Connect with us

Ethereum

Ethereum Classic partners with ChainSafe and OpenRelay to prevent more 51% attacks

Published

on



As it grapples with multiple security breaches, Ethereum Classic Labs has partnered with ChainSafe and OpenRelay in hopes of increasing its defenses against 51% attacks. 

In a post, Ethereum and its Core Dev Team will work with both ChainSafe and OpenRelay to develop and test security responses. 

James Wo, founder and chairman of Ethereum Classic Labs, said the partnership makes sense: 

“OpenRelay and ChainSafe are both well acquainted with Ethereum Classic, through working together, will have some of the most brilliant minds in blockchain tackling the 51% problem in tandem. The team-up will bring additional expertise in Proof-of-Work security systems and testing environments.”

OpenRelay will help Ethereum to “develop practical simulations and models for the proposed features, establishing testnet infrastructure, and designing and implementing testnet tests” while ChainSafe is working on a review of the many security proposals to keep the network safe. 

Ethereum has seen at least three 51% attacks in August alone. These attacks even caused exchanges like OKEx to warn Ethereum that it will delist ETC if it doesn’y upgrade its security. The company, determined to improve its security, said regulation may be the key to stopping any future attacks by limiting hashpower rental companies. They said at least two of the attacks were caused by rented hash power from NiceHash.



Source link

Ethereum

Ethereum London upgrade launches on testnet as 100K staked in a day on Eth2

Published

on

By



Ethereum’s forthcoming London upgrade, containing the highly-anticipated Ethereum Improvement Proposal (EIP) 1559, has been deployed on the Ropsten testnet.

Following the June 24 launch on Ropsten, London is now expected to progress through Ethereum’s Goerli, Rinkeby, and Kovan testnets at roughly weekly intervals — from which point the Ethereum community expects a date for mainnet deployment to firm up.

The new upgrade will see transaction fees burned. According EIP-1559 tracking website, Watch the Burn, roughly 88,500 testnet ETH nominally worth $177.6 million has been burned on Ropsten over the day since London’s deployment.

The high rate of Ether being burned on Ropsten has reignited discussion regarding whether EIP-1559 will render Ethereum deflationary — where more ETH is destroyed than new supply enters into circulation — and what this could mean for Ethereum’s price moving forward.

However, EIP-1559 is not the only upgrade that the community is looking forward to from London, with David Mihal of CryptoFees describing EIP-3074 as “fixing one of Ethereum’s most overlooked security issues” to do with approvals.

Related: A London tour guide: What the EIP-1559 hard fork promises for Ethereum

Coincidentally or not, crypto data aggregator, CryptoQuant, identified that 100,000 Ether had been deposited into Eth2’s staking contract around the same time as the launch, worth roughly $200 million.

CryptoQuant also noted that more than 5% of ETH’s supply is currently locked in staking worth approximately $11.75 billion.