Cryptocurrency

08/01/19 07:19 UTC-4

Reorganization of Ethereum Classic (ETC) Blocks: Analytics and Course

Analytics and Ethereum Classic course after breaking blockchain
Analytics and Ethereum Classic course after breaking blockchain

The price of Ethereum Classic (ETC) is dropping as a result of a recent fraud with the reorganization of the blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
history, as reported by CoinDesk.

Recall that on January 7, the Coinbase crypto-exchange stopped all transactions, withdrawals and deposits in Ethereum Classic due to a series of reorganizations of the chain of blocks in the network. According to experts, more than 100 blocks succumbed to changes, this is almost 51% of the chain. According to Blockscout and Bitfly, on the night from January 6 to January 7, about 88,500 ETC were removed twice (the total amount of fraud was about $ 460,000).

The first about the suspicious activity in the chain reported the SlowMist Chinese company. Coinness then published a statement that their analyst had discovered a paradoxical hashingHash
(hashing) – a cryptographic term that means changing the input data of different sizes into the original data of a clearly defined size, using a special mathematical algorithm.Details
rate. The computing potential came from a single miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
pool, which led to a massive reorganization of the mined blocks.

 

The Price of Ethereum Classic – analytics

According to CoinMarketCap, as of January 8, ETC is tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
at an average price of $ 5.01. This is 7.5 percent lower than in the last 24 hours.

The most noticeable drop in the rate of ETC was at least 4.93 US dollars, on January 7 at 20:00. According to analytical charts, the price of ETC began to fall after reaching $ 5.51, on January 7, at 17:00.

The first messages that the Ethereum Classic blockchain was rewritten appeared on the morning of January 7, around 5:00. At that time, the average price of a crypto-asset was $ 5.30. Until almost 9:00, the coin rate remained relatively stable.

Recall that the Ethereum Classic cryptocurrency is the 18th largest digital asset. Today, January 8, this is the only coin that reported a price reduction of more than 5 percent. For comparison, Bitcoin "digital gold" in the last 24 hours has fallen in price by only 1 percent.

The reorganization of the Ethereum Classic (ETC) blockchain significantly influenced the analytical data and the course of the coin. Now, most large cryptocurrency exchangers have stopped the exchange of this crypto-asset.

Editor: Yulia Krasnaya

See also: "Arthur Hayes said that Bitcoin society’s hope for a private form of money"

#Ethereum Classic #ETC #CoinMarketCap #Coinness

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