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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.
ETC Labs says it's developed an action plan to protect its oft-targeted Ethereum Classic blockchain against 51% attacks.
STORY CONTINUES BELOW
- 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 PIRLGUARDhttps://pirl.io/en/pirlguard-innovative-solution-against-51-attacks/.
- Those consensus-only fixes could deploy in the next three to six months, ETC Labs said.
Read more: Ethereum Classic Suffers Second 51% Attack in a Week
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
