Ethereum Classic Update: Possible 51% Attack Looming And Gavin Wood Develops Parity Client

July 24, 2016

The success of Ethereum Classic hadn’t gone by unnoticed, and one user on Twitter is already threatening to 51% attack the network hashrate. Although it is impossible to tell whether or not this person is serious, there is a good reason why people can’t have nice things in this world. But there is good news too, as a party client for ETC will be developed by the look of things.

ETC 51% Attack Threat and Parity Client

Starting off with the bad news, Twitter user Chandler Guo claims he will perform a 51% attack on the Ethereum classic blockchain. As most people are well aware, such an attack could lead to that blockchain forking, rendering a lot of coins useless. Right now, it is anybody’s guess what the motive behind such an attack could be, or if this threat should even be taken seriously.

It would not be a complete surprise if this were to be a serious threat, though. Ethereum Classic has been getting a lot of attention today, and many Ethereum die-hards are not too amused by this alternative currency. Then again, there is support for this censorship-resistant fork of Ethereum, making it a most valid project.




But there is some good news as well, as there will be a Parity client for Ethereum Classic. Interestingly enough, this client is being developed by Gavin Wood, one of the main Ethereum developers and contributors. A noble gesture for sure, and perhaps an indication Gavin wants nothing to do with the whole The DAO shenanigans that have taken place.

What this means is there will be an official lightweight client for Ethereum Classic shortly. There will still be a strong focus on security, but also portability. It would also present with a proper solution for most people to move funds out of the Poloniex and Bitsquare exchange wallets.

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About The Author

Jdebunt

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.