This is our first post as a group partner. We would like to popularize mining; substantively and to the point.

Todays entry is dedicated to Ethereum Classic (ETC), which has just started the fourth era. What does this mean in practice:
ETC era lasts 5,000,000 blocks, after every 5 million blocks a new cycle starts;
each era means a change of the block reward;
the new block reward is reduced by 20%;
the base block reward value will be changed from 3.2 ETC to 2.56 ETC;
this mechanism will remain in effect until zero is reached;
in practice, this means that miners’ salaries will be reduced by 20%;
in the long term, the value of the ETC should strengthen due to the increasing difficulty to obtain new coins;
such monetary policy is the opposite to most FIAT currencies (fiat currencies, such as USD, EUR, PLN), where high inflation is in force;
no software updates on the miner’s side are required;
our zetpool mining pool has updated the software and pays salaries in line with the Ethereum Classic fourth-era policy.

Author: Marcin Żywica from ŻET Technologies

Miner, founder of ŻET Technologies, a company                                                                                  designing and manufacturing advanced crytpo miners.                                                                          ŻET Technologies provides computing power for blockchain                                                                  networks, creates technology for 21st century business.

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The decentralization of computing power according to the POW consensus assumptions – do not share your power where it is dangerous. The sheep’s rush of miners is the Achilles’ heel of our industry. Beware of places like Nicehash, where a lot of miners makes their mining rigs avalible, which are then rented for attacks of 51%. Similarly, avoid large multipools, large mining pools – this power can be used for potential attacks. Choose mining pools that are smaller and help build the right network structure. This is a guarantee that anyone with bad intentions – be it a group of hackers, a corrupted mining pool will not be able to gain significant computing power outside of its own resources, and this makes 51% attack much harder. After all, it is difficult to gather one entity more power than the rest of the world.

To condemn bad practices that accompany the extraction of cryptocurrencies, e.g. the Empty blocks phenomenon – empty blocks that some mining pools include in the network are very harmful – firstly do not contain transactions, and using such empty blocks facilitate 51% attacks – we wrote about it earlier . (without going into details).

The third task – to develop solutions that make attacks difficult and above all APPLY already available solutions. PIRL GUARD is a great example that makes network attacking very difficult. Preliminary findings indicate that perhaps if Ethereum Classic added to its protocol PIRL GUARD, then the whole attack would fail.

 We can continue to look at the next attacks that will take place with great certainty (who will be next?) Or start to set up particular interests and start taking responsibility for the integrity of the network. And this is a task primarily for miners. Eat humble pie those who did park their rigs on Nicehash, eat double humble pie, the ones who made their rigs available in the last 24 hours – your mining rigs were very likely used to carry out an attack on Ethereum Classic. 

The post Ethereum Classic – 51% attack first appeared on ŻET Technologies.