- Ethereum Classic Cooperative has partnered with IOHK to protect the ETC network from 51% attacks.
- ETC has suffered three 51% attacks in August alone.
- Some exchanges have delisted ETC due to the attacks.
- There are a number of proposals to address the 51% attacks.
Ethereum Classic (ETC) Cooperative, the recognized authority on the said cryptocurrency, has collaborated with IOHK, a blockchain research and development firm to protect the ETC network from 51% attacks.
Ethereum Classic Fights 51% Attacks
ETC has suffered three attacks in August alone, wherein the three attacks happened at blocks 3,693, 4,000, and 7,000, respectively. These attacks prompted exchanges like OKEx to delist ETC due to the lack of network security. According to Bitinfocharts, ETC’s hashrate is around 4.165 TH/s at the time of writing.
In order to ensure ETC network security, ETC Coop and IOHK have collaborated and created a comparison document. ETC implemented the Modified Exponential Subjective Scoring (MESS) system after suffering the said attacks in August.
With the implementation of the MESS, the Ethereum Classic Improvement Proposal (ECIP) 1100 will protect the network against attackers by detecting shady reorganizations. Meanwhile, the checkpointing service ensures that the protocol remains unaltered with regard to mining.
Timestamping decentralizes the process by relying on Bitcoin. ETC miners need to run a complete Bitcoin node to verify timestamps, and own some BTC to create timestamping transactions. Moreover, miners have to be connected to the network of the Rootstock (RSK) sidechain.
Meanwhile, Veriblock is a blockchain which could relay blocks to the Bitcoin network to achieve a higher level of security. PirlGuard is a semi-centralized ETH-based system. In case of attacks, masternodes and developers can enforce penalties to ban dishonest parties.
The ETC community needs to find the right solution, as these attacks have dented confidence in the ecosystem. Moreover, this challenged the community’s ability to collectively address a very real issue while representing an existential threat to its future viability.
Some exchanges require 91,000 block confirmations to accept a transaction. If the 51% attacks continue, this could increase the possibility of rapid delisting on exchanges. Meanwhile, when Ethereum 2.0 finally goes live, Ethereum Classic could benefit from an influx of miners that would secure its chain.