2021-06-18 15:12:51
Ethereum Classic Dips Amid Network Upgrade Announcement
The Ethereum Classic (ETC) network is contemplating an algorithm switch to ensure better security. Over the past few years, the ETC has suffered recurring “51% attacks,” hence the need to augment its security.
The new update proposal recommends switching to SHA 3 (Secure Hash Algorithm 3) to “greatly reduce the chances of bad actors attacking the network.” The ETC network has not fully recovered investors’ confidence since the consecutive successful network attacks over the past years.
The ETC network currently runs on the PoW consensus mechanism, which is allegedly not beneficial for the network in its current form. The nature of the PoW mechanism and the necessity to develop a secure system capable of continuously reaching consensus were the primary reasons behind the enforcement of the…
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