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Ethereum Classic [ETC] 51% attack leads Metronome Token to deploy new contract

Namrata Shukla

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Ethereum Classic [ETC] 51% attack leads Metronome Token to deploy new contract
Source: Pixabay

Metronome [MET] token, that operates on the Ethereum platform released an update on a Medium blog and commented on the Ethereum Classic network’s 51% attack that happened earlier this year and what steps are they going to take.

The ETC network was hit by a 51% attack on January 5, where the attackers rented the required hash power to control the network. The post suggests that this attack could have been to double-spend ETC tokens while selling them to the exchange.

About the concerns people may have about MET tokens that reside on networks prone to 51% attacks, the Foundation in a Medium post revealed that the Metronome team has put in work to develop contracts for deployment on the Ethereum Classic network in order to secure the transactions. The post read:

“The team has put in considerable effort in developing/auditing these contracts for deployment on Ethereum Classic and the Validator Network that will secure the transactions between chains.”

The team is going ahead with their planned Q1 deployment of Metronome contracts on the Ethereum Classic network. The post read that the team is confident about the contracts to be deployed and realize that this decision will be a matter of concern for people. The post explained its stance saying:

“Watching the situation unfold over the course of a few weeks — and noting Ethereum Classic’s resilience in both market-cap and ability to maintain its hash rate post-attack — the team is confident enough in the chain to deploy contracts. The additional security in continued institutional incentive to stabilize the network has helped alleviate some of the team’s concerns.”

The post urged MET owners to consider where they store their MET at all times. The post also warned MET owners regarding not storing their coins if they find any abnormality found on the deployed Metronome contracts.



“…should any owner find any network with deployed Metronome contracts misaligned with their security needs and risk tolerances, then they should not store their MET on that chain. As with any cryptocurrency, each owner has an individual responsibility to themselves.”

The attacked chains are vulnerable to attacks, however, the post mentions a few things to be considered.

“The primary economic incentive for attacking a network is to go after the most profitable tokens — which is usually the underlying token itself (in this case ETC). Additionally, the victims of 51% attacks are usually exchanges.”

The post about the Ethereum Classic Contract concluded with the announcement of the deployment of the contract and informed the owners of MET that they can move their token as per their wish, as the attack has proven the need for chain portability.





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Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block

Akash Anand

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Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Source: Pixabay

Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.

The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.

The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:

“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦‍♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”

Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.

A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.



One supporter of BSV, mboyd1, tweeted:

“Orphaned blocks are a feature, not a bug”

To this tweet, Zyo, another cryptocurrency enthusiast replied:

“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”





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