taking immediate action in implementing the long-term changes to the architecture of the network over the next three to six months. The accelerator decided to focus the efforts on improving the security of the network after the recent attacks on the blockchain
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