Some PoW currencies are using the same mining algorithms as their larger counterparts, making it much easier to hack the smaller networks with a 51% attack.
Blockchain technology is revered as being a completely secure system, but that isn’t necessarily the case. The tech is still relatively new. Also, as the price of popular cryptocurrencies increase and there’s more of a reward for attacking it, more and more people will look for inventive and profitable methods of attacking the $330 billion-dollar industry.
While the math behind blockchains is solid and the security behind the top cryptocurrencies is still unmatched, the same can’t be said for smaller cryptocurrencies that use the same mining algorithms as the largest ones.
A great example of this is Ethereum Classic (ETC). This cryptocurrency uses the same algorithm as Ethereum yet has a much lower total hash rate on the network. Miners would get the same hash rate out of their machines regardless of which network they were mining on.
Cheaply Killing Blockchains
Cryptocurrency researchers from FECAP University in Brazil have shown that it would take only around $1.5 million to attack the ETC network and still pull a nice little …
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