Ethereum classic latest partnership with ChainSafe and OpenRelay will prevent 51% of attacks in the future as the quest to protect the blockchain continues. In our Ethereum classic news, we are reading more about the partnership.
As it is trying to prevent security breaches, the Ethereum Classic latest partnership with ChainSafe and OpenRelay, could give them hope of increasing the defenses against 51% attacks. In a blog post by the Ethereum Classic core developer team, they will worth with both ChainSafe and OpenRelay to develop and to test security responses. James Wo, the chairman of Ethereum Classic Labs said that the partnership makes sense:
“OpenRelay and ChainSafe are both well acquainted with Ethereum Classic, through working together, will have some of the most brilliant minds in blockchain tackling the 51% problem in tandem. The team-up will bring additional expertise in Proof-of-Work security systems and testing environments.”
OpenRelay will help the eTC blockchain developer a practical simulation and models for the proposed features that will establish testnet infrastructure and also implementing testnet tests while ChainSafe is working on a review of the security proposals of keeping the network safe. Ethereum Classic saw three 51% attacks in August alone and they caused exchanges such as OKEx to delist the ETC token if it doesn’t upgrade its security. The company determined to improve its security and aim for regulation as a key to stop any future attacks by limiting hashpower rental companies.
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. Hackers conducted a 51% attack to take over the blockchain as the blockchains are so-called decentralized ledgers because they distribute the work of validating transactions on the global network of computers, known as miners.
The ETC hashrate or the computational power of the network was about to be halved in August, made a 51% attack on the network cheaper. The costs of one-hour attacks on the ETC network hit $4,349 according to crypto51.app which is a website that tracks the costs of the attacks. In comparison, such an attack will cost about $607,907 in the case of BTC and about $436,617 in the case of Ethereum.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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