Decentralized Crypto Networks 'Must be Susceptible to 51% Attacks': Litecoin Creator Charlie Lee
2019年1月10日 - 07:41PM
ADVFN Crypto NewsWire
Ethereum Classic (ETC), the smaller spinoff of Ethereum, is
still reeling from the 51% attack that was carried
out on its blockchain, resulting in the theft of more than $1 million in ETC
tokens and an almost 10% erosion of the cryptocurrency’s value.
Reactions to this attack have been pouring in from various
quarters, including the temporary ban placed on various activities
involving ETC by major cryptocurrency exchange platforms such as
Coinbase and Kraken. Industry experts and institutions have also
weighed in on the matter, how this incident could affect the public
perception and adoption of blockchains, and how incidents like this
can be prevented in the future.
Failed Blockchain?
In an email conversation with Bloomberg, venture capitalist Kyle
Samani claimed that the success of the attack on the blockchain
demonstrates that the Ethereum Classic blockchain has essentially
failed at one of its most basic responsibilities as a decentralized
cryptocurrency network.
Samani wrote:
I’m surprised that ETC is not down 50 percent or more. The most
probable explanation is that the biggest holders store their assets
off-exchange, leaving them unable to transfer them back and
sell.
However, Charlie Lee — the founder and developer of Litecoin — seems to believe that with this attack, the
Ethereum Classic blockchain is only exhibiting one of the inherent
characteristics of a blockchain. In a tweet earlier this week, Lee stated
that every decentralized cryptocurrency is susceptible to attacks
of this nature, and any blockchain that demonstrates an immunity to
this kind of attack is essentially centralized and
permissionised.
“By definition, a decentralized cryptocurrency must be
susceptible to 51% attacks whether by hash rate, stake, and/or
other permissionlessly-acquirable resources,” the Litecoin creator
wrote.
Every PoW Crypto is [Technically] Susceptible to 51%
Attack
Lee’s sentiment was shared by Donald McIntyre, a member of the
ETCDEV development team, which was shut down in December 2018 over
lack of funding in the wake of the downturn in the crypto market.
In a blog post published on
Medium on January 8, McIntyre wrote:
Bear in mind that the current attacks ETC suffered are not a
function of flawed internal design or a ‘hack’ to the system. It
was a double-spend mining attack and a breach of security which is
a formal assumption in its design, which is vulnerable to 51%
attacks, as in any other proof of work blockchain, including
Bitcoin.
In the post, McIntyre further claimed that the blockchain could
be protected from attacks like this in the future through a change
in the mining algorithm. At press time, ETC is ranked the
18th largest cryptocurrency by market capitalization and is
trading at $5.04.
Source:
CCN
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