As reported Bitfly, mining company that also discovered the first attack on this blockchain, over the weekend the blockchain of Ethereum Classic (ETC) suffered a third attack of 51% within a month.
The attack took place on 29 August 2020 and involved the reorganization of 7000 blocks which is equivalent to about 2 days of mining, so we speak of an attack however serious.
Now, in order to overcome this attack, it will be necessary to remove all the lost blocks with the corresponding ETC balances contained in them.
Even the ETC Cooperative, which aims to grow this blockchain, has asked for the help of all to test and evaluate other solutions to be implemented as soon as possible.
Recall that only a couple of weeks ago, following yet another attack of 51%, the OKEx exchange suffered a major loss because those who had undermined the ETCs involved in the attack had managed to liquidate them in the exchange with an effect to the detriment of OKEx. Despite this, the exchange has decided not to delist the token but will enhance its platform.
Solutions against attacks by 51%
Certainly does not represent a favorable month for this Bitcoin Rush, although in the meantime has passed without problems his third fork and has recently been the fourth anniversary since its birth.
This positivity, however, could soon change since, as many think, it is time to implement a new type of algorithm to avoid new attacks of 51%.
One of the solutions would be to change the type of algorithm in use, currently at PoW (Proof of Work), or add another that can withstand a sudden increase in power, so as to adjust automatically and not allow anyone to have a disproportionate advantage.
In any case, despite the attack happened a couple of days ago, the price of the asset has not collapsed as you would expect in these cases, and this shows that the market has not worried at all about what happened.
ETC is currently trading at around $6.50.