ETC launches the MESS system that can effectively resist 51% attacks

Key points:

• Ethereum Classic has recently been the victim of multiple 51% attacks.

• The ETC blockchain has established a system called MESS that makes attacks very expensive.

• ETC Labs CEO discusses such attacks and their solutions.

The cost of attacking Ethereum Classic (ETC) is low. From July to August, the blockchain suffered three 51% attacks, and an attacker could have launched an attack for as little as $3,800 to rent computing power.

Image source: visualhunt

So how did ETC developers respond? The answer is that they made computing power more expensive.

Terry Culver, CEO of ETC Labs, explained the solution that ETC Labs and the ETC core development team call MESS (Modified Exponential Subjective Scoring) on ​​the Decrypt Daily podcast on Monday. He said:

“Nodes are not designed to distinguish between an attack chain and an honest mining chain. What we have done is create a system where large transaction reorganizations require greater hashing difficulty.”

This is not a problem for legitimate miners, but is unrealistic for malicious actors who need to show “maintaining a hashrate over an extended period of time.” If MESS, which launched on Oct. 10 following a successful test, had remained active over the summer, the cost of these attacks would have been $20 million, which is less than the value of a used Toyota Corolla, according to an ETC Labs press release.

The hash rate is a measure of the processing power of the Proof of Work network. The hash rate depends on factors such as the mining algorithm, the combined strength of the mining equipment, and the number of users.

In a 51% attack, a malicious actor controls a majority of the network’s computing power and can therefore make decisions about the network, such as rejecting, reversing, or modifying transactions. This makes it possible to double funds, as has happened with ETC before.

Culver acknowledged that low hash rate is currently a problem for the ETC blockchain. But the cryptocurrency’s relatively high liquidity creates a perfect storm:

“So if you’re an attacker and you see that it has all of the characteristics of having access to liquidity, a lot of exchange listings, and a low hash rate, then it’s a good target.”

Even though ETC developers have taken steps to prevent further attacks and ETC Labs has hired lawyers to hold the perpetrators accountable, it will definitely not roll back the Ethereum Classic blockchain.

“We’re not pursuing criminal charges to change the way blockchain works. We’re pursuing criminal charges to take on people who have done something that’s been around as long as civilization has existed, and that’s stealing.”

Culver said they needed to take legal action to boost investor and user confidence. He also warned other projects not to take security issues lightly. He said:

“Look at Ethereum Classic, and saying you don’t have confidence in it because it’s been hacked is kind of blaming the victim, and I think that’s a complete misunderstanding of how these systems work. If you stay invested in Ethereum Classic, you’ll see that it’s resilient and has a lot of potential and a bright future.”