(ETC) Cryptocurrency Ethereum Classic : 51% Attacks Fixed???
Ethereum Classic network rolled back to 2015 level due to 51% attacks
The latest 51% attacks on the Ethereum Classic network brought the project back to its origins
Along with the fall in the number of transactions, the hash rate of the network also collapsed
It looks like cryptocurrency exchanges are playing a key role in the drop in activity
Along with the fall in the number of transactions, the hashrate of the Ethereum Classic network collapsed, which means that there is no interest among miners in protecting the network.
Increased 51% attacks on the Ethereum Classic (ETC) blockchain did not significantly affect the price of ETC, but critically affected the activity within the blockchain.
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According to blockchain data, almost immediately after the 51% attacks that occurred in early August, the number of transactions on the Ethereum Classic network collapsed to the level of the end of 2015.
Such a significant discrepancy in the price and activity of the network may be due to attempts by cryptocurrency exchanges to reduce the damage from attacks..
Stock exchanges led
Earlier, for example, the American cryptocurrency exchange Coinbase announced an increase in the confirmation time for ETC deposits to two weeks to avoid potential fraudulent schemes and a collapse in the price of ETC.
The OKEx exchange, which lost over $ 5 million due to a double-spending attack, even announced a possible delisting of the asset if the project developers did not resolve the issue with the increasing attacks.
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Ethereum Classic developers have already presented measures of different execution time to improve network security.
So, according to a post on Medium, the developers intend to soon strengthen the stability of the hash rate through cooperation with mining pools..
Historical hashrate crash
The hash rate is at the forefront, since after the attack it fell to the values of 2017, which signals the reluctance of miners to maintain network security.
The Ethereum Classic development team intends to start continuous monitoring of abnormal hashrate deviations in the near future.
It is noteworthy that the developers also confirmed the possibility of changing the network algorithm from Proof-of-Work to RandomX or Keccak-256.
Earlier, the co-founder of the Ethereum (ETH) ecosystem, Vitalik Buterin, suggested that developers switch to the Proof-of-State consensus algorithm.
At the time of this writing, the price of ETC / USDT is $ 7.04.
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