Ethereum architect Justin Drake told Cointelegraph that 51% attack on Bitcoin was cheaper than Ethereum.
Drake said it was “cheaper at 51% attack Bitcoin “and it is worth” in the next $ 10 billion. “
Drake Led is working on Ethereum’s Proof-of-Stake (POS) implementation and became a chief architect in integration (the whole POS transfer event). His statements are proud of a May 14 x Post By Grant Hummer, Ethereum’s co-founder dedicated to marketing and product of Etherealize product.
In the post, Hummer said Bitcoin “was completely screwed because of its security budget.”
Hummer claimed to be worth $ 8 billion to run a successful 51% attack, and said that a successful attack was “almost certain” when the cost was slipping to $ 2 billion. A 51% attack occurs when a single creature or group controls more than 50% of mining or blockchain network staking, gains power in the network. Hummer added:
“It will be clearly clear in the next decade. The ETH is the only truly decentralized crypto-asset that can be the Internet (value store).”
Related: Research of coin metrics shows BTC and ETH is immune to 51% attack
Ethereum attacks are greater cost
Drake said “have 100% chain control, you need 50% + 1 of the stake.” He said it would be very difficult and expensive, but far from impossible:
“A rich state of the country may probably pull it out.”
At the time of writing, there are 34,168,987 staked ether (Eth) costs about $ 89.6 billion. As a result, half of all ETHs have a current of about $ 44.8 billion.
However, a higher investment may be required. Ether has a market cap of $ 316 billion and a 24 -hour trading volume of $ 25 billion (more than 8% of market cap).
The ETH required for an attack costs about 14.2% of the market cap and 180% of the 24-hour trading volume. A practice of that size is likely to bring about a significant appreciation of the ETH price, further increases the cost of attacking.
Related: Large miners cause a growing existing threat to Bitcoin
Ethereum’s last defense line
Matan Sitbon, the founder and CEO of Blockchain Interoperability Developer Lightblocks, told Cointelegraph that Ethereum has an additional feature to defend against such attacks.
“Ethereum’s final security not only lies with the rules of cryptography or protocols, but in the strong mechanism of social coordination and community economic,” he said.
Drake also featured another advantage he claims that Ethereum has more than Bitcoin. He explained that “if there is a 51% attack, the social layer may recognize the attack and social slash.”
“It’s a POS superpower that is not available on Pow,” he added.
Drake’s statement refers to the social layer, which means the supermajority of the network network, which decides which software to run. The simpler Bitcoin (POW) consensus mechanism has a smaller attack surface and a longer reliability track record, but it lacks this feature.
Pavel Yashin, researcher at P2P.org, told Cointelegraph that “if centralization noticed,” the community solved it with a new fork. The old token will end up being delisted, and the compromised chain will fall into the interrelation.
Hassan Khan, CEO at the Bitcoin Liquidity Protocol Ordeez, told Cointelegraph that “the debate around the feasibility of a 51% attack remains open-more than all because while theoretical is possible, in practice the obstacles are very high.”
He said that for Bitcoin, the required amount of computing strength and energy “produces an ongoing attack that is highly inevitable,” while for Ethereum, “POS introduces further economic and management.”
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