The co-founder of Ethereum, Vitalik Buterin has dismissed concerns that a 51% attack on Ethereum 2.0 is “fatal”..
The scenario came about due to the growing popularity of Yearn.finance’s YETH safewhich already accumulated over 137,000 ETH on the first day. The chief of intelligence of arcane assets, Eric Wall, He suggested This means that the vault administrators and ETH will likely control enough ethers theoretically start an attack against Ethereum 2.0:
ITT: We found fun ways for yETH’s vault strategists to take advantage of the fact that yETH will likely control more than enough to attack 67% of ETH 2.0 points.
But Buterin minimized risks associated with 51% attacks on ETH 2.0, a Proof of Stake (PoS) network that shows The malicious actor “might strike once” but that would be quickly removed or softened and would lose control of the coins needed to sustain the attack:
We need to overcome the myth that when an entity has enough to carry out a 51% attack, it is * deadly *. The reality is that they could attack once and then either be eliminated or (in the case of censorship attacks) stalled and lose their coins so they could not attack again. https://t.co/utash1hUDU
– vitalik.eth (@VitalikButerin) 2nd September 2020
Use the opportunity to compare PoS with Proof of Work (PoW), Buterin highlighted the greater risk that 51% of attacks on PoW networks represent (like Bitcoin and Ethereum 1) Because there are no staked coins to take and there is “no way to wipe your hardware [del atacante] without wiping everyone else’s hardware. ” specification::
This is an underestimated fundamental advantage of PoS over PoW
Ethereum Classic (ETC)who have favourited PoWwas hit with three attacks of 51% in the last monthThis creates significant network security concerns.
However, Many in the crypto community were skeptical of Buterin’s statementdue to the difficulty of identifying the correct fork and the fact that the attacker would continue to control the main chain.
Sebastian Moonjava from the social finance platform Real Vision explained as The 51% risk of attack should decrease over time due to increased competition at DeFi. This would make it increasingly difficult for the yETH vault to obtain more than 51% ether..
The competition will be tough. The free market will likely reduce the likelihood that this is existential. Build more people. More use cases = less risk of it.
The YETH safe allows users to secure the ether and the protocol will then automatically switch to the higher yield or higher interest rate strategy. Yearn Finance, the company behind yETH, is the sixth most popular DeFi project with $ 876 million in storage, according to DeFi Pulse.