A potential attack on the Ethereum network Classic (ETC) will cost only $55 million and can bring the attackers to $1 billion. This statement is contained in the analysis, which was conducted by Brazilian researcher Husam Abboud from the University of FECAP in são Paulo, says TNW.
As stated by the author of the analysis, he took Ethereum Classic example to demonstrate the vulnerability of the blockchain-based networks algorithm Proof-of-Work (PoW).
“We are confident enough to say that the cost of attack of 51% on Ethereum Classic will cost $55 million to $85 million the Average is about $70 million”, — said Husam Abboud.
As the newspaper notes, the claims of the researcher are contrary to the widespread opinion that a successful attack 51% of the blockchain network to take control of Herat will be too expensive and will lead to devalue themselves cryptocurrencies.
“If you’ve had hasraton be profitable to continue mining the coin, and not to attack on the network”, — said Abboud.
According to him, any miner in possession of a least 2.5% heartrate Ethereum (ETH), may just switch to production ETC and control more than 51% of the network.
He also said that the entry threshold, in terms of the cost of equipment for mining have decreased significantly, and significant gains can be achieved if the short cryptocurrency on exchanges with high liquidity.
Also Husam Abboud came to the conclusion that the attack 51% of the Bitcoin Cash will cost about 250 BTC per day ($2 million), less funds will be needed for a similar attack on Bitcoin Gold 26 BTC a day ($200,000).
Taken by the researcher based on the calculation method of attack 51% is known as Rindex v2.0, which focuses on the cost of renting computing power. At the same time less complex network attack on Ethereum Classic he estimated at an even more modest amount – only $1.5 million.
“The purpose of this document is to raise awareness about this attack vector and to take the necessary measures to improve the sustainability of the network,” added Abboud.
Among such measures, for example, he calls the transition to the Protocol Proof-of-Stake (PoS).
It is noteworthy that the publication of the study almost coincided with the attack on the Bitcoin network Gold earlier this week.