Ethereum 51

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Content:

• What Is Wrapped Bitcoin? Understanding Wrapped Bitcoin, Wrapped Ethereum And Others
• 51 Percent Attack Hits Ethereum Classic – $1.1M Stolen
• Ethereum Classic (ETC) Developers Deny 51% Attack, Double Spend
• (Un)making History: ETC, a 51% Attack and How to Change an Unchangeable Blockchain
• Ethereum Classic Gives Update on Controversial 51% Attack
• Ethereum’s Blockchain Just Split in Two
• Proof of Stake (PoS)
• Ethereum Classic is under attack
• Build a custom email digest by following topics, people, and firms published on JD Supra.
• Attacker Stole 807K ETC in Ethereum Classic 51% Attack

WATCH RELATED VIDEO: The 51% Hack on Ethereum Classic, Explained

What Is Wrapped Bitcoin? Understanding Wrapped Bitcoin, Wrapped Ethereum And Others

As a result, around 3 blocks have become orphans, while miners have wasted around 12 hours of work. Yesterday it has suffered another attack. This time it was even bigger. Recently, there has been Interesting news about the first attack on the network. The attack was planned. The attacker took advantage of the vulnerability in the network and performed a double-spend attack worth thousand ETC. According to Decrypt , the attacker appropriated the sum equivalent to 5 million dollars.

Meanwhile, hashing power rented for the attack cost thousand dollars. The net income is impressive. We checked the latest data. For comparison, the same value for Bitcoin and Ethereum is thousand and thousand respectively. It is bigger than the first attack. The attacker has turned 4 thousand blocks into orphans. The problems were noticed in the morning. Reject signs in the right column point to the problems in the network operation.

ETC payouts are stopped. Bitfly Ethermine mining pool also spoke about the recent events and advised their users to mine Ether. Vitalik Buterin, an Ethereum co-founder, has joined the discussion. Here is the quote. ETC should just switch to proof of stake. Even given its risk-averse culture, at this point making the jump seems lower-risk than not making it. This comment is probably a joke that just draws attention to continuous problems in the ETC network.

However, the problems in the ETC network began when the developers removed Ethereum Classic support from the updated version of MultiGeth last week. Everybody related to Ethereum Classic, especially miners and mining pools, suffered from the attack. For example, Nanopool had to recalculate the balances of ETC accounts, because all the blocks in the interval from to were rejected.

Naturally, miners will not be rewarded for this work. According to MiningPoolStats statistics, the attacker has continued to control the network. At the time of writing, the distribution of the last one thousand blocks looked as follows. PSA: We'd like to again remind exchanges, mining pools, and other service providers to substantially increase or to temporarily pause all deposits and mining payouts.

ETC developers are working to find safe, and viable solutions. It means that any user can rent hashing power from Nicehash and organize such attacks on the network.

Nicehash does have enough power to rent. There is no clear solution. The current tendencies may lead to the situation when it would take days for deposits to be approved.

For example, they may be approved every 10 blocks or more. Considering the current problems, it is impossible to use the network properly. Until then, there are a lot of risks involved. It means that attackers were waiting for this moment to immediately start the attack. Here is the Ethereum Classic exchange rate chart. We did notice a small reaction to the latest events but not significant though. The decrease of the ETC cost in the middle of the week, on August 2, coincided with the decline of Bitcoin and the cryptocurrency market in general.

Overall, the situation is sad. Any time an attacker can rent hashing power, block the ETC operation and deprive you of what you earned during multiple hours of work.

For now, they only ask pools and exchanges to interrupt payouts and share articles about the attacks. Indeed, it is more secure to mine the regular Ethereum nowadays. At least in the nearest future. Miner since , the 2Miners pool co-founder. Became interested in cryptocurrencies at the dawn of the latest bull run and bought his first graphics cards.

John published a series of articles about the basics of cryptocurrency mining. On the website, you can find early articles about cryptocurrency mining, blockchain in general and mining pool operation principles. August 7, Almost blocks were rejected after the massive blockchain re-organization.

Ethereum Classic once again recommended pools and exchanges to interrupt payouts. Mining Pools. January — Work Progress Report Feb 1,

51 Percent Attack Hits Ethereum Classic – $1.1M Stolen

The text was updated successfully, but these errors were encountered:. Naturally, Gitter does not meet any of these criteria efficiently. This would allow us to organize ourselves in a much better fashion, keep dialogue on track and ultimately be able to track things we want to track, with notifications. Sorry, something went wrong. Can we standardize the graffiti field 32 bytes in block body, any data contents for testing?

Ethereum Classic (ETC) Developers Deny 51% Attack, Double Spend

Of course, these quotes — some of them from well-known tech leaders — are about Linux. And you thought they were about blockchain, right? You see, it its early days, Linux was seen as a strange little curiosity — or threat — that could really impact your career. Back in the day, recommending it could have meant a halt to your career. Some folks are saying it even more often, given the fairly dire news about Ethereum Classic and the ramifications for other cryptocurrencies. This event has caused quite a stir, as is often the case when an emerging technology gets humbled. The Ethereum Classic issue is part of a long-standing issue and another in a long line of victims of neglect. Ethereum Classic has lower-priority interest than its other platforms. It's my theory that organizations fall victim to low funding once they are of secondary interest to their owners or become a distressed asset.

(Un)making History: ETC, a 51% Attack and How to Change an Unchangeable Blockchain

Crypto began falling Friday as stocks pulled back and investors fled to the safety of Treasuries, pushing the year yield lower. As the sentiment soured in the tech space, those investors may have also started unloading their crypto. But there was no clear reason for the cryptocurrency drop, especially overnight Saturday when the losses accelerated. Parets, chief market strategist for All Star Charts technical research, in a note Saturday morning.

Ethereum Classic Gives Update on Controversial 51% Attack

By Sandra Upson. By Gian M. By Gregory Barber. By Andy Greenberg. By Klint Finley.

Ethereum’s Blockchain Just Split in Two

There are a wide variety of benefits to this proposal, such as potentially making Ethereum deflationary, providing users with a better user experience, and embedding ETH's economic value at a protocol level. Miners have strongly opposed this change, as it will significantly decrease their revenue, and they have even went as far as creating a website dedicated to stopping its integration. While this EIP evidently benefits the Ethereum ecosystem at large, some miners believe they can turn things around to keep their exorbitant block rewards by blocking the upgrade altogether. In an informal document titled "Quick merge via fork choice change," Vitalik describes how Ethereum can perform a "quick merge" by rapidly moving from proof-of-work to proof-of-stake with limited changes required to Ethereum clients. This quick merge would prioritize quickly moving to proof-of-stake while leaving the fine tuning for a future hard fork of ETH 2.

Proof of Stake (PoS)

The Ethereum blockchain is undergoing some significant updates. Learn more about how these changes will improve sustainability, scalability, and security. Ethereum was initially released in July In the years since, the Ethereum blockchain has gone through many upgrades, but none as important as its upcoming 2.

Ethereum Classic is under attack

RELATED VIDEO: Ethereum 51% Attack?? What Is Really Happening April 1st!!

The high fees on the Ethereum platform, which miners currently approve to process transactions faster, are about to change with the release of the EIP protocol during the London update. The change comes as the Ethereum Foundation is preparing for Ethereum 2. Ethereum miners rebelled against the proposed update as it will significantly decrease miner fees. In essence, EIP will implement a standard fee for miners, which miners will no longer be able to set.

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Proof-of-stake is a cryptocurrency consensus mechanism for processing transactions and creating new blocks in a blockchain. A consensus mechanism is a method for validating entries into a distributed database and keeping the database secure. In the case of cryptocurrency, the database is called a blockchain—so the consensus mechanism secures the blockchain. Learn more about proof-of-stake and how it is different from proof-of-work. Additionally, find out the issues proof-of-stake is attempting to address within the cryptocurrency industry.

Attacker Stole 807K ETC in Ethereum Classic 51% Attack

As a result, around 3 blocks have become orphans, while miners have wasted around 12 hours of work. Yesterday it has suffered another attack. This time it was even bigger. Recently, there has been Interesting news about the first attack on the network.