The IOHK proposal for the ETC community could use Cardano’s ADA or Bitcoin in order to prevent 51% of attacks in the future as we are reading today in our Cardano ADA news.
The IOHK proposal that was presented to the ETC community is considered as a short-term solution for preventing future 51% attacks as the network suffered three attacks in the past month which cast doubts on the ETC future. One of the attacks cost OKEx $5.6 million and several exchanges, therefore, increased the validation times for ETC transactions. As the name implies, the solution proposes the introduction of checkpoints that will validate the network.
This means it an adversary is to mine a “shadow” network and this would not have the validating checkpoints. Therefore, while they could have more proof-of-work that the main network will not be accepted. Checkpointing will be performed by the unspecified Ouroboros Byzantine Fault Tolerant network and signed on the ETC by “trusted members” so the checkpoints will be inserted on average every three blocks.
The proposal doesn’t specify who will be chosen as trusted members but if accepted, a massive debate will ensure over the selection. OBFT consensus is used by Cardano so they claim that the presenters could be used instead of creating a new checkpoint network while Bitcoin could also be used for the same purpose. They said:
“It still needs to be defined, but it’s important to know how that plays because the bigger the federation, the bigger time slots you need until you get agreement on the two-thirds of that [needed to reach consensus].”
The members of the Ethereum Classic community made hundreds of proposals aimed at solving the issues faced by the network such as changing the hashing algorithms to bigger greater regulation of hash power marketplaces. There’s also no way of predicting which route the ETC will take but one thing remains certain- if something is not done soon, the entire network idea of “code is law” could be repealed.
As reported in the Ethereum Classic news previously, Hackers targeted Ethereum Classic again in the third 51% attack on the network this month as exchanges such as OKEx considered delisting the coin over the security concerns. The strategies to protect the network from these kinds of attacks could be a little late-coming. For the third time this month, the hackers gained control over the Ethereum Classic blockchain in a 51% attack that reorganized more than 7000 blocks.
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