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Developers Propose Plan to Protect Ethereum Classic Network From Further Attacks

Developers Propose Plan to Protect Ethereum Classic Network From Further Attacks

Ethereum Traditional (ETC) accelerator Ethereum Traditional Labs introduced a plan to guard the blockchain from additional assaults.

On Aug. 19 the group proposed taking rapid motion in implementing long-term adjustments to the community structure over the subsequent three to 6 months. The accelerator determined to focus their efforts on bettering the community’s safety after current assaults on the blockchain.

The rapid measures proposed by Ethereum Traditional Labs embody a “defensive mining” cooperation with mining swimming pools and miners to keep up a constant hashrate and achieve the power to extend it when wanted. The next hashrate would render a 51% assault in opposition to the community costlier to carry out.

Ethereum Traditional Labs additionally intends to deploy superior community monitoring to determine anomalies affecting the Ethereum Traditional blockchain and spikes in hash fee. Different quick time period measures embody collaboration with crypto exchanges on whitelisting addresses and setting protected transaction affirmation instances in addition to deploying a finality arbitration system meant to inhibit chain reorganization.

The long-term options proposed embody growing 51% resistance with a tough fork which might create “checkpoints” past which reorganization couldn’t be achieved, and altering to a brand new proof-of-work mining algorithm. Moreover, the accelerator additionally recommended making a treasury system, however famous that such an endeavor would wish neighborhood approval.

As Cointelegraph reported on Aug. 1, the Ethereum Traditional community noticed a blockchain reorganization which modified 3,693 blocks value of transaction historical past. Subsequent experiences confirmed that the reorganization was in reality a malicious assault which resulted in about $5.6 million value of the cryptocurrency being double-spent.

Just some days later, Ethereum Traditional suffered from one other 51% assault, which resulted in over 4,000 blocks being reorganized.

The community was sufferer of one other assault of the identical variety in January 2019. Due to these assaults, cryptocurrency alternate OKEx has gone so far as to think about delisting the coin.

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