Early today Dexaran presented its solution to the Ethereum Classic (ETC) community to prevent future 51% attacks. The presentation took place one week after the presentation of the checkpoint proposal by Cardanos IOHK. In particular, Dexaran used the IOHK crowdcast channel for its competitor solution.
This new proposal is based on the assumption that many 51% attacks involve what is known as “stealth mining”., in which an attacker would secretly remove a longer fork in the chain in isolation. This technique was recently used in an attack on ETC that cost OKEx $ 5.6 million.
The proposal assumes that A well-meaning miner is unlikely to be driving a chain that requires a deep reorganization of the network. Typically, “honest” forks comprise a single block or sometimes a handful of blocks. One of the Dexaran moderators specified:
“What this suggests is that there shouldn’t be a shock that is deeper than a hundred blocks, for example.”
One of the supposed main advantages of this solution is that it requires very little coding and is quick to apply. Another benefit is that it has been implemented by several other projects. Also, Dexaran’s team believes the solution could be a step towards the IOHK checkpoint solution, which is more time consuming due to its complexity. We asked the team why the IOHK solution is still needed when their solution can prevent 51% attacks on the network. They said:
“We believe that it is a proven solution and that it is really easy to implement. We believe that it simply offers the time it takes to be able to implement more complex solutions like the proposed checkpoint system.”
Next week, RSK is expected to present an update based on the merged Bitcoin mining..