Ethereum Classic (ETC) accelerator Ethereum Classic Labs announced a plan to protect the protected blockchain from further attacks.
On August 19, the organization proposed immediate action to implement long-term changes to the network architecture over the next three to six months. In the wake of recent attacks on the blockchain, the accelerator has decided to focus its efforts on improving the security of the network.
Near-term measures proposed by Ethereum Classical Labs include working with mining pools and miners on “defensive mining” to maintain a consistent hash rate, and gaining the ability to increase the hash rate if needed. A higher hash rate would make a 51% attack on the network more expensive.
Ethereum Classic Labs also intends to deploy advanced network monitoring to identify anomalies and spikes in hash rates affecting the Ethereum Classic blockchain. Other short-term measures include working with cryptographic exchanges to develop whitelist addresses and set secure transaction confirmation times, as well as deploying a final arbitration system designed to curb chain restructuring.
Long-term solutions proposed included increasing resistance by 51 per cent with a hard fork, which would create “checkpoints” beyond which reorganization would not be possible, and switching to a new proof-of-work mining algorithm. In addition, the accelerator recommended the creation of a vault system, but noted that such an effort would require community approval.
Cointelegraph reported on August 1 that a blockchain reorganization occurred on the Ethereum Classic network, changing the history of transactions worth 3,693 blocks. Subsequent reports revealed that the reorganization was actually a malicious attack that resulted in the reuse of approximately $5.6 million worth of cryptocurrency.
Just a few days later, Ethereum Classic suffered another 51% attack, resulting in the reorganization of over 4,000 blocks.