Buterin Proposes New Consensus Algorithm for Ethereum Classic
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Ethereum Co-Founder Vitalik Buterin has proposed a new consensus algorithm for the Ethereum Classic ecosystem, which recently suffered the second 51% attack in a week.

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Buterin says Ethereum Classic should rather switch to Proof of Stake (PoS) than rely on current Proof of Work (PoW) consensus algorithm.

"Even given its risk-averse culture, at this point making the jump seems lower-risk than not making it," Buterin added.

Earlier, Ethereum Classic suffered its second 51% attack in a week.

According to Bitfly, the parent company of the mining pool Ethermine, the blockchain of the ecosystem suffered the second 51% attack in five days.

Popular crypto exchange Binance also confirmed that there had been a reorganization of more than 4,000 ETC blocks in block number 10,935,622.

Buterin Sees Possibility for Merging Ethereum Classic Into Ethereum 2.0

To perpetrate the attack, the bad actor rented third-party facilities in the amount of 17.5 BTC (~$192,000). Before that, he withdrew 807,260 ETC (~$5.6 million) to several wallets, presumably from an exchange address.

In PoS-based blockchains the creator of the next block is chosen via various combinations of random selection and wealth or age, while in PoW-based blockchains the work must be moderately hard on the requester side but easy to check for the service provider.

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