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Developers propose a plan to protect the Ethereum Classic network from new attacks

August 20, 2020

The Ethereum Classic Accelerator (ETC) Ethereum Classic Labs announced a plan to protect the blockchain from further attacks.

August 19th The organization suggested that action be taken immediately 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 blockchain attacks.

One of the immediate actions proposed by Ethereum Classic Labs is a “defensive mining” collaboration with miners and mining pools to maintain a constant rate of hash. and gain the ability to increase it if necessary. A higher hash rate would make a 51% attack on the network more expensive.

Developers propose a plan to protect the Ethereum Classic network from new attacksDevelopers propose a plan to protect the Ethereum Classic network from new attacks

Ethereum Classic Labs also plans to provide advanced network monitoring to identify anomalies affecting the Ethereum Classic blockchain and spikes in hashing rates.. Further short-term measures are the cooperation with crypto exchanges at addresses on the whitelist and the establishment of secure transaction confirmation times as well as the introduction of a final arbitration system to prevent chain reorganization.

Proposed long-term solutions include increasing the resistance to 51% with a hard fork that would create “checkpoints” beyond which reorganization could not be achieved and switching to a new proof-of-mining algorithm. -Job. In addition, the accelerator also proposed the creation of a treasury system, but noted that such an effort would require community approval.

As Cointelegraph reported on August 1, The Ethereum Classic network experienced a blockchain reorganization that changed 3,693 blocks of the transaction history. Subsequent reports showed that the reorganization was, in fact, a malicious attack that resulted in a $ 5.6 million double spending on the cryptocurrency.

Just days later, Ethereum Classic suffered another 51% attackwhich resulted in the reorganization of more than 4,000 blocks.

The network fell victim to another attack of the same type in January 2019. Because of these attacks, the OKEx crypto-exchange is considering removing the coin from its list.

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