Ethereum classic (ETC) News – Is Ethereum classic (ETC) still at risk?

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Ethereum classic (ETC) came under 51% attack recently. The vulnerabilities of the network were exposed in this attack. It is still not yet clear whether it was a white attack or the hackers actually stole money. A partial sum of the money was returned to one of the exchanges as well. The main concern of many of the traders and investors is whether Ethereum classic (ETC) still has vulnerabilities which can unfold in the future.

Is Ethereum classic (ETC) still at risk?

Currently as well, Ethereum classic (ETC) can come under attack. The cost of the attack will be around $ 4000. The main risk of the 50% attack is that double spending might occur which leads to significant losses for the exchanges. Ethereum classic (ETC) is not the only network which is at risk. There are many others like Monacoin (MONA), Vertcoin (VTC) which can come under attack. One thing which has become clear is that even after the cryptocurrency is under attack, it does not wipe out in value completely. For example, Ethereum classic (ETC) is relatively stagnant even after the attack. It has not fallen to zero.

Ethereum classic (ETC) is in top 20 cryptocurrencies by market cap. That is why it has not experienced significant erosion of value. Another problem is that Ethereum classic (ETC) is heavily dependent on certain cryptocurrency exchanges for most of its volume. An example is OKEx. The cryptocurrency exchange conducts 41% of the trading volumes. Most of it is against Tether (USDT). The flipside to this is that it is relatively independent of Bitcoin (BTC) but highly dependent on a single cryptocurrency.

It is high time that cryptocurrency developers think about something to avoid the 51% attack. Even though it does not erode the value of the cryptocurrency in the longer term, but it indeed turns the competition dense. If 51% attacks become more and more common, it will be challenging for the newer cryptocurrency investors to come in.

Unless and until the asset is secure, most of the new investors will not prefer it. In such a case, the entire cryptocurrency industry will face a massive challenge in bringing in the newer investors. The Altcoins will suffer the most since they are the most susceptible to such attacks. The mainstream cryptocurrencies are more decentralized concerning mining power as compared to the Altcoins. The risk is on the cryptocurrencies which have a limited number of miners and more centralized mining structure.

About Riddhi 224 Articles
I am an electronics engineer and follow the crypto space closely.

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