Bitcoin

IOHK’s proposal to the ETC community could use Cardano or Bitcoin to prevent 51% attacks

Early today IOHK presented its checkpoint proposal to the Ethereum Classic (ETC) community. This is understood as a short term solution to prevent future 51% attacks. In the past few weeks the network has suffered many attacks of this type, which has cast doubt on the future of ETC. One of these attacks cost OKEx $ 5.6 million. As a result of these issues, several exchanges decided to extend the validation times of ETC transactions.

Consensus of control points. Source: IOHK presentation.

As the name indicates, The solution proposes the introduction of control points that validate the network. So if a malicious network undermines a “shadow” network (as previous attackers did when they could spend twice the money on OKEx), that shadow network lacks these validation checkpoints. Hence it will not be accepted even though they may have more proof of work (POW) than the main network

IOHK’s proposal to the ETC community could use Cardano or Bitcoin to prevent 51% attacks
IOHK’s proposal to the ETC community could use Cardano or Bitcoin to prevent 51% attacks

The checkpoints would be created by Ouroboros Byzantine Fault Tolerant (OBFT), an unspecified network of checkpoints, and registered with ETC by “trusted members”. The control points would be inserted every three blocks on average.

The proposal does not specify who should be selected as trusted members. However, if it is accepted, There can be a heated debate over their choices. Cardano (ADA) also uses the OBFT consensus. We asked the moderators if Cardano could be used instead of creating a new network of checkpoints. They said that it is possible and that Bitcoin (BTC) could also be used for this purpose. Regarding the question of the size of the checkpoint network, they said:

It has yet to be defined, but it is important to know how it will develop because the larger the association, the longer it will take to reach an agreement on two thirds of it (necessary to reach consensus).

Members of the ETC community have made various suggestions to solve the existential problems that plague the network. From changing the hashing algorithm to more regulation of the mining markets. There is no way of predicting which path ETC will take. One thing is true, however. If something is not done soon, the network whose mantra is “the code is the law” can be permanently undone.

Similar Posts