Banking,
Administrative/Regulatory
Mar. 19, 2019
What the 51 percent attack tells us about blockchain security
In early January, Chinese blockchain security firm SlowMist and U.S.-based cryptocurrency exchange Coinbase separately announced that they had uncovered evidence of reversed transactions on the Ethereum Classic blockchain.
In early January, Chinese blockchain security firm SlowMist and U.S.-based cryptocurrency exchange Coinbase separately announced that they had uncovered evidence of reversed transactions on the Ethereum Classic (ETC) blockchain. The product of a "51 percent attack," these transaction reversals allowed some ETC tokens to be spent twice, a cardinal sin in cryptocurrency called a "double spend," and the exact problem blockchains were invented to solve.
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