Free enterprise: we know its advantages, but we always hesitate to put limits to it to avoid any contradictions with the very notion of freedom. The cryptosphere has its own rules, its own regulatory mechanisms, and it improves upon them over the years. Ethereum Classic (ETC) may pave the way for even more extensive supervision of mining activities. You cannot live forever in the wild west, the ETC must get out of it quickly to ensure its sustainability.
Minors to order!
After the 2 51% attacks that rocked the network Ethereum Classic, a document published by Ethereum Classic Labs announced the implementation of a plan to improve network security.
Immediate actions include the execution of a defensive mining program and the integration of an advanced monitoring system to detect anomalies.
The objective of these measures is to organize the mining activity through cooperation between pools and individual miners, to maintain a constant hashrate and increase it where necessary.
This cooperation will also make it possible to harmonize mining to avoid peaks and keep prices constant at the pool level.
ETC Labs will also work with exchanges to establish a list of secure services and to set longer confirmation deadlines.
A 51% attack, never again: 3 to 6 months to build the defenses
The long-term strategy will be more focused on the community given the expected impact of this on the blockchain.
2 solutions are under study. To resist 51% attacks, the first alternative is the introduction of penalty blocks: instead of automatic synchronization of blocks mined offline, this protocol requires mining on the longest and heaviest chain of so as to make a reorganization more expensive. The developers estimate that the implementation of such a solution should take 3 months.
The second alternative is a modification of the algorithm from the current consensus mechanism to Keccak-256 or RandomX instead of’Ethash, the algorithm currently used by Ethereum (ETH): The timeframe for the implementation of this solution is 6 months, once the testnet is operational.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
Who will succeed in cracking Bitcoin (BTC)? For the moment, Satoshi Nakamoto’s creation remains an architectural masterpiece with a level of security that has never been compromised – which would make it the best DeFi offer. The developers of altcoins should better understand the process that led to the creation of Bitcoin and the actions taken to secure the network afterwards. Back to the school bench!
Litecoin, welcome in the Silver Age