Blockchain development company ETC Labs has revealed fixes to improve Ethereum Classic’s (ETC) defenses against 51% attack on August 19, following multiple incidents over the past few weeks that have damaged the network’s reputation.
- Fix is only a short-term solution, with medium term and long term solutions requiring community consensus
- Long term proposals include introducing PirlGuard or check-pointing for 51% attack resistance, changing the mining algorithm and forming a treasury system
- These stronger and more robust solutions are expected within the next 3-6 months
- SHA3 and RandomX are the two mining algorithms being considered
- Changes will occur over 5 phases, with the last change being implementing the new mining algorithm