Yet another 51% attack occurs on Ethereum Classic, should they move to proof of stake?

• In just one week, the Ethereum Classic blockchain has experienced its second at 51% attack.
• Bitfly highlighted the attack earlier this week with Binance also confirming that the reorganisation of over 4000 blocks on the block number 10935622.

In just one week, the Ethereum Classic blockchain has experienced its second at 51% attack. The parent company of the Ethermine mining pool, Bitfly highlighted the attack earlier this week on Thursday with one of the biggest platforms in the space, Binance also confirming that the reorganisation of over 4000 blocks on the block number 10935622.

This is the second 51% attack on the network in just five days. This followed by the one that occurred on the 1st of August in which around $5.6 million worth of the Ethereum Classic token was double spent. Although, there is no specific figure for how much was stolen in this recent attack at the time of writing.

For those that don’t know, a 51% attack of a blockchain occurs when a group of miners control more than half of the overall hash rate or computing power for the network. This will give these malicious players a chance to prevent new transactions from gaining confirmations as well as stopping payments in their path between users and reversing transactions after they are completed. This means they can double-spend coins.

The co-founder of one of the biggest crypto networks in the space, Ethereum, Vitalik Buterin tweeted following the attack saying that the network should move to a proof of stake consensus algorithm rather than being in a current proof of work mechanism.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!