After a series of successful attacks on Ethereum Classic, the developers have prepared a series of proposals aimed at protecting the network in the future. The proposed innovations include short-term and long-term steps to reduce the risk of similar attacks and further develop the network.
Announcing the #ETC Network Security Plan highlighting immediate actions and long-term solutions that ensure a bright future for #EthereumClassic by our CEO, @realetclassic, @etc_core's Afri Schoedon, and @BobSummerwill, Executive Director, @ETCCooperative https://t.co/LGaK7PHLId
— Ethereum Classic Labs (@etclabs) August 19, 2020
Operational measures include:
Providing a more stable hash rate by interacting with mining pools and miners and increasing it if necessary;
Expansion of network monitoring to detect abnormal deviations in hash rates and prices in mining pools;
Close cooperation with exchanges for adding wallets to the "white lists" and setting the time of transaction confirmation;
Implementation of the Permapoint solution to thwart chain reorganization attempts while maintaining consensus.
Long term developer plans require user approval and are subject to change.
Increase network protection against 51% attacks by implementing additional checks or PirlGuard solution. Their implementation is possible in about three months, after the preparation of the necessary specifications;
Changing the mining algorithm from Proof-of-Work to one of two alternatives: Keccak-256 or RandomX;
Creation of a store of ETC coins in case of consensus.
The developers have divided the proposed changes into five phases up to January 2021. This time will be required for the coordination of changes with the community, their development and implementation.
As a reminder, a series of 51% attacks on ETC took place in early August. The damage from analysts was estimated at $ 5.6 million, the second at $ 1.68 million.
Earlier, the Coinbase exchange increased the confirmation time for Ethereum Classic deposits, and OKEx announced a possible delisting of the coin.