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- Ethereum Classic needs to change its codes to SHA 3
- SHA 2 has worked tremendously on the testnet, and is ready to shift the legacy algorithm by next year
- The ECIP 1049 shift could boost the security of the network and help it to grow more
- The blockchain requires more wallets for security to the network and more adoption
Ethereum Classic (ETC) is one of the purest decentralized projects available in the cryptosphere. The project offers a permissionless method to manage cryptocurrency without the need for intermediaries. Moreover, the users can create unstoppable smart contracts that could be deployed and executed. Since establishment the network has seen a healthy growth in terms of price and market valuation. In the current scenario, the coin is at 22nd position in terms of market cap. Notably, there is one feature of the coin that has hindered it to surpass the leading assets.
Ethereum Classic network requires ECIP 1049
The Ethereum Classic network has been ensnared in an algorithm shift. The shift was proposed to boost the security of the network, as it is vulnerable to 51% attack. The proposal was made for ECIP 1049 upgrade. The algorithm could have switched the network to Secure Hash Algorithm 3 (SHA 3).\
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The change in algorithm could greatly reduce the chances of hacking attacks on the network. Notably, ETC’s nature of Proof-of-Work and the need to create a secure system are the main reasons to enforce ECIP 1049. According to Alex Tsankov, who is leading the network, the blockchain is done with the code. SHA 3 has been working in testnet, and the developers are creating community consensus.
ETC will see its biggest change next year
According to Tsankov, the ECIP 1049 is working fantastically well on the testnet in terms of implementation and timeline. Following the scenario, it seems next year at first the switchover of the algorithm will take place.
The switchover will pave the way for an improved and secure ecosystem. Moreover, the blockchain’s hashrate will also surge and the mining pools hardware would get diversified. However, seeing the work of the switched algorithm, it seems Ethereum Classic will see its one of the biggest changes. Tsankov believes that it seems to be the only change that requires it to happen.
Switchover of algorithms are not easy
It is considered that the latest change in code will make the blockchain more secure. Indeed, the implementation of SHA 3 will not allow 51% attacks on the Ethereum Classic network. The last last attack was carried out as the Ethereum network miners used the same algorithm. However, this time the algorithms are going to get changed, the switchover will not happen that easily.
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According to Tsankov, ECIP 1049 is the only change that the network requires. Indeed, the change needs to happen to the blockchain. The change will provide the system, potential to grow even bigger than Bitcoin and Ethereum. And to help ETC succeed, the network requires its own algorithm that will separate it from the Ethereum network.
ETC needs support
Ethereum Classic will soon have the potential, but is still lacking support. According to Tsankov, the network requires more wallets for support. If ETC gains more support as what Ethereum has, the use case of ETC will skyrocket. Although the current performance of ETC coins are not so impressive, after the update takes place the coin could achieve surprising levels.
