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Buterin Helping to Strategize Against Ethereum 51% Attack Possibility

  • Posted On - 2021-03-13 06:46:33

The developers of Ethereum recently put a proposal on the network change called EIP-1559 — a proposal against the network's sky-rocketing gas fees. The change is predicted to take effect in July of this year, the move would send a portion of every transaction fee directly to the Ethereum network itself. Ether collected in this manner would be burned, reducing the number of coins in circulation.

This proposed change in network would also decrease the amount of rewards going to the miners. A vocal group of participants have since begun to advocate for a demonstrative network takeover, which could affect the security of the network in a bad way. However, the group is not apparently on purpose to overthrow Ethereum, insisting that they only expect to show the possibility of such an attack. Vitalik and other developers have planned defensive efforts in a responsive manner.

“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,” said Buterin. This move would transit Ethereum network to Ethereum 2.0 sooner than expected.

“Like clockwork, the Ethereum community has quickly organized potential solutions to this possible 51% attack, with Vitalik leading the charge,” a blog post from Status said on March 12, subjecting the framework proposed by Buterin. “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.”

A miner known as "Bits Be Trippin" commented during a March 9 YouTube video that, "Part of the risk display here is not to attack the network, it's to show that force projection is possible." 

Ethereum 2.0 is a scaling effort that appears to take the network from proof-of-work(POW) to a proof-of-stake(POS) mining consensus, an endeavor that has been in development for a long time.

Buterin has recently proposed a framework that would expedite the network’s mining consensus transition, choosing to work out the kinks and details of the system after the fact, the Status post detailed. The merge could cover the way for smoother development on Ethereum 2.0, according to the post.

Ethereum’s network has become home to many significant developments in both the DeFi and NFTs arenas over the past year. Network's transaction fees have grown much higher as the number of platforms and assets running on the Ethereum network have grown.