Ethereum Classic [ETC] endured a 51% attack twice in the month of January, attacks which successfully latched on to ETC’s blockchain for several days. The losses estimated following the breach accounted for more than $1 million. The attack left the community worried as fraudulent actors were able to acquire 51% of the hash power, which was then used to manipulate a string of deposits made on several cryptocurrency exchanges, by reversing them. This prompted Coinbase to halt ETC trading on its platform.
The latest Astor-Network testnet, based on ECIP-1059, was implemented on Ethereum Classic’s [ETC] network in response to the 51% security breach in January. The testnet leverages SHA3 or Keccack256, as it is a Proof-of-Work [PoW] method.
Ethereum Classic on its official Twitter handle announced,
— Ethereum Classic (@eth_classic) May 28, 2019
According to the blog post published by Alex Tsankov, DApp Direct’s operator, ECIP-1059 recognized the need for ETC network to branch out from the same algorithm that is used by its fork, Ethereum [ETH].
The post also alluded to transparency in the hashing algorithm and stated that SHA3 enables block producers around the world an equal mining opportunity. This implies that no single team has an edge over the others, despite the fact that the SHA3 is based on a PoW-method. Designed by Keccak team, SHA3 is touted as a “safer block production,” by community members.
Applauding the algorithm, Tsankov tweeted,
“SHA3 Mining on Astor Testnet has begun! My 2 CPU miners are currently putting out a combined 435,000 hashes per second. Remarkable performance from SHA3 – a true mark of quality.”
At press time, the average block time stood at 38.80 seconds, while the average network hashrate was 434.5 KH/s, with the difficulty at 16.84 MH.
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