Greed and capitalism have had a long and co-dependent relationship. However, human greed knows no bounds and people are always scheming to profit, regardless of the legality of the operation. From Ponzi schemes to outright theft, no industry is isolated from them, January 5th was just another reminder of this fact.
At the start of the year, the ETC network was a victim of a 51% attack. The miscreants were able to rent enough of the hash power to exert control over the network. There is every indication that the plan was to then spend the ETC while also selling them to a different exchange. Unsurprisingly this concerned many who had their MET tokens on such networks. In a post, outlining their plan of action, the Metronome team were found to be rather confident of the work they had put in and stated
“The team has put in considerable effort in developing/auditing these contracts for deployment on Ethereum Classic and the Validator Network that will secure the transactions between chains.”
Further expanding on this they said
“After careful consideration and feedback from community members, the team has decided to continue with its planned Q1 deployment of Metronome contracts on the Ethereum Classic network.”
Thus, the planned Q1 deployment on the network seems to be going ahead as planned.
Even though the notification made clear the vote of confidence, the team is clearly aware of the concern the deployment is likely to arouse within the community. Thus there was a further clarification on this, as the write-up went on to say that the developers were monitoring the situation keenly and that
“Ethereum Classic’s resilience in both market-cap and ability to maintain its hash rate post-attack” has assuaged any misgivings they might have had. “The additional security in continued institutional incentive to stabilise the network has helped alleviate some of the team’s concerns,” they added.
Still, adding a word of caution, the note ended by advising token holders to be aware and on the lookout for anything that seems out of the ordinary.
“Should any owner find any network with deployed Metronome contracts misaligned with their security needs and risk tolerances, then they should not store their MET on that chain,”
the team clearly explained the individual responsibility in ensuring their cryptos security.
Detailing their safety first approach, the post offers other useful hints. Advising that since all attackers are usually driven by the economic incentive, the attacks are likely to be focused on the underlying token itself and that such 51 percent attacks are usually targeted towards exchanges. The team also mentioned that post-deployment MET token holders can move their coins as they see fit, and that chain portability is of utmost priority.
The Metronome teams faith in the underlying technology is a sign of changing things. While such hacks are an unfortunate part of the business, the industry itself needs to work hard at earning and retaining such trust.