Ethereum Classic (ETC) went through a blockchain reorganization early Saturday morning. At first, the event thought to be a likely fifty one percent attack. The development took place when a miner used old software after having been offline, as per the CEO of Ethereum Classic Labs, Terry Culver.
The event caused all state-pruned nodes to stop synchronizing and is probably triggered by a fifty one percent attack, digital asset miner Bitfly tweeted.
In an ensuing report, Ethereum Classic developers mentioned that the reorganization instead could have resulted from “the offending miner lost access to internet access for a while when mining.”
A developer at the Ethereum Foundation, Hudson Jameson mentioned,
“Exchanges need to pause [ETC] deposits and withdrawals.”
A reorganization takes place when 2 versions of a blockchain contend for validity from nodes in the network. Ultimately, one chain of blocks will win a majority of the mining hash power, leaving the contending chain to be abandoned.
So far, the ETC market appears uninfluenced by the development, as per Messari. At press time, ETC is changing hands at USD 7.34, as per coinmarketcap. The cryptocurrency is down by 4.30 percent, at the time of reporting.
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