In hopes of tightening its security protocols against 51%attacks, Ethereum Classic Labs is collaborating with OpenRelay and Chansafe.
Ethereum Classic has been dealing with some security issues for quite some time now. The company has responded by beefing up its security and developing test security responses. The firm shared this news in a post by its core development team.
Ethereum comes under fire to boost security
Only last month, Ethereum Classic witnessed about 51% attacks. As a result of the attacks, top exchanges like OKEx issued out warning to Ethereum Classic that it should upgrade its security or will be delisted from the exchange. In response to that, the company has resorted to improve its security.
But it’s looking at proper regulation as the major method of preventing any future attacks. Ethereum Classics Lab decided to limit hashpower rental companies in line with its resolve to prevent future security issues and stay in the good records of top exchanges.
From the findings before the recent security upgrade was done, two of the major attacks on the platform were due to rented hashpower from NiceHash.
Best minds in the industry to handle the project
Chairman and founder of Ethereum Classic Labs, James Wo, pointed out that the collaboration makes sense.
He said both ChainSafe and OpenRelay are familiar with Ethereum Classic, as they have worked together. And with this collaboration, the project will be handled by some of the most brilliant minds in the industry, which will help to keep the platform safe and secure.
With the partnership, the team can deal with 51% of the security problems the platform faces, which is a big lift, Wo said.
“The team-up will bring additional expertise in Proof-of-Work security systems and testing environments,” he reiterated.
Both firms will be involved in testnet tests
The deal means that OpenRelay will play a significant role in helping Ethereum Classic for the development of practical models and simulations for the proposed features. It will also establish testnet infrastructure, design, and implement testnet tests. On a similar note, ChainSafe will be involved in reviewing the different security proposals for the platform to make sure the network remains safe.
OpenRelay will help Ethereum Classic 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.