The most important threat to blockchain networks is the attack of 51%, and this percentage represents the size of the hash on the network.

Why is Ethereum Classic threatened with a 51% attack?

The larger the network in terms of hash rate, the more difficult it is to achieve a 51% attack, as it becomes necessary for the attacker to provide a huge hash rate equivalent to 51%, and from the networks that are difficult to penetrate with an attack of 51% Bitcoin and Ethereum.

Whereas, the hash power of the Ethereum Classic blockchain is relatively small compared to both Bitcoin and Ethereum.

Recently need to Some Ethereum Classic blockchain administrators require trading platforms and mining pools to suspend ETC deposits and transfers while they work and process what is going on.

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The demands of the Ethereum Classic blockchain administrators were met as cryptocurrency exchange Poloniax stopped trading ETC, while other exchanges such as Binance did not.

The price of Ethereum Classic remained stable and trading volume did not decline according to data from CoinGecko.

According to analysis by Yaz Khoury who heads developer relations at the Ethereum Classic cooperative, the potential attack occurred in the early hours of August 1 when someone mined an additional 3,693 blocks on the ETC blockchain.

The 3,693 additional blocks were far too large for the ETC chain to handle since merging them would require several hours of recalculating block hashes.

To make matters worse, the larger 2Miners mining pool in the Ethereum Classic blockchain was in maintenance mode, allowing these blocks to pass.

When the 2Miners mining pool got back in action, they picked up these blocks and accepted them as belonging to the Ethereum Classic blockchain.

In simpler terms, while the 2Miners mining pool was in maintenance mode, one miner mined more than 3000 blocks that later became accepted as a true Ethereum Classic block, although not verified.

If the 2Miners pool had remained uninterrupted, blocks generated by other miners would have been checked before they were added to the network, preventing this type of addition.

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Since this mysterious mineral captured more than 51% of the total network hash power when blocks were added, it was able to pass it along.

In theory, new blocks could contain double-spend transactions or other malicious activity that the blockchain was designed to prevent.

However, it is not yet certain that the reorganization of the blocks was the result of evil intentions.

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Khoury noted the nature of the potential attack, as well as the added blocks, many of which contain no transactions at all that do not appear to be actively malicious.

Ethereum Classic was created in the first year of Ethereum’s existence as a result of the 2016 hack:

Learn about the Ethereum Classic and Digital Currency (ETC) project

Therefore, it can be said that Ethereum Classic is still under the threat of a 51% attack, especially in the event that one of its largest mining pools falters, as happened yesterday, and to avoid a 51% attack, a greater hashing power is required.

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