Ethereum Classic Labs has said it is enhancing ETC’s security after the digital asset suffered 51% attacks on two occasions in August.
Ethereum Classic has a higher chance of suffering from 51% attacks due to its low hashrate compared to that or Ethereum. In over two years, the digital assets have suffered the highest number of 51% attacks amongst the top coins in the digital assets market.
Experts have faulted the Proof-of-Work algorithm that the crypto shares with Ethereum as another factor that has mainly contributed to the recent 51% attacks. Given this, Ethereum has said it is enhancing ETC’s security to eliminate the possibility of a future 51% attack on the network..
Ethereum Classic Labs says it is working on enhancing ETC’s security.
If a major entity is in charge of more than half of the total hashrate of a network and uses it for its good, then it is known as a 51% attack. At the beginning of this month, Etheruem Classic suffered two major 51% attacks with one of them resulting in digital assets outlet, OKEx losing about $5.6 million.
With the 51% attacks coming in hard, Ethereum announced that it is enhancing ETC’s security. To achieve this, the developers say they will pull all their resources to stabilise the security of the platform.
Ethereum Classic developers to change algorithm to counter 51% future attacks
According to the team of developers, if plans of enhancing ETC’s security is to be successful, they would have to take two core steps. The first step is a long term step to curb the attacks while the other is an immediate step to stop the attacks in the mean time.
To initiate the quick response, the developers are planning to work hand in hand to begin a term known as defensive mining.
Furthermore, the firm says it would join hands with high-value clients to schedule a time for transaction confirmations. To initiate the long term solution, the developers say they would have to change the mining algorithm.