Singapore, Oct. 14,2020 — MXC (www.mxc.com), a leading and reputable cryptocurrency provider of spot, margin, contract, leveraged ETF, index products, contract, PoS staking, and OTC services, offers its support to the Ethereum Classic (ETC) project. Following multiple 51% attacks against the ETC network, MXC Exchange will cooperate with their team and implement the proposed upgrades to ensure a smooth operation of the network.
Ethereum Classic and 51% Attacks
Three 51% attacks were launched against the Ethereum Classic blockchain in July and August of 2020. . These 51% attacks are problematic, as they allow for potential double-spend transactions.
This attack, however, ensured that network nodes – running either Parity or OpenEthereum – were incapable of processing the reorganization as a result, these nodes become desynchronized from the ETC network, forcing the developers to come up with a solution. That solution will be fully supported by MXC Exchange, as the team wants to help ensure no further attacks against Ethereum Classic can be organized.
The Ethereum Classic team including ETC Labs, its ETC Core development team with support from OpenRelay and ChainSafe, on block 11380000, have implemented ECIP-1100. Also known as “MESS” (Modified Exponential Subjective Scoring), an innovative and low-risk approach to prevent 51% attacks and improving security for PoW blockchains.
MESS would prevent 51% attacks by treating large block reorgs as suspect and making them prohibitively expensive, removing all profit motive. It would force large reorgs used to launch attacks to have significantly greater difficulty and common ancestor time. For example with MESS implemented, the recent attacks in August would have needed more than 155T/H sustained over many hours in order to be successful, costing approximately $20M. The best way to secure the network is to ensure the cost of a blockchain reorganization makes it economically unfeasible to orchestrate. After all, every 51% attack is performed out of financial incentive. Once that incentive is no longer attainable, the network can continue in peace.
All of these precautions are necessary to ensure the network remains safe from harm. More details on the exact implementation of MESS can be found here.
As a side effect of these changes, users running an Ethereum Classic node will need to switch their software to CoreGeth. This will be the only client to support MESS. Neither Parity nor OpenEthereum have indicated support for this new proposal, but that situation may come to change in the future.
With the help of MXC Exchange, who will upgrade its own ETC node to CoreGeth, an important first step has been taken. MXC Exchange has been at the forefront of the cryptocurrency industry and its reputable projects.
MXC Exchange Head of Global Operations Alex states:
“We are committed to support the Ethereum Classic project and its community. As a long-standing ETC node operator, upgrading to CoreGeth is our way of expressing the importance of MESS and bringing more security to the Ethereum Classic network. We will continue to operate our node on the network and ensure operations can resume as normal.”
In doing so, MXC Exchange is the first major exchange to provide outspoken support for this crucial change affecting the Ethereum Classic ecosystem. Being at the forefront of innovation and going the extra mile for their community, MXC Exchange further solidifies its position in the overarching cryptocurrency industry.
“MESS will enable exchanges to safely reduce confirmation times and ensure that miners will not lose block rewards; stabilizing the network and allowing it to return to growth,” said James Wo Founder and Chairman of ETC Labs.
About MXC Exchange
Established in April 2018, MXC Exchange is one of the world’s leading digital-asset trading platforms which offers users one-stop services including spot, margin, leveraged ETF, derivatives trading and staking services. The core members of the team come from world-class enterprises and financial companies, who have rich experience in blockchain and financial industries. We offer the most comprehensive marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks, and formulate their strategies to maximize gains and mitigate risks.