09-05-2020, 09:02 AM
The Ethereum Classic (ETC) network has witnessed multiple 51% attacks in the past month. Less than a week ago, on Aug. 29, ETC suffered its third 51% attack on the network, with the first attack on Aug. 1 followed by the second on Aug. 5.
The attack reorganized over 7,000 blocks, which is 2 days’ worth of mining. The previous two attacks reorganized 3,693 and 4,000 blocks. ETC is a proof-of-work (PoW) blockchain, and when a 51% attack happens on this type of consensus mechanism, it means that a malicious actor is able to take control of the majority of the network’s hash rate, enabling the reorganization of transactions.
Ethereum Classic was the original Ethereum network, before the original attack that split the protocol in two. The hard fork was formed to refund all the money that had been taken away during the DAO attack. The proposal of the hard fork caused huge controversy in the Ethereum community, and those who refused to change to the new blockchain, Ethereum, remained on the old blockchain, Ethereum Classic.
The issues with ETC is the lack of backward compatibility with ETH, as most of the community have moved on from Ethereum Classic, the ETC team would not be able to have access to the updates done by the Ethereum network.
With ETH’s upcoming switch from proof-of-work (PoW) to proof-of-stake (PoS), ETC would not be able to implement this change due to the fact that ETC’s software does not allow updates.
ETC Labs, a leading organization behind the Ethereum Class network has recently announced a new strategy to safeguard the network from future attacks. Ethereum Classic Labs is expanding the ETC Core development team, in addition to enhancing the security, strengthening the network, and to investing more resources for the network, as a part of its ETC Network Security Plan.
Ethereum Classic Labs announced its two new hires, including Luke Williams, Core-Geth Developer, and Dean Pappas, Developer Relations Manager. Founder and Chairman of ETC Labs said:
“AT ETC LABS, WE ARE PRIORITIZING THE TECHNOLOGY AND ADDRESSING KEY ISSUES THAT IMPACT THE BLOCKCHAIN ECOSYSTEM AS A WHOLE. WE’RE CONFIDENT THAT THE ADDITION OF LUKE AS A CORE-GETH DEVELOPER WILL HELP TO PROPEL THE ADVANCEMENT AND ULTIMATELY THE SECURITY OF ETC, WHILE DEAN, AS THE DEVELOPER RELATIONS MANAGER, WILL HELP TO DRIVE ADOPTION.”
This marks as one of the significant steps ETC Labs is making to improve the network security of Ethereum Classic. Ethereum Classic Lab’s ultimate goal is to enhance the Ethereum Classic network to improve users’ lives.
The attack reorganized over 7,000 blocks, which is 2 days’ worth of mining. The previous two attacks reorganized 3,693 and 4,000 blocks. ETC is a proof-of-work (PoW) blockchain, and when a 51% attack happens on this type of consensus mechanism, it means that a malicious actor is able to take control of the majority of the network’s hash rate, enabling the reorganization of transactions.
Ethereum Classic was the original Ethereum network, before the original attack that split the protocol in two. The hard fork was formed to refund all the money that had been taken away during the DAO attack. The proposal of the hard fork caused huge controversy in the Ethereum community, and those who refused to change to the new blockchain, Ethereum, remained on the old blockchain, Ethereum Classic.
The issues with ETC is the lack of backward compatibility with ETH, as most of the community have moved on from Ethereum Classic, the ETC team would not be able to have access to the updates done by the Ethereum network.
With ETH’s upcoming switch from proof-of-work (PoW) to proof-of-stake (PoS), ETC would not be able to implement this change due to the fact that ETC’s software does not allow updates.
ETC Labs, a leading organization behind the Ethereum Class network has recently announced a new strategy to safeguard the network from future attacks. Ethereum Classic Labs is expanding the ETC Core development team, in addition to enhancing the security, strengthening the network, and to investing more resources for the network, as a part of its ETC Network Security Plan.
Ethereum Classic Labs announced its two new hires, including Luke Williams, Core-Geth Developer, and Dean Pappas, Developer Relations Manager. Founder and Chairman of ETC Labs said:
“AT ETC LABS, WE ARE PRIORITIZING THE TECHNOLOGY AND ADDRESSING KEY ISSUES THAT IMPACT THE BLOCKCHAIN ECOSYSTEM AS A WHOLE. WE’RE CONFIDENT THAT THE ADDITION OF LUKE AS A CORE-GETH DEVELOPER WILL HELP TO PROPEL THE ADVANCEMENT AND ULTIMATELY THE SECURITY OF ETC, WHILE DEAN, AS THE DEVELOPER RELATIONS MANAGER, WILL HELP TO DRIVE ADOPTION.”
This marks as one of the significant steps ETC Labs is making to improve the network security of Ethereum Classic. Ethereum Classic Lab’s ultimate goal is to enhance the Ethereum Classic network to improve users’ lives.