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Ethereum Classic Might Have Been Hit by a 51% Attack

Ethereum classic might have been hit by a 51% attack

Ethereum Classic Might Have Been Hit by a 51% Attack


Crypto exchange 51% attack ethereum classic

Late last night on Twitter, the official Ethereum Classic team noted that possible chain reorganization and double spend attacks are ongoing. They subsequently asked crypto exchanges and ETC mining pools to require as many as 400 confirmations for withdrawals and deposits.

The team noted that, to their knowledge, the ETC network is operating normally.

Chain Reorganizations and Double-Spends Afoot?

A chain reorganization is when a client in most bitcoin $BTC (BTC) [BTC] designs discovers a longer chain which disregards blocks it had previously processed. “The longest chain wins” is one of the rules of decentralized networks. “Longest chain” is defined by various metrics including difficulty (the most miners were mining this version).

51% attacks are based on the concept of the longest chain. If a miner has enough hash power, they can essentially rewrite a bitcoin $BTC (BTC) [BTC] to suit their needs. They can pay for goods, services, or even other cryptocurrencies and then rewrite the history of the bitcoin $BTC (BTC) [BTC] so that these transactions never actually happened.

A 51% attack on the BTC [BTC] (BTC) network is probably too expensive at present. However, Ethereum Classic does not enjoy the massive hashpower that BTC [BTC] (BTC) and Ethereum have. According to ETCSTATS.net, at the time of writing they had just 8.8 terrahash. Compare this to BTC [BTC] (BTC), which has over 39 million terrashash at time of writing. Or a closer comparison to Ethereum proper, which has 190 TH/s.

Ethereum classic mining
Ethereum classic does not enjoy the massive hashpower that btc [btc] (btc) and ethereum have.

These numbers represent the amount of hashpower that would be required to effect a chain reorganization or a double spend attack. As such, it is significantly less expensive to double-spend or create a reorganization on the Ethereum Classic network than it is on some others. It is still more expensive on the almost $600 million network than it is on many.

Ethereum Classic Exchanges Put on Notice

The ETC team stresses that they believe everything is fine. However, in a follow-up tweet they asked mining pools and exchanges to require as many as 400 confirmations.

They specifically tagged OKEx, the exchange where most of their volume takes place, along with some others. Compared to other cryptocurrencies, however, Ethereum Classic trading is pretty evenly spread across exchanges:

Ethereum classic might have been hit by a 51% attack
They specifically tagged okex, the exchange where most of their volume takes place, along with some others.

Increasing the number of required confirmations reduces the likelihood of victimization. It takes more hashpower for each additional block a nefarious miner wishes to republish or erase from the bitcoin $BTC (BTC) [BTC]. Too much chaos results in a “hard fork.” The majority of the network decides which chain it will accept going forward.

Ethereum Classic itself comes from a hard fork surrounding an early bug in Ethereum. The legendary DAO Hack led some Ethereum community members to disagree with the decision to hard fork and preserve the original chain.

Featured image from Shutterstock.

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Published at Mon, 07 Jan 2019 19:02:08 +0000

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10 VPN Services Providers That Accept Bitcoin

Bitcoinist has compiled a list of ten VPN providers that will gladly offer you their services for your bitcoin. 

Why VPN?

One of the primary reasons for purchasing a VPN service is to keep your online activity private. It is ironic, then, that some still choose to buy their VPN service via a payment method tantamount to a suitcase filled with marked bills and a transponder — which, if you’ve ever seen No Country for Old Men, you’ll know is a very bad idea.

The most commonly used online payment methods, PayPal and credit cards, are among the easiest to trace, funneling out buyer information to tax entities, third-party processors, and enormous — as well as enormously connected — financial institutions. As if this weren’t bad enough, PayPal and credit cards also charge steep transaction fees that drain revenues from VPN providers, making them dependent on income that can, at the whim of the banks and legislation, vanish without a trace — unlike the information they will keep on you.

networking

Looking for privacy along the entire transaction many consumers now opt for anonymous payment methods like bitcoin to purchase VPN services. With bitcoin, as long as you employ the full range of the system’s features — like secure wallets and aliases — your transactions will not identify you.

Also, since bitcoin is a decentralized payment method, no corporation, government, or financial institution can shut it down. Lastly, bitcoin is fast, cheap, and safe: Its transactions wait on no clearing times, its transaction fees are often far lower than those of a standard credit card, and it provides excellent fraud protection.

Because of this, several prominent VPN providers now accept bitcoin payments (while some no longer accept credit card payments at all). Since the differences between these providers can be a bit nuanced, however, a third-party VPN site can help you in figuring out which VPN is the best fit for you.

Top 10 bitcoin-Friendly VPN Services

TorGuard

With more than 1250 servers in over 42 countries, TorGuard ranks highly among the elite VPN providers. It even works in countries where VPN protocols are government-filtered, such as Iran, China, Syria, and the UAE. However, there is no trial software and some consider the website a little confusing to navigate.

Private Internet Access

This VPN service is known for its minimalist efficiency. Ad-blocking, one-click activation, and fast performance are among its highlights, though a few users find its spare design off-putting.

IPVanish VPN

Solid speeds, a straightforward interface, and automatic IP address cycling are a few perks of IPVanish. It is spendier than some other VPNs, however, and though its interface is user-friendly, visually it leaves something to be desired.

ExpressVPN

Express VPN

Netflix, BitTorrent, and P2P are all accessible with the highly versatile Express VPN. Though international downloads are fast, in general this VPN tends to be on the slower side. Also, like IPVanish, it is expensive.

VPNArea

Registered in Bulgaria, hosted in Switzerland, and operating in 54 countries (including Saudi Arabia, South Africa, and Russia), VPNArea provides unlimited bandwidth and a kill switch system. VPNArea has been accused, however, of poor customer service and slow speeds in the more out-of-the-way countries.

Air VPN

No logs, port forwarding, and a stable connection make Air VPN a favorite among those wishing to protect their anonymity. Among its cons: It does not offer an abundance of server locations, and using the service can sometimes necessitate an advanced knowledge of VPN configuration.

IronSocket

This service is direct and easy to understand, and its users love the ability to download customized open VPN settings. Even so, some reviewers have cited its lack of special features (like a kill switch and DNS leak protection) as deal breakers.

Anonine

This VPN boasts IP shuffling, no restrictions, and a no-logging policy. Even so, its customer service has left a few users feeling less than satisfied.

BlockCDN

SaferVPN

With a dedicated Chrome extension for added security, SaferVPN delivers a reliable performance and welcoming interface. On the downside, it does keep logs and requires additional payment to get more connections.

ShadeYou

ShadeYou is simple to use, allows five simultaneous connections, and its Dutch registration source guarantees maximum privacy by law. Some users have criticized small defects in its webpage, though, as well as occasionally slow speeds.

These are 10 good VPN providers that accept bitcoin, there are probably more as there are dozens of VPN companies out there, but these will all do the job for you. If you want to dive into the details of each we do recommend visiting a third party comparison site for real in-depth analysis.

Have you paid for VPN services in bitcoin? Share your experience below!

Images courtesy of Shutterstock, ExpressVPN

The post 10 VPN Services Providers That Accept Bitcoin appeared first on Bitcoinist.com.

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