Ethereum Classic Vision - Effectively Protected Against Malicious 51% Attacks

The cryptocurrency space has repeatedly come under different forms of malicious attacks to date with traders, exchanges and blockchains being targets of these attacks at different points in time losing millions of dollars worth of cryptocurrencies in the process.
Bitcoin, ethereum, and the majority of other blockchains run on the proof of work PoW consensus algorithm. This has proven time and time again to be not only inefficient but also insecure.

Insecurity of PoW

All blockchains that run on Pow are vulnerable to a malicious attack called the "51% attack". A 51% attack is possible when a mining pool is able to attain more than 50% of the whole hashrate in a particular blockchain's network. When a mining pool or miner gains this, they will be able to rewrite the blockchain ledger (blockchain reorganization) and then steal the native cryptocurrency of that blockchain through an act called a "double spend".
51% attacks are not fictional this is a very real threat to blockchains. Between the 5th to 7th of January 2019, the ethereum classic blockchain came under a 51% attack in which deep chain reorganizations and double spends allowed ETC tokens worth about $1.1 million to be stolen. In similar attacks, millions of dollars worth of cryptocurrencies have been stolen on PoW blockchain networks like Bitcoin gold, vertcoin etc.
While it is practically impossible to attack PoW blockchains like ethereum and bitcoin, the smaller blockchains remain at a risk.

Ethereum Classic Vision Proof of Stake (PoS) Consensus Mechanism

According to the ETCV whitepaper, the ethereum classic vision blockchain will initially use the proof of work consensus algorithm due to the introduction of some cutting edge technology in order to make it a fast, highly scalable, fully decentralized and very secure.
Unlike ethereum which has been stalling on its plans to change from its PoW consensus algorithm to PoS, ethereum classic vision has set this milestone has part of its roadmap. The switch to PoS will happen in Q3 2019 after the implementation of a host of innovative features like the P2P decentralized exchange module, the decentralized storage system based on IPFS, etc.

Why ETCV is adopting PoS

Proof of stake (PoS) is a different way of approving transactions. In the PoS, there are validators as opposed to miners in the PoW mechanism. In the PoS consensus, validators will be picked based on the number of stakes the validator possess and how long the validator has been possessing. this stake (coins or tokens). PoS runs in a way that when the coins are moved from that wallet to another for any purpose, the aging resets and starts again so the stakes have to remain frozen for the validator to continue getting rewards from validating transactions.
PoW requires miners to buy sophisticated hardware and also invest in electricity to do the work of mining coins/tokens, while PoS only needs the staked coins/tokens and can run on the most basic hardware with mining electrical consumption. All that PoS validators need, however, is to stay online.
Unlike PoW in which the smaller blockchains can be hacked through the 51% attack stated above, PoS offers the same level of security to all blockchains either the big ones or the smaller ones.
PoS is a lot more secure than PoW because it will be extremely expensive and uneconomical to try to attack a blockchain and when a validator validates a wring transaction it loses its staked coins. This offers more security than that of the PoW blockchain.

Conclusion

Ethereum classic vision and the blockchains built upon it will be better protected against 51% attacks like that which the PoW blockchains are vulnerable to at the moment, protecting both the smaller projects and the big ones equally from malicious attacks.
Exchanges are often an easy target for 51% attacks and often when this happens, the exchange mostly stops interacting with such blockchain and possibly delist the coins. This can easily kill small projects due to its resulting effects. Ethereum classic vision secures blockchains against this form of attacks protecting exchanges, traders, miners, merchants and other people interacting with the blockchain's coins.
This is a project for the future of cryptocurrencies and will pioneer an era of more practically scalable, decentralized and equally secure blockchains.

Hard fork Ethereum - Ethereum Classic Vision - 11.01.19

For further reading consult the official documents and visit the official contacts from the links below.

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