Ethereum Classic (ETC) Introduces Alert System for Double-Spending Attacks
The ETC network now has a tool that monitors suspicious activity in a bid to prevent potential attacks.
After a series of mining exploits on the Ethereum Classic (ETC) network, the newly appointed ETCCore team has built a tool to look out for suspicious activity. The basic tool, available at ETCStatus.Live, is showing the level of threat based on block analysis and block propagation patterns.
Based on Crypto51 data, the Ethereum Classic network is 85% attackable by hired mining power from Nicehash, and the cost of a one-hour attack is $4,031. The biggest risk for double-spending is still for exchanges, which can only increase the number of confirmations, hoping they will only accept transactions as valid after it is clear that there is no double-spending possibility. Each confirmation increases the chance that a transaction is valid, and not the result of an alternative chain propagating for a limited time.
Ethereum Classic is not the most threatened network, and some relatively prominent coins can also be attacked though Nicehash, including Bitcoin Private (BTCP), Vertcoin (VTC), as well as Monacoin (MONA), the asset that is highly popular with Japanese users and traders. Ravencoin (RVN) is 47% attackable, but this is somewhat worrying, as the protocol claims to offer high security for the issuance of security tokens.
The recent experiences, however, have shown that an attack against the network does not lead to a catastrophe and the eradication of the digital asset. The ETC market price is relatively stagnant, remaining at $4.33, with no signs of “going down to zero”.
Outside of the attacks, the Ethereum Classic network is still in the top 20 networks based on transaction load and usage, based on Blocktivity data and additional statistics:
However, the 51% attacks did hurt the project’s reputation, especially inviting criticism from Bitcoin maximalists.
ETC trading is highly dependent on OKEx, which hosts a vast share of the activity. More than 41% of all ETC trading is against Tether (USDT), making the asset somewhat decoupled from BTC. However, in the past months, despite the Coinbase exposure, ETC has remained stagnant, with a slow downward trend.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.