Proposed 51% Attack on the ETC
The crypto news sites and Reddit pages have certainly seen a divide in the Ethereum community.
Ever since the DAO’s vulnerability was exploited by an opportunist who siphoned away millions of dollars in DAO tokens, the community has seen two phoenixes rising from the DAO’s ashes. Emblazoned on each phoenix’s chest are badges of the respective ETC and ETH symbols. And while some people are standing in the middle, seeing neither phoenix as a harbinger of Ethereum doom, there are certainly some groups taking strong stances.
The Ethereum Classic group firmly disagrees with the hard fork decision the Ethereum foundation executed to circumvent the DAO attack. The supporters behind ETC (Ethereum Classic) have joined together to make sure the ETC chain doesn’t dissolve into its originally diagnosed state, and the Ethereum code stays intact and autonomous like it was meant to be. They formed a site dedicated to this old chain with their ideology as stated:
“We believe in decentralized, censorship-resistant, permission-less blockchains. We believe in the original vision of Ethereum as a world computer you can't shut down, running irreversible smart contracts. We believe in a strong separation of concerns, where system forks are only possible to correct actual platform bugs, not to bail out failed contracts and special interests. We believe in censorship-resistant platform that can be actually trusted.”
Adversely, there’s the ETH group that stands by the Foundation’s decision. Most users are simply putting their faith in the Foundation and sticking to the new chain that has been forked… Then, of course, there are others who see the ETC group’s ideology as blatant dissidence. One particular section of this group has decided to come together under a plan titled 51Pool. The objective of this anti-ETC group is to rally together to execute the infamous 51% attack to destroy the ETC network. They’re attempting to gather enough mining power and are currently mining at around 464 GH/s of power so they haven’t hit a sufficient hash rate (yet). They will attempt the 51% attack as many times as they need to hit a higher hash rate. They’re currently using a modified Go-Ethereum client and listing the following objectives to procure others to their cause.
- Be a part of the Ethereum history
- See how many ant-forkers think “code is law”
- Increase ETH’s market value
- Remove uncertainty in ETH vs. ETC
- Kill off the ETC hash rate to destroy the network
- Prove ETC is not immutable
The question remains whether or not they’ll achieve the 51% attack, but it’s clear that this proclamation is causing a rift within the community. As devs are tweeting out their stance then recounting, it’s stirring up confusion and adding mixed emotions to the pot.
ETHNews will stay on top of the proposed 51% attack. Stay tuned to see how it unfolds.