Ethereum Classic (ETC) Labs revealed its collaboration with two cybersecurity firms to stop the frequent 51% attacks experienced by the Ethereum Classic network.
Repowering Ethereum Classic
The ETC Labs said the ETC Core Dev Team and themselves collaborated with cybersecurity teams OpenRelay and ChainSafe. This means that stakeholders are not impacted by another ETC network attack of 51%.
Such an attack happens when miners pool their vast computational power together on proof of work networks, such as Bitcoin or Ethereum Classic, to obtain the majority control of the underlying system ultimately. This helps them reorganize blocks, mint more incentives, and pose a challenge to the network’s actual decentralization.
Although it is difficult for adherents of the philosophy to coordinate and carry out such an attack, Ethereum Classic has experienced such an assault â€¦ three times. Last month, and earlier this year, a rapid series of 51%t attacks by a group of unidentified miners struck the network.
There were also costly assaults. The malicious actors behind the act removed millions of dollars worth of ETC, which they said had been sold on the open market. It posed ETC with an existential challenge that the Dev team tried to address.
This is where the relationship comes to play between OpenRelay and ChainSafe. In cooperation with the ETC Laboratories, the teams will work together to improve attack resistance by 51% and incorporate immediate technological responses to make the network safer:
â€œThe team is in the process of developing and testing immediate technical responses that will make the network more secure. They will also help address the 51% attack vulnerability that all PoW blockchains have.â€
Tackling the 51% attack problem
“In a tweet, James Wo, ETC Labs’ founder and chairman, said OpenRelay and ChainSafe are both “well acquainted with Ethereum Classic, getting some of the brightest minds in blockchain addressing the 51% issue in tandem by working together.
Eric Tu, a ChainSafe developer, noting that the team looks forward to collaborating with the ETC Labs to help protect PoW blockchains against 51 percent attacks in research and development. He said, â€œOur collaborative efforts will play a crucial role in securing ETC against malicious attackers on the network.â€
ETC holders may have something to rejoice about.