ETC Labs says it’s developed an action plan to protect its oft-targeted Ethereum Classic blockchain against 51% attacks.
- Shaken by weeks of damaging hacks, ETC Labs rolled out on Wednesday a series of immediate security changes and long-term proposals that it says will bolster Ethereum Classic, the origin chain of Ethereum.
- For now, the blockchain-supporting organization will move to stabilize Ethereum Classic's plummeting hashrate, increase network monitoring, coordinate closely with exchanges and deploy a finality arbitration system.
- These immediate fixes will shore up Ethereum Classic in the short-term, ETC Labs said. More wide-ranging patches that all require community consensus are now in development and thus will take more time.
- Among the long-term proposals: changing Ethereum Classic's proof-of-work mining algorithm, introducing a treasury system, and adding 51% attack resistant features such as PIRLGUARD.
- Those consensus-only fixes could deploy in the next three to six months, ETC Labs said.