ETC: Lessons from 51% Attacks – A Path to Strengthening PoW Security! 🛡️🔗
Like any Proof-of-Work blockchain, Ethereum Classic (ETC) has faced security challenges, including several 51% attacks. However, these incidents have acted as a catalyst for significant improvements in the protocol and enhanced network resilience.
What is a 51% attack? It is an attack in which a single miner or a group of miners gains control over more than 50% of the network's hash rate, allowing them to manipulate transactions.
ETC's Response: After the attacks, the ETC community implemented the MESS (Modified Exponential Subjective Scoring) protocol, which increases the time required to finalize transactions, thus significantly raising the economic impracticality of such attacks.
Strengthening Hash Rate: The overall security of the ETC network has also increased due to the influx of miners following Ethereum's transition to PoS, which has boosted ETC's hash rate and made 51% attacks much more costly and complex.
ETC continues to demonstrate its commitment to security and resilience by constantly adapting and reinforcing its blockchain.
