Developers create a new plan to protect the EThereum Classic network from further attacks as the network was already hit twice with a 51% attack over the past two weeks. In our Ethereum Classic news today, we will find out more about this plan.
The developers create a new plan as they proposed taking immediate action in implementing the long-term changes to the architecture of the network over the next three to six months. The accelerator decided to focus the efforts on improving the security of the network after the recent attacks on the blockchain.
The immediate measures proposed by the Ethereum Classic labs include a “defensive mining” cooperation with the mining pools and the miners to try and maintain the consistent hashrate and to gain the ability to increase once needed. A higher hashrate will render the 51% attack against the network that is more expensive to perform. Ethereum Classic labs intend to deploy the advanced network for monitoring and identifying anomalies that affect the ETC blockchain and the spikes in hash rate. Other short term measures include collaboration between crypto exchanges on whitelisting addresses and setting a safe transaction confirmation time as well as deploying the arbitration system that is meant to inhibit chain reorganization.
The long-term solutions include increasing the 51% resistance with a new hard fork which will create “checkpoints” beyond which the reorganization will not be achieved. Also, they want to change to a new proof-of-work mining algorithm as the accelerator suggested creating a treasury system but this endeavor will need approval from the community.
As it was reported previously, the Ethereum Classic Network saw a blockchain reorganization which changed 3,69 blocks worth of transaction history. The reports also show that the reorganization was actually a malicious attack which resulted in more than $5.6 million worth of cryptocurrency being double-spent. A few days later, Ethereum Classic suffered from another attack which resulted in the reorganization of 4000 blocks.
The network was a victim of another attack from the same kind in 2019 and because of these attacks, the crypto exchange Okex went as far as delisting the coin. Also, This is not the first time that Ethereum Classic was attacked. Back in 2019, the attackers performed a 51% attack to double-spend 219,500 ETC worth $1.1 million.
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