ConsenSys says ETH Network Requires $34.39 Billion to Mount Attack, Far Surpassing BTC

On Mar 30, 2024

The company behind MetaMask provided facts to support the approval of Ethereum spot ETF products.

ConsenSys is a popular blockchain firm which is mainly known for its self-custody crypto wallet MetaMask which supports crypto transactions across multiple crypto networks e.g. Ethereum (ETH), Binance Smart Chain (BSC), Polygon (Matic), Avalanche (Avax), Arbitrum (ARB), and Optimism (OP). Joseph Lubin is the founder of this firm & he is known for his contribution to the Ethereum blockchain as a co-founder.

As we know the United States Securities and Exchange Commission (SEC) invited public comments for the Ethereum spot ETF applications, on 8 March 2024. With the public opinion, the SEC body is willing to know the challenges & concerns related to Ethereum.

#SEC urges public comments on Ethereum, since 8 March, to figure out the challenges & supportive evidences regarding #Ethereum spot ETF applications.https://t.co/KTkiaCEHRM
— ₿ (@minnnale) March 30, 2024

The ConsenSys team submitted its comment to the SEC body to provide Ethereum spot ETF supportive factors.

ConsenSys stated that the cost to attack the Ethereum network is very high over the Bitcoin network and also Proof-of-stake (PoS) consensus, at which the Ethereum network is running, follows all the security fundamentals just like Proof-of-work (PoW) consensus, so Ethereum has more supportive factor over Bitcoin to get the approval of ETF product.

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Furthermore, the ConsenSys provided the fact that an attack against the Ethereum network can’t take place suddenly, unlike the Bitcoin network. As per an estimate, it will take nearly 6 months to take full control of Ethereum.

According to ConsenSys it is tough to attack Ethereum network over Bitcoin.

"The total cost to attack on #Ethereum would be nearly $34.39B , and it would take nearly six month, while $5B to a little over $20B and could be waged more or less immediately to attack Bitcoin network"
— Bitcoinik (@Bitcoinikdotcom) March 30, 2024

According to ConsenSys, Ethereum PoS has multiple benefits over Bitcoin Pow because PoS is highly efficient and also processes transactions very fast.

SEC vs Crypto

The whole crypto sector knows very well that the SEC body always remains ready to create roadblocks for the crypto companies on behalf of traditional Securities rules & laws.
Following huge uncertainty, in Jan of this year, the SEC body approved 9 Bitcoin spot ETF applications.

The probability around the approval of Ethereum spot ETF applications is highly uncertain, as per crypto pundits.