THELOGICALINDIAN - This accomplished anniversary Ethereum Classic suffered not one but two 51 attacks The culprits were able to accomplish off with millions as a result
While this doesn’t anon account the basal arrangement to slow, due to the attacks this cryptocurrency’s acceptance times accept added drastically. Exactly how bad accept these attacks aching ETC?
Crypto As A Financial Technology: Fast, Low Fees, etc.
Cryptocurrencies accept several actual use cases. They can act as an advance or a store of value. The asset chic additionally enables users to act as their own claimed bank.
The new technology, however, is best absorbing due to its almost low fees and acceleration back sending ample sums of value, compared to the aforementioned amount and acceleration at banks.
For example, over a billion in Bitcoin was beatific afresh by one of the better wallets in actuality and the fee was under $4 total. A agnate transaction at a acceptable bartering coffer would absorb a far added abundant cost, depending on a cardinal of factors.
Related Reading | Ethereum Beats Bitcoin, Gold, and Stocks In Stimulus Check Investment
Bitcoin block bearing takes almost ten account as one of the slower crypto assets. XRP takes seconds, for comparison.
After several confirmations and beneath than an hour, that Bitcoin accustomed at its destination at actual little cost. But would Bitcoin be as admired if it took two abounding weeks for those aforementioned confirmations to occur?
Two-Week Confirmation Time Cripples Ethereum Classic Speed, Investors Can’t Sell
Over the aftermost week, Ethereum Classic was accustomed a one-two bite by hackers.
The crypto asset and blockchain arrangement suffered two 51% attacks alone canicule afar consistent in millions stolen. This blazon of advance occurs back hackers accretion ascendancy of over 51% of the network’s assortment amount and use the ability to double-spend.
The hacker beatific ETC tokens to exchanges that they after spent over again, about deleting the originally beatific tokens.
Related Reading | Crypto Is Up Over 80% in 2020—and Google Users Are Taking Notice
To anticipate and assure from accident exchanges are now extending acceptance times on Ethereum Classic affairs by as continued as two weeks, according to a cheep from Coinbase.
This means, that alike if ETC is beatific accurately by badge holders to Coinbase, the bread is again ashore in limbo for two weeks while the user waits to accept their crypto.
Given the contempo arrangement attacks on Ethereum Classic, we accept added the acceptance time for ETC beatific to Coinbase & Coinbase Pro to ~2 weeks. We are actively ecology the bearings and will accommodate updates as they become available.
— Coinbase Support (@CoinbaseSupport) August 8, 2020
Even worse, any investors attractive to dump their accoutrements due to advancing attacks will be ashore accepting to delay and accord with whatever bazaar after-effects get priced in in the meantime.
Ethereum Classic may action they crypto industry several key benefits, but currently, on abounding exchanges, it takes two weeks to accept and can’t be awash until confirmed, about crippling the cryptocurrency for some time.
