IOHK’s proposal for the ETC neighborhood might use Cardano or Bitcoin for prevention of 51% assaults
Earlier right this moment, IOHK introduced its checkpointing proposal to the Ethereum Traditional (ETC) neighborhood. That is meant as a short-term answer for stopping future 51% assaults. Prior to now a number of weeks, the community has suffered a lot of such assaults, which has solid doubt on ETC’s future. One in every of these assaults value OKEx $5.6 million. Within the wake of those issues, a number of exchanges elevated validation instances for ETC transactions.
Checkpointing consensus. Supply: IOHK presentation.
As its title would suggest, the answer proposes the introduction of checkpoints that will validate the community. Thus if an adversary had been to mine a “shadow” community (as earlier attackers did after they managed to double-spend funds on OKEx), this shadow community wouldn’t have these validating checkpoints. Due to this fact, whereas they could have extra proof-of-work than the primary community, it won’t be accepted.
Checkpointing can be carried out by an unspecified Ouroboros Byzantine Fault Tolerant, or OBFT, checkpointing community and signed on the ETC by ‘trusted members’. The checkpoints can be inserted on common each three blocks.
The proposal doesn’t specify who can be chosen as trusted members, but when accepted, a heated debate is more likely to ensue over the choice. OBFT consensus can be utilized by Cardano (ADA). We requested the presenters if Cardano could possibly be used as a substitute of making a brand new checkpointing community. They mentioned that that is potential and that Bitcoin (BTC) is also used for this objective. As to the final query of the scale of the checkpointing community, they mentioned:
It nonetheless must be outlined, nevertheless it’s necessary to know the way that performs as a result of the larger the federation, the larger time slots you want till you get settlement on the two-thirds of that [needed to reach consensus].
Members of the ETC neighborhood have made a lot of proposals aimed toward fixing the existential points confronted by the community — from altering the hashing algorithm to higher regulation of hashpower marketplaces. There is no such thing as a approach of predicting which route the ETC will take, but, one factor appears to be sure — if one thing is just not achieved quickly, the community whose mantra is “code is legislation” might in the end be repealed.