Ethereum Classic [ETC] accelerator Ethereum Classic Labs has revealed an idea to guard the blockchain from further future attacks.
Earlier on 19th Aug., the organization proposed taking immediate action in implementing long-term changes to the specification over subsequent 3 to 6 months. The accelerator decided to focus their efforts on improving the network’s security after recent attacks on the blockchain.
The immediate measures proposed by Ethereum Classic Labs include a “defensive mining” cooperation with mining pools and miners to take care of a uniform hashrate and gain the power to extend it when needed. A better hashrate would render a 51% attack against the network costlier to perform.
Ethereum Classic Labs also intends to deploy advanced network monitoring to spot anomalies affecting the ETC blockchain and spikes in hash rate. Other short term measures embody partnership with cryptocurrency exchanges on whitelisting addresses and setting safe transaction confirmation times as well as deploying a finality arbitration system meant to inhibit chain reorganization.
The long-term solutions proposed include increasing 51% resistance with a hard fork which might create “checkpoints” beyond which reorganization couldn’t be achieved, and changing to a new PoW mining algorithm. Moreover, the accelerator also suggested creating a treasury system, but noted that such an attempt would require approval from the community.
As reported earlier on 1st Aug., the Ethereum Classic [ETC] network saw a blockchain reorganization that changed 3,693 blocks worth of transaction history. Subsequent reports showed that the reorganization was actually a malicious attack that resulted in about $5.6 Mln worth of the cryptocurrency being double-spent.
Just a couple of days later, Ethereum Classic suffered from another 51% attack, and resulted in over 4k blocks being reorganized.