Ethereum Classic Labs has unveiled a plan to secure cryptocurrency. Shortly before this, the ETC network was subjected to two attacks, as a result of which transactions were re-spent on total amount about $ 7.3 million.
Ethereum Classic community proposes measures to protect the network from future attacks
The plan includes short-term and long-term measures to protect the network. First of all, the authors propose to introduce a “protective mining” mechanism, which will require miners and pools to maintain “a more constant hash rate and increase it if necessary”.
Advanced abnormal activity monitoring tools can also be developed to help identify suspicious hash rate spikes. Cooperation can be attracted and cryptocurrency exchanges, which will be asked to maintain “white lists” of addresses and set a safe time for confirmation of transactions. Finally, the Permapoint system, developed by the ETC Core team, could be incorporated into the protocol to “resolutely discourage reorganization while simultaneously maintaining consensus among the nodes “.
However, ETC Labs acknowledges that more fundamental decisions will be required for the long-term health of cryptocurrency. Their implementation can only be carried out with the consent of the community..
One such solution is the PirlGuard protocol. It involves the introduction of so-called “penalty blocks” for miners who offer a longer or larger chain. The number of penalty blocks will depend on the depth of the chain reorganization, and in theory, their presence would double the cost of the alleged attack 51%.
An option is also being considered to completely change the current Ethash mining algorithm to an alternative one. Keccak-256 and RandomX are available as options. The authors, however, note that this could cause ETC to drift away from Ethereum and move closer to Monero..
The publication of the ETC network protection plan was preceded by the announcement of the OKEx exchange, which suffered as a result of the attack on the cryptocurrency and allowed the possibility of its delisting.
It is easy to buy cryptocurrency on our exchange omg usd p2pb2b.io