A recent analysis by Justin Drake highlights that launching a 51% attack on Ethereum is costlier than on Bitcoin due to the proof-of-stake model.
High Attack Costs for Ethereum
Justin Drake, an Ethereum researcher, estimates that acquiring 51% control of the Ethereum network requires approximately $44.8 billion. In contrast, the estimated cost for a Bitcoin attack is around $10 billion.
Advantages of Proof-of-Stake Model
Drake suggests that the implementation of the proof-of-stake model significantly enhances Ethereum's security compared to Bitcoin's proof-of-work. Expert Grant Hummer highlights concerns about Bitcoin's future security budget, suggesting that it could decline, further lowering attack costs.
Social Aspects of Ethereum's Security
Drake also notes that Ethereum’s social layer provides additional defense against attacks, unlike Bitcoin. He emphasizes that Ethereum’s community engagement contributes to its resilience, effectively deterring potential attackers.
The analysis indicates that Ethereum's security, supported by financial and social barriers, provides a formidable defense against attacks, which may influence investment decisions and blockchain developments.
