Finally the developers of Ethereum Classic (ETC), Ethereum Classic Labs, have announced a plan that promises to protect the Blockchain from possible attacks.
The most anticipated plan for Ethereum Classic
A few weeks ago the crypto news was the 51% attack on the Ethereum Classic Blockchain. It was not just one, but two and days apart.
Yes, the hacker managed to steal approximately $7.3 million in crypto currency after the two attacks. Clearly, action was needed, and quickly, because something wasn’t right.
In this sense, yesterday Ethereum Classic Labs published in Medium the „Network Security Plan“, which includes several immediate modifications, as well as actions to be taken in the medium and long term.
Therefore, in the short term, ETC Labs proposes to maintain a „defensive mining“ plan, where miners must cooperate to maintain a more consistent hash rate, while developers monitor the network to identify anomalies.
The team is also working on an arbitration system, Permapoint, which would prevent chain reorganizations caused by 51% attacks.
Nevertheless, these are the actions that can be taken in the short term to keep the Blockchain safe. But, it might not be enough.
In the long term, such important changes are considered, such as a network upgrade to keep it secure. In fact, they may even have to completely change their current consensus algorithm, Ethash, to a new one if the community so decides.
Will the Ethereum Classic community be ready to execute the changes needed to keep your Blockchain secure?
Ethereum Classic is again under 51% attack
Europe ready to regulate crypto-currency and Blockchain
Yesterday, the IFC Review published a report stating that the European Commission is in the final stages of a proposal for a first regulatory framework for cryptomonies and Blockchain in the region.
The report states that the Commission has been working on the Crypto Trader regulatory framework since last year and has therefore consulted with experts from all over Europe.
In this sense, the publication assures that the successful approval of the law, and its adoption, would provide the necessary legal environment for the crypto industry and the Blockchain to develop. Therefore, the upcoming legislation has been described as „historic“.
Blockchain technology is the path to greater financial inclusion
Binance Smart Chain Blockchain integrates Band Protocol
For those who don’t know, Binance Smart Chain is the Binance Blockchain that supports dApps. As the DeFi industry expands, so does the demand for reliable data oracles.
Basically, these data oracles connect developers to real-world market prices, which in turn reduces rates and increases scalability.
In this sense, Binance Smart Chain established a partnership with Ban Protocol, which provides high scalability that will help establish a new and innovative ecosystem. It could also help build DeFi products more effectively.
It can certainly be a very positive thing for the Binance Blockchain and its community.