ETC Labs recently announced that it is on the verge of executing its proposed action plan to thwart further attacks on the Ethereum Classic network. In specifics, ETC Labs plans to slice off 51% attack occurrences on the Blockchain entirely.
Ethereum Classic network, as well as ETC Labs itself, has been the target for a plethora of damaging cyber-attacks. Just a few weeks ago, the system found itself in the receiving end of an adverse 51% attack that resulted in an estimated $5.6 million worth of crypto held to be double-spent. As a response to just that, ETC Labs launched a myriad of security updates this last Wednesday. On top of that, it has also proposed many long-term actions that it expects to strengthen the said network.
The organization has plans to stabilize Ethereum Classic’s dwindling hash rates, elevate its overall network monitoring, build close relationships with exchanges, and to launch a conclusive negotiation system.
According to ETC Labs, these short-term fixes are guaranteed to smoothen up the recent problems within Ethereum Classic. That being said, the organization clarifies that they aren’t happy with just short-term results. ETC Labs noted several other patches and fixes are on the way as soon as they receive the community’s consensus. Among these are its plans to alter Ethereum Classic’s mining algorithm. The organization said that it would more than likely introduce a brand new treasury system alongside many safeguarding features against 51% attacks.
Finally, ETC Labs clarifies that these fixes would most probably take three months or a half-year to be fully implemented.