Hash Power Broker Nicehash Denies It Enables 51% Attacks on ETC Network

Hash power broker Nicehash denies that it enables bad stars to utilize its hash leasing platform to introduce 51% attacks on blockchain networks. The broker firmly insists that it does not have any method of tracking or identifying which blockchain is gaining from a specific algorithm hash information. Only purchasers of hashrate understand this, in addition to swimming pools that get such hashpower.

The comments by Nicehash remain in reaction to pointed accusations from Ethereum Classic (ETC) Labs designers specifying that the hash power utilized to start the 51% attacks on their network was bought from the broker. To even more support their accusations, the ETC devs declare an unnamed Nicehash cofounder has actually currently been founded guilty in Slovenia on comparable offenses.

In a declaration launched September 8, the Nicehash group does confess that “its hash-power may be abused by the aggressor’s swimming pool.” Still, the broker states it takes the “needed actions to avoid or assist avoid market disturbances, market adjustments, or abuse of the GoodHash hash-power market.”

In cases where there are problems versus the hashing power originating from its platform, the broker states:

“Upon getting or determining enough proof of activities breaking our Terms of Service, Nicehash takes all the needed actions to avoid additional abuse or abuse of Nicehash Services.”

Furthermore, the broker’s declaration suggests a preparedness to work together with police to “make sure that additional examinations and endeavors are carried out quickly and legally.”

The broker’s remarks seem focused on relieving the ETC Labs devs who on August 31 stated they are “dealing with authorities in appropriate jurisdictions” on the concern.

However, the language utilized in the Nicehash news release indicate the preparedness to combat. In the declaration, Nicehash authorities clarify that such examinations should be performed “according to our Terms of Service and Privacy Policy.” The declaration, nevertheless, does not fancy on what Nicehash’s regards to service or the personal privacy policy require.

Still, regardless of the seeming disputes, both ETC Labs and Nicehash appear to concur that the previous’s low hash rate is the main reason the 51% attacks are repeating. An earlier statement by the group that ETC hash rate was “~3% of the general ETH network hash rate” validates this.

Differences appear to emerge on what is the very best method forward.

As part of their suggestions, the ETC Labs group desires hash rental platforms such as Nicehash to be “subjected to robust KYC and anti-money laundering programs.”

The declaration by ETC Labs discusses the reasoning for this:

With little or no KYC, AML, or crypto address screening, consumers have the capability to lease hash rate to possibly wash cryptocurrency for newly minted tokens without any history.

However, for their part, the Nicehash group states in order to keep an evidence of work (PoW) based blockchain with a little hash rate safe, “we extremely suggest occasionally leasing of hash-power through NiceHash.”

This makes the PoW blockchain more safe and secure and “moreover, coins produced at the same time can cover nearly the whole financial investment in security.”

Team Nicehash eventually thinks that PoW blockchains can just end up being immune from attacks if “the rate of an attack is greater than the aggressor benefit.”

Concluding its declaration, the hash power broker states “the concern of security ends up being the concern of the neighborhood and its developers. We should accept that if we desire a real decentralization.”

What are your ideas about the accusations versus Nicehash? Share your ideas in the comments area below.

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