Metronome (MET) Foundation recently published a post on Medium and also commented on the 51% attack on the network of Ethereum Classic that took place earlier this year. Metronome (MET) operates on the blockchain of Ethereum, and the project also released the steps they are going to take after the attack on Ethereum Classic.
The network of Ethereum Classic experienced a 51% attack on the 5th of January, where the attackers rented the hash power required to control the network. The blog post suggests that the attack might have been to double-spend the tokens of Ethereum Classic while selling them to the trading platform.
The Metronome Team Develops New Contracts for Deployment
There have been concerns, from investors and traders, about the tokens of Metronome being on a network that is prone to 51% attacks. To resolve this issue, the Foundation revealed in the Medium post that the Dev team behind Metronome has put in much effort to develop contracts for deployment on the network of Ethereum Classic in order to secure the transactions.
The post stated: “The Metronome (MET) team has put in considerable effort in developing and auditing these contracts for deployment on Ethereum Classic and Validator Network that will secure transactions between chains.”
The team is going with its plan to deploy the new Metronome contracts on the network of Ethereum Classic. According to the post, the team plans to deploy the contracts in the first quarter of this year. The post also reveals that the team is confident about the deployment of the contracts and realize that this decision will be a matter of concern for people.
The post further read: “Watching the situation unfold over the course of a couple of weeks – and noting the resilience of Ethereum Classic (ETC) in both ability to maintain its hash rate post-attack and market capitalization – the team is confident enough in the network to deploy contracts. The additional security in continued institutional incentive to stabilize the network has helped to alleviate some of the concerns of the team.”
The post urged the owners of Metronome (MET) tokens to consider where they store their tokens at all time. The holders of the token were also warned about not storing their tokens if they find any abnormality on the deployed Metronome contracts.
Ethereum Classic (ETC) Price Today – ETC / USD
The post states: “If any owner finds any network deployed Metronome contracts misaligned with their security needs and risk tolerances, then they should not store their tokens on that chain. As with any digital currency, every owner has an individual responsibility to themselves.”
The attacked chains are susceptible to attacks, nevertheless, the post detailed a couple of things that needs to be considered.
“The fundamental economic incentive for attacking a network is to go after the most profitable coins – which is usually the underlying coin itself (in this case Ethereum Classic (ETC)). Furthermore, the victims of 51% attacks are often on trading platforms.”
The post regarding the Ethereum Classic Contracted was rounded up with the announcement of the contract deployment. The Foundation also informed holders of the digital currency that they can move their tokens if they want, as the recent attack has proven the need for chain portability.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.