Ethereum Classic have to state that security is paramount for them. There were recent attacks on the network and they are developing a strategic plan to carry forward.
ETC cooperative recently published that they are determined to protect the integrity of the ETC ecosystem and stated that they are investing more resources both human and financial to improve the security and to further strengthen the ETC network.
As a part of the network security plans, they say they have immediate actions and long term actions. The long term actions are to be implemented within 3 to 6 months.
The ETC Network Security Plan blog post on the ETC Cooperative blog names Bob Summerwill, Executive Director, ETC Cooperative; Afri Schoedon, ETC Core Team and Executive Director, Byzantine Fault; and Terry Culver, CEO, Ethereum Classic Labs.
The immediate steps to ensure security is ensured by providing for defensive mining by cooperation with miners and the mining pools to maintain a very consistent hash rate and to increase the hash rate as required. This will be done by enhanced network monitoring, close coordination with exchanges, and by implementing a “Permapoint” finality arbitration system by the ETC Core Team to inhibit chain reorganizations, while maintaining consensus among nodes.
Thus, anomalies and spikes in the hash rate inventory, and spike in prices in mining pools will be easily identified. Further exchanges will whitelist addresses while approving and setting safe confirmation times.
The proposed long-term fixes make it possible to increase the 51% attack resistance, using check-pointing and PirlGuard, which is likely to be implemented in 3 months in a hard fork, the sooner the specification is complete.
As an alternative to POW algorithm, Keccak-256, or RandomX are in consideration. This will be implemented in 6 months if testing is completed successfully. They are likely to implement change through MinerVote. If community consensus is obtained then a treasury system will be introduced.
Sydney Ifergan, the crypto expert tweeted: “Ethereum Classic (ETC) will be working in 5 phases tentatively until Jan 2021 to activate a mainnet to deal with the 51% attack. ETC is set to rock and they know what they should do.”
The ETC Cooperative have expressed that they have unpublished proposals and published proposals to deal with the 51% vulnerability of ETC. The “Ethereum Classic Treasury System” and “Proof-of-Work Checkpointing” are listed as unpublished proposals without documentation.
ECIP 1051 – Ethereum Classic Treasury System and ECIP 1070 ProgPoW, a programmatic proof of work for Ethereum Classic are published proposals, which were rejected in the past, but currently considered relevant.
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