Ethereum Classic Labs has unveiled a plan to secure cryptocurrency. Shortly before this, the ETC network was subjected to hackers’ attacks.
The work they presented inlcudes short-term and long-term measures for further protection of the network. First of all, the authors propose to introduce a different mining” mechanism, which will require maintaining a stable hash rate from miners and pools. There should be the capability to increase it if necessary.
Advanced abnormal activity monitoring tools can also be developed to help identify suspicious hashrate spikes. Cryptocurrency exchanges can also be involved in cooperation on whitelisting addresses and establish a safe transaction confirmation time. Finally, the Permapoint system, developed by the ETC Core team, could be incorporated into the protocol to “resolutely discourage reorganization while maintaining consensus among the nodes.”
At the same time, ETC Labs acknowledges that more fundamental decisions are required for long-term security. Their implementation can only be carried out with the approval of the community.
One such solution is the PirlGuard protocol. It involves the introduction of so-called “penalty blocks” for miners who offer a longer or larger chain. The number of penalty blocks will depend on the depth of the chain reorganization, and in theory, their presence would double the cost of the alleged 51% attack.