ETC Labs Rolls Out Fixes to Thwart Further 51% Attacks on Ethereum Classic
Shaken by weeks of network-overwhelming hacks, ETC Labs has outlined its security response.
Aug 20, 2020 at 6:13 p.m. UTCUpdated Aug 19, 2021 at 3:49 a.m. UTC
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ETC Labs says it's developed an action plan to protect its oft-targeted Ethereum Classic blockchain against 51% attacks.
- Shaken by weeks of damaging hacks, ETC Labs rolled out on Wednesday a series of immediate security changes and long-term proposals that it says will bolster Ethereum Classic, the origin chain of Ethereum.
- For now, the blockchain-supporting organization will move to stabilize Ethereum Classic's plummeting hashrate, increase network monitoring, coordinate closely with exchanges and deploy a finality arbitration system.
- These immediate fixes will shore up Ethereum Classic in the short-term, ETC Labs said. More wide-ranging patches that all require community consensus are now in development and thus will take more time.
- Among the long-term proposals: changing Ethereum Classic's proof-of-work mining algorithm, introducing a treasury system, and adding 51% attack resistant features such as PIRLGUARD.
- Those consensus-only fixes could deploy in the next three to six months, ETC Labs said.
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