Review on Ethereum Classic by gregori cordova
51% of their hash rate has been hacked recently. the future does not look good for ETC
talking about ethereum classic is synonymous with controversy and vulnerability. ethereum and ethereum classic were originally the same decentralized blockchain project, but an unprecedented attack on their network led to a scandalous breakout commonly called a "hard fork." This separation was due to a failure in the smart contract that they offered called The Dao in 2016, which at that time was classified as one of the most successful crowfunding companies in the market. In this attack, more than 50 million dollars in ether tokens were removed and it was caused by an unknown group of hackers. This attack could be avoided, since in the following weeks a group of experts revealed a series of vulnerabilities in the smart contract, but ethereum executives did not take it seriously. After this attack, the ethereum community expected a satisfactory response and many were disappointed, which led to the division of the project in two. The new company was renamed Ethereum while the original one remained with the name Ethereum Classic.
But the controversy did not end there, since just beginning this August 2020, another massive 51% attack on the ethereum classic network was carried out by manipulating the record of its transactions generating losses of more than 6 million dollars. This attack will bring many negative consequences and very little confidence in the project that has previously been the victim of attacks of this type.
An attack of this type is what many projects have always feared, since by concentrating more than 50% of the hash rate, hackers can practically use the stored coins more than once and erase the transaction history. The future does not look very good for this project ...
Pros
- a project based on decentralization and autonomy of its transactions.
- offer alliances with other decentralized projects
- it can be stored in many wallets that accept erc20 tokens
Cons
- Due to the recent attack perpetrated by hackers to 51% of the network, its price will surely be greatly affected, as will the reliability of the project
- there are already 2 attacks that have weakened his reputation
