Ethereum classic is the 32nd cryptocurrency in CoinmarketCap ranking. Since the first hack in Ethereum network, it is divided into two different networks. Although developers attempted to keep the network secure, it’s still vulnerable to 51% attacks. The Ethereum Classic foundation is constantly improving its network to prevent any further such those attacks. In fact, a 51% attack happens, when more than half of the miners could gain the power and control of the network. So, they would be able to add or remove transactions or do any malicious activity. In the latest news, ETC collaborates with ChainSafe and OpenRelay to prevent anymore 51% attack.
[penci_related_posts dis_pview=”no” dis_pdate=”no” title=”Related posts:” background=”” border=”” thumbright=”yes” number=”2″ style=”grid” align=”none” withids=”” displayby=”cat” orderby=”rand”]
Ethereum Classic collaborates with OpenRelay and ChainSafe prevents anymore 51% attack
As we mentioned above, Ethereum experienced several security breaches so far. Recently, Ethereum Classic Labs collaborated with OpenRelay and ChainSafe in order to prevent anymore 51% attack.
The core developer of Ethereum Classic announced that they are working with both ChainSafe and OpenRelay to develop and test security responses.
The founder and chairman of Ethereum Classic Labs, James Wo, mentioned that the partnership could bring good results. He explained that both ChainSafe and OpenRelay are well-familiar with Ethereum Classic. This collaboration can bring good results, which make us be able to protect the network from any further 51% attack. In fact, the team, which is behind this project will bring additional expertise in proof-of-work security system and testing environments.
The roles in the project
The OpenRelay role in this project is to develop practical models and simulations for the proposed features, design and implement testnet tests and establish testnet infrastructure. On the other hand, ChainSafe is analyzing security proposals in order to keep the network safe.
Etherem Classic experienced three 51% attack in row only in August. The problem became more serious when some exchanges such as OKEx warned Ethereum Classic that they will delist ETC.
The ETC foundation announced that they will improve the security by limiting the hashpower rental companies. In fact, two of the attacks caused by rental hash power from NiceHash.