![Ethereum classic [etc] 51% attack leads metronome token to deploy new contract |](https://ohiobitcoin.com/storage/2019/02/KQ5gYl.jpg "Ethereum classic [etc] 51% attack leads metronome token to deploy new contract |")
![Ethereum classic [etc] 51% attack leads metronome token to deploy new contract |](http://ohiobitcoin.com/storage/2019/02/KQ5gYl.jpg "Ethereum classic [etc] 51% attack leads metronome token to deploy new contract |")
Metronome [MET] , that operates on the platform released an update on a Medium blog and commented on the Classic network’s 51% attack that happened earlier this year and what steps are they going to take.
The ETC network was hit by a 51% attack on January 5, where the attackers rented the required hash power to control the network. The post suggests that this attack could have been to double-spend ETC while selling them to the exchange.
About the concerns people may have about MET that reside on networks prone to 51% attacks, the Foundation in a Medium post revealed that the Metronome team has put in work to develop contracts for deployment on the Classic network in order to secure the transactions. The post read:
“The team has put in considerable effort in developing/auditing these contracts for deployment on Classic and the Validator Network that will secure the transactions between chains.”
The team is going ahead with their planned Q1 deployment of Metronome contracts on the Classic network. The post read that the team is confident about the contracts to be deployed and realize that this decision will be a matter of concern for people. The post explained its stance saying:
“Watching the situation unfold over the course of a few weeks — and noting Classic’s resilience in both market-cap and ability to maintain its hash rate post-attack — the team is confident enough in the chain to deploy contracts. The additional security in continued institutional incentive to stabilize the network has helped alleviate some of the team’s concerns.”
The post urged MET owners to consider where they their MET at all times. The post also warned MET owners regarding not storing their coins if they find any abnormality found on the deployed Metronome contracts.
“…should any owner find any network with deployed Metronome contracts misaligned with their security needs and risk tolerances, then they should not their MET on that chain. As with any , each owner has an individual responsibility to themselves.”
The attacked chains are vulnerable to attacks, however, the post mentions a few things to be considered.
“The primary economic incentive for attacking a network is to go after the most profitable — which is usually the underlying itself (in this case ETC). Additionally, the victims of 51% attacks are usually exchanges.”
The post about the Classic Contract concluded with the announcement of the deployment of the contract and informed the owners of MET that they can move their as per their wish, as the attack has proven the need for chain portability.
The post appeared first on .
Published at Mon, 11 Feb 2019 00:18:12 +0000
