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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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