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Ethereum Classic (ETC) Partners With ChainSafe and OpenRelay

Ethereum Classic (ETC) Partners With ChainSafe and OpenRelay

Ethereum Classic (ETC) Labs has collaborated with ChainSafe and OpenRelay to increase its 51% attack resistance.

Ethereum Classic Combats 51% Attacks

Ethereum fork ETC runs on a decentralized blockchain-based distributed cryptocurrency platform that allows smart contracts to be written and deployed. According to its announcement, ETC Labs’ partnership with ChainSafe and OpenRelay will help solidify the defense of its Proof-of-Work (PoW) blockchain against 51% attacks.

OpenRelay is a leading provider of web3 infrastructure that would deliver high-efficiency blockchain tooling to the ETC developer ecosystem. On the other hand, ChainSafe Systems, a co-existing partner for the Chainbridge project, will also accelerate the network’s security plan.

ChainSafe Developer Eric Tu said,

Our collaborative efforts will play a crucial role in securing ETC against malicious attackers on the network.

The chart above shows an estimate of the number of hashes per second ETC miners are performing. At the time of writing, ETC’s hashrate is around 3.06 TH/s, according to Ethereum Classic Explorer. By theory, the lower the hashrate of a network is, the easier it is to attack.

ETC Hashrate Since September 2019 (Source: 2Miners)
ETC Hashrate Since September 2019 (Source: 2Miners)

As ETC’s network hash rate continues to decline, the future 51% attacks become a greater possibility. This is the reason why it is doing the necessary actions to strengthen its security in the best possible manner. OpenRelay will continue to assist in developing practical simulations and establishing ETC’s testnet infrastructure while ChainSafe will continue to support the conceptual review of various security proposals and specifications for its network.

ETC is at $5.19 with a 24-hour trading volume of $620 million, as per CoinGecko.

Consequence of ETC’s Triple 51% Attacks

The ETC blockchain has suffered three attacks in August alone, where in the third attack reorganized over 7,000 blocks, which is equivalent to two days of mining. The first two attacks happened at blocks 3,693 and 4,000, respectively.

Furthermore, these attacks made exchanges like OKEx to delist ETC due to the lack of network security. Alarmingly, during the first attack, the attackers used OKEx to perform several ETC trades.

In a medium post, ETC Labs singled out NiceHash, a crypto-mining marketplace for reportedly facilitating multiple attacks against the network. As mentioned, they are ready to take legal actions against any malicious actors.

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.