Alert System Implemented on Ethereum Classic to Monitor Suspicious Activity, Aiming to Prevent Attacks
One of the greatest risks to the cryptocurrency industry is the ability for cybercriminals to attack nearly any aspect of the community, whether it be on wallets, exchanges, or other opportunities. With so many hacking attempts and malware arising in the last year, the Ethereum Classic (ETC) network chose to take action, establishing a new tool that will watch for suspicious activity. The tool is available at ETCStatus.Live.
The new tool uses block analysis and block propagation to determine the threat level posed to users. According to data from Crypto51, the ETC network has an 85% risk of attack, costing $4,031 for a one-hour attack. Double-spending attacks are a substantial risk and the confirmations through mining only make it more susceptible until there is no change of double spending. The confirmations validate the transactions, increasing the chances of being deemed valid, even if it is double-spent.
Though Ethereum Classic is far from the most threatened network by Nicehash, it still poses a threat to coins including Bitcoin Private (BTCP), Vertcoin (VTC), and Monacoin (MONA). Ravencoin’s attackable percentage is 47%, though this is doesn’t give users much optimism since the protocol hypes up their high level of security.
If past experience tells the platform anything, it is that an attack against it doesn’t ultimately lead to catastrophe and the loss of a crypto asset. The ETC network is fairly motionless at the moment, holding onto their position at $4.33.
Not considering the attacks, the Ethereum Classic network remains a top-20 network, which is determined by their transaction load and usage. Blocktivity reports that the platform has a $5.59 million market cap, with $107 million trade volume. There are 24,316 active addresses on the platform at the moment, and the entire network processes about 2,360 transactions on average each hour.
Still, with all of the work that Ethereum Classic has done to remedy the situations, the 51% attack still did a number on their reputation, opening the door to criticism from the most aggressive critics of Bitcoin. Most of the trading on ETC relies on OKEx, hosting must of the activity. Presently, about 41% of the ETC trading with against Tether, a stablecoin that does not rise and fall in value, which keeps ETC somewhat separate from Bitcoin. Even though Coinbase has given it some exposure, the downward trend remains relentless.