- The Ethereum Classic Labs today have announced their Security Plan that consists of immediate actions and long term solutions.
- The developments for the security plan is expected to be completed over the next 3-6 months.
- This adjust the hash rate to make it more consistent and increase the hash rate whenever needed.
The Ethereum Classic Labs today have announced their Security Plan that consists of immediate actions and long term solutions that will be taken in order to prevent further attacks and ensure better security of the Ethereum Classic platform. The developments for the security plan is expected to be completed over the next 3-6 months.
Consecutive 51% Attacks on ETC Platform
The ETC network security plan comes in response to the two consecutive 51 attacks that took place earlier this month. The first attack took place on 29th July where the attacker took control of half of the hash power and reorganized more than 4000 blocks. And in the second attack, the attacker stole almost 800000 ETC worth $5 million through double-spending. However, in the process, he had spent only $20000 on purchasing the hash power of the network.
Consequently, the ETC core team had advised the users and miners: firstly, to raise the confirmation times of the blocks based on the current security network. Second to only operate on Core-geth and Besu node clients. And miners must specifically use the Core-geth client.
However, the Network Security Plan comes as a shield to protect the ETC network from further attacks. The plan mainly consists of immediate actions that will be implemented shortly and several long term plans that will undergo development in the coming months.
Immediate Action Prevention Measures
One of the new features that will be implemented in the network is defense mining. This will adjust the hash rate to make it more consistent and increase the hash rate whenever needed. Enhanced Network Monitoring will identify any abnormalities in the hash rate price and so on. The ETC network will now closely work in coordination with the exchanges. And lastly, the ETC core team will also use a Permapoint arbitration system that will actively defend any block reorganization in the network.
Long Term Fixes on the ETC Network
The ETC team has proposed using a checkpoint system or PirlGuard to enhance the attack resistance on the network. The change proof-of-work consensus algorithm has been suggested. The advised replacements are Keccak-256, or RandomX and implementation of such changes can be done using protocols like MINERVOTE. And if community consensus is reached then a treasury system could be introduced to the network.