Ethereum Classic Labs’ accelerator, Ethereum Classic (ETC), announced a plan to protect the blockchain from further attacks.
On August 19, the organization proposed immediate action to implement long-term changes to the network architecture over the next three to six months. The accelerator decided to focus its efforts on improving network security after the recent attacks on the blockchain.
One of the immediate measures proposed by Ethereum Classic Labs is to work with mine pools and miners in the field of “defensive mining” to maintain a constant hash rate and to be able to scale it if necessary. The higher hash rate makes the 51% attack on the network more expensive.
Ethereum Classic Labs also intends to provide advanced network monitoring to identify anomalies affecting the Ethereum Classic blockchain and spikes in the hash rate. Other short-term measures include working with the exchange of cryptocurrencies at whitelisted addresses and specifying confirmation times for secure transactions, as well as providing a definitive arbitrage system to prevent chain reorganization.
Proposed long-term solutions include increasing the resistance by 51% using a hard fork that creates “checkpoints” beyond which reorganization can be achieved and switching to a new proof-of-work algorithm. In addition, the metronome also suggested setting up a treasury system, but indicated that such an endeavor would require community approval.
As Cointelegraph reported on August 1st, the Ethereum Classic network experienced a blockchain reorganization that changed 3,693 transaction history blocks. Subsequent reports indicated that the reorganization was, in fact, a malicious attack that resulted in nearly $ 5.6 million in cryptocurrency being issued.
Just days later, Ethereum Classic suffered another 51% attack and reorganized more than 4,000 blocks.
The network fell victim to another attack of the same type in January 2019. As a result of these attacks, OKEx’s cryptocurrency exchange went so far as to wipe the coin.