ETC Labs reviewed the 51% attack incident: it does not plan to roll back any trades and is working on a new mining algorithm
Rhythm BlockBeats news, ETC Labs published a summary of the recent 51% attacks on August 11. First, ETC Labs said, officials were in contact with miners and trading platforms during the attack, advising on the incident, requesting a halt to deposits and withdrawals, and ensuring the use of the Geth or Besu core client. Secondly, the official statement on the incident is as follows:
1. It is not reasonable to accuse an attacker of selling power pools. While the pool can improve the system to encourage honest behavior, it is not responsible for cybersecurity.
It is also unreasonable to blame the ETC chain itself. The ETC protocol operates exactly as it was designed, and the blocks dug out by malicious miners are valid according to the consensus rules, except that they account for the largest proportion of total computing power. Therefore, in response to this incident, the authorities do not intend to roll back any trade.
Officials stress that all PoW chains are vulnerable and need to recognize this as a common weakness of PoW chains.
Finally, officials say ETC is implementing a series of measures to prevent the attack from happening again:
1. Better monitoring and rapid response systems are being established as a means of early warning.
2. A new mining algorithm is being researched to reduce the possibility of attack and limit the damage of attack.
3. Establishing cooperative relationship with miners and mining pools, improving calculation power and encouraging honest mining behavior;
4. Working with Kobre & Amp; Kim law Firm and CipherTrace cooperated in the criminal investigation.
ETC will continue to adhere to its philosophy and continue to develop technologies.
Welcome to join the official BlockBeats community:
Telegram Subscription Group: https://t.me/theblockbeats
Telegram Discussion Group: https://t.me/BlockBeats_App
Official Twitter Account: https://twitter.com/BlockBeatsAsia
Related Articles
