The report acknowledged that the developer community has been suffering a lot of pressure from the community members due to the attacks. Many exchanges have removed ETC from their list of tradable assets and things cannot be allowed to continue like this. Part of the report was as follows;
“IOHK has a long association with ETC and its community. To mitigate these attacks and secure the ETC network, the IOHK team has analyzed the different options and proposals found through the ETC community.”
The report contained 6 different proposals that will make things better for the ETC community before it is too late. These moneycat reviews will make the ETC ledger more robust. The name of the first proposal is Checkpointing and it will involve the development of a mechanism that will serve as a checkpoint.
This mechanism will ensure that transactions on the network remain irreversible. With the checkpointing system in place, an entity will be designated to choose a checkpoint for a block. The block will be seen as the canonical chain and other parties will have no choice but to follow the trend set by the original block.
The second proposal on the report is called Timestamping and it proposes using security from another ledger to protect the ETC network. For this proposal to work, they will have a link to the Bitcoin blockchain. They also suggested a solution that will involve Rootstock, a smart contract platform that is powered by SmartBitcoins. Some other solutions will be based on the Bitcoin Blockchain while others will be based on Ethereum. As these temporary solutions provide an additional layer of security, they will work on long-term solutions that will make it impossible for such attacks to occur. At the same time, they are also working on innovation and growth since network consolidation attacks hardly happen on large networks.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Cardano Partnered with Ethereum Classic to Find a Solution to 51% Network Consolidation Attacks on Blockchains
- They are Already Working on Proposal to Temporarily Prevent the Problem While they Work on a More Permanent Fix
Cardano News Today – The Ethereum Classic community has suffered several network consolidation attacks in the past. These attacks have led many to lose faith in Ethereum’s baby brother as they look for more reliable blockchains. In their latest report titled “ECIP Comparison for 51% Attack Resistance”, Cardano’s Kostis Karantias talked about the three 51% network consolidation attacks on the ETC blockchain in August alone. Even if the report was published by the ETC Cooperative, the major contributors are members of the Cardano development team and IOHK.
