With consecutive attacks faced by the Ethereum Classic Network, its developer, Ethereum Classic Labs, on Wednesday announced a major plan to protect the blockchain from further suffering and to make sure the network survives.
The organization proposed immediate proposals to enhance the network structure by improving its security details over the next three to six months. Cointelegraph noted that the critical action proposed by the Ethereum Classic Labs include defensive mining cooperation with mining pools and miners to attain a consistent hashrate. This strategic and robust plan expects to use an advanced network monitoring to track anomalies targeting the blockchain and spikes in hash rate.
The group shared through their blog post that the plan also aims to include collaboration with crypto exchanges on whitelisting addresses and setting safe confirmation times adjustment; while the core team is working on an arbitration system they called “Permapoint” that will serve as prevention to possible chain reorganizations brought by 51% attacks. TheBlockCrypto added that in ETC Labs' long-term plan, they might propose check-pointing on the network or advance a plan to change Ethereum Classic's hashing algorithm entirely. Lastly, the accelerator also eyes on developing a treasury system that may require community approval.
Announcing the #ETC Network Security Plan highlighting immediate actions and long-term solutions that ensure a bright future for #EthereumClassic by our CEO, @realetclassic, @etc_core's Afri Schoedon, and @BobSummerwill, Executive Director, @ETCCooperative https://t.co/LGaK7PHLId— Ethereum Classic Labs (@etclabs) August 19, 2020
This month alone, the network experienced two separate attacks – the first one was a Blockchain reorganization that changed almost 3,000 plus blocks of transaction history leading to $5.6 million worth of the cryptocurrency being double-spent, and the second one resulted to another 4,000 worth of blocks being reorganized.