Summary
TLDR: The article discusses the recent double spend attack on Ethereum Classic (ETC) blockchain, where hackers took control of over 51% of the network’s computing power. The attack allowed them to manipulate transactions and spend the same coins multiple times. ETC developers and exchanges are investigating the incident and implementing measures to prevent future attacks. The incident highlights the vulnerabilities of blockchain networks with lesser hash rates and the need for enhanced security protocols.
Key Points
1) Ethereum Classic is a decentralized blockchain platform that operates on the principles of immutability and censorship resistance. It was created as a result of a hard fork from the original Ethereum network in 2016. Unlike Ethereum, Ethereum Classic does not have any centralized authority or control, making it attractive to those who value the principles of decentralization.
2) One of the key features of Ethereum Classic is its smart contract functionality. Smart contracts are self-executing contracts with the terms of the agreement directly written into lines of code. These contracts automatically execute actions once the predefined conditions are met. Ethereum Classic allows developers to build and deploy smart contracts, enabling a wide range of decentralized applications (dApps) to be built on its platform.
3) Ethereum Classic has a limited supply of tokens, just like its counterpart Ethereum. The total supply of Ethereum Classic is capped at 210 million ETC coins, ensuring scarcity and potentially increasing its value over time. This limited supply also helps maintain the balance between supply and demand, making Ethereum Classic an attractive investment option for some.