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 ...