Ethereum Classic Labs Unveils New Plan to Protect Cryptocurrency Networks Against 51% Attacks Using Leased Computing Power.
Ethereum Classic Labs intends to attract regulators to prevent new attacks 51%
The authors note that attacks became possible due to the availability of available capacities on the NiceHash mining marketplace. They promise to “take all necessary measures to protect the Ethereum Classic network,” including organize “legal prosecution of those who conduct or facilitate malicious attacks”. According to the organization, law enforcement agencies and global regulators can be involved to ensure “transparency” and “accountability” of rented computing power..
Over the past month, the Ethereum Classic network has been hit by 51% attacks three times, the largest of which, with more than 7,000 blocks reorganized, occurred on last week.
ETC Labs claims to have already contacted the authorities of “relevant jurisdictions” and promise to provide additional information as it becomes available..
“Many exchanges and other services in the field digital assets have already implemented robust customer identification and countermeasures money laundering. However, computing power rental platforms such as NiceHash are often unregulated and potentially usable. for laundering money and other illegal activities, “the organization writes, adding that weak controls over such platforms entail serious security risks for existing blockchains based on the Proof-of-Work consensus mechanism.
ETC Labs also says it will continue to pursue a plan to implement technical methods to prevent such attacks. This plan was announced after the first two attacks, but did not prevent the third..
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