Having suffered its 3rd 51% attack in the last 30 days, August has been far from a great month for Ethereum Classic.
For those of you that may not know, a 51% attack is a targeted blockchain attack that involves a coordinated effort from a group of miners who control at least 51% of the currencies mining hash rate (or computing power).
Although the blockchain makes it next to impossible to edit existing transactions within the digital ledger, 51% attackers can effectively prevent new transactions from taking place, rendering the currency temporarily useless.
The 3 attacks on Ethereum Classic reorganised 14,693 blocks of data, equating to over 4 days worth of mining.
While ETC Labs, the company behind Ethereum, have been scrambling to recover on both a technical and PR front, this month’s events have one thing clear to all — as secure as blockchain technology may outwardly seem to be, its cracks are beginning to show.
Fortunately, newer blockchain analogues such as Dagchain have made serious headway in addressing the security issues present in their progenitor.