Ethereum Merge architect Justin Drake recently stated in an interview with Cointelegraph that launching a 51% attack on Ethereum is more challenging and expensive compared to Bitcoin. According to Drake, the cost to carry out a 51% attack on Bitcoin would be around $10 billion, making it “much cheaper” than attacking Ethereum. Drake, who played a key role in developing Ethereum’s proof-of-stake (PoS) implementation and the Merge event, emphasized the difficulty and expense involved in controlling 100% of the Ethereum chain, requiring 50% + 1 of stake. Despite the challenges, Drake noted that a wealthy nation-state could potentially achieve this. Grant Hummer, co-founder of Etherealize, had previously highlighted the vulnerability of Bitcoin to 51% attacks due to its security budget limitations. Hummer estimated that a successful attack on Bitcoin could cost $8 billion, with a high likelihood of success if the cost drops to $2 billion. In contrast, Hummer praised Ethereum as the only truly decentralized crypto asset that could become the internet’s store of value. The article also discussed the significant financial investment required to attack Ethereum, given its current market cap and trading volume. Additionally, experts highlighted Ethereum’s social and economic coordination mechanisms as crucial defenses against potential attacks. Overall, the debate around the feasibility of 51% attacks on both Bitcoin and Ethereum continues, with experts emphasizing the high barriers and challenges involved in executing such attacks in practice.
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