Saturday, April 10, 2021

Vitalik Buterin Shows How 51% Attack of Miners Could Send Network to Ethereum 2.0 Faster Than Expected

Amidst the speculation that a set of Ethereum miners are planning to concentrate 51% of hashrate on Ethermine, one of the largest Ethereum mining pools, to block the implementation of Ethereum Improvement Proposal (EIP-1559), there have been plans to mitigate their potential threat.

Vitalik Buterin, the co-founder of Ethereum (ETH), has shown how the 51% attack proposed by Ethereum miners could transition the network to Ethereum 2.0 faster than everyone expected.

Read Also: Ethereum Miners Kicks against the Proposal to Reduce Block Rewards By 75%

There is a proposal for a network upgrade initiated by Ethereum developers known as EIP-1559. The proposal is targeted at reducing the ever-increasing transaction fees on the network and it’s scheduled to play out in July 2021.

EIP-1559 moves a part of every transaction fee to the Ethereum network. So, ETH allocated in this way would be burned, which would, in turn, reduce the number of the cryptocurrency in circulation.

A part that currently causes a huge pain for the Ethereum miners is that the change would also decrease the amount of rewards enjoyed by them, which resulted in protesting against such a proposal.

A group of miners reinforced themselves to demonstrate network takeover. The group has, however, claimed that they don’t intend to take over the network, but to show that they are capable of such an attack.

Vitalik Buterin Joins Hands with Other Ethereum Developers to Plan Defensive Efforts

Vitalik Buterin has also responded by strategizing defensive efforts with other developers, which is capable of sending the network to Ethereum 2.0 faster than everyone expected.

In the blog post, Buterin stated that “The goal of this document is to describe a mechanism by which a merge can happen quickly, with little modification to either the ethpow or beacon clients.”

Read Also: Vitalik Buterin Reveals Underrated Bull Case for Bitcoin and Crypto amid Massive Uptrend

On 12th March 2021, a blog post published on Status says that “Like clockwork, the Ethereum community has quickly organized potential solutions to this possible 51% attack, with Vitalik leading the charge. Vitalik describes how Ethereum can perform a ‘quick merge’ by rapidly moving from proof-of-work to proof-of-stake with limited changes required to Ethereum clients.”

Ryan Berckmans Says Miners Never Had a Viable Attack Vector to Block EIP-1559

A popular Ethereum core developer, Ryan Berckmans, who has been updating the community about the progress of approved EIPs, has recently claimed that Ethereum miners never had a viable attack vector to stop EIP-1559.

Corroborating the joint efforts of Vitalik Buterin and Ethereum developers, Berckmans stated that their attempt to attack the network would only aid the transitioning of the network to proof-of-stake (PoS) protocol where miners are not needed, faster than anyone could think of.

Read Also: Ethereum 2.0 on Track as $3.45 Billion Locked In Deposit Contract

Ryan Berckmans tweeted, “Ethereum’s miners never had a viable attack vector to block EIP-1559. Miners bluffed and, in doing so, caused the ethereum community to align around switching to proof of stake asap. Switching sooner is worth $1b+ per month to ETH holders. Thanks, miners.”

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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