The 2 Ethereum brothers are for the moment mired in problems: Ethereum (ETH) bends under the weight of DeFi while Ethereum Classic (ETC) is the victim of 3 attacks at 51% in the space of a few weeks . The ETC could count on the help of its cousins to alleviate its weaknesses and thus fight against any attempts at future attacks.
The ETC in a state of security emergency: even more checkpoints
The latest attacks at 51% suffered by Ethereum Classic, have considerably affected the confidence of investors and exchanges in the network reliability and security.
One of these attacks would have cost almost $ 5.6 million at OKEx who considered the possibility of withdrawing ETC of its listing if satisfactory solutions were not put in place.
At the moment, the majority of exchanges, including OKEx, have increased confirmation times.
IOHK, the company of Charles Hoskinson, presented to the community ETC a solution based on the introduction of checkpoints.
This short-term solution requires the establishment of a type verification network Ouroboros Byzantine Fault Tolerant (OBFT), and the signature of trusted members.
Thanks to these checkpoints, hackers would be unable to exploit a phantom network even if the Proof of Work is more important on this one than on the main network.
A like ADA, B like Bitcoin, C in ETC
However, the procedures for selecting these trusted members risk leading to lively discussions.
According to the explanations provided by IOHK, consensus OBFT is also used by Cardano (ADA). It would thus be possible to use the network ADA and even Bitcoin (BTC), instead of creating a new network.
The question of the size of the latter must also be studied, knowing that the consensus requires validation of 2/3 of members.
Previously, community members proposed emergency solutions to secure the network: These included a change in the hash algorithm and harmonization at the level of mining activity.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
Vitalik Buterin should perhaps take note of this advice and be inspired by it, because ETC is certainly the most affected today, but ETH 2.0 – despite the switch to Proof of Stake – could also be the target of a 51% attack and it is not enough to just brush this scenario aside with a few theoretical explanations to rule out this danger for good.
Litecoin, welcome in the Silver Age