Ethereum Classic
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ETC · 24w

ECIP-1049: Change the ETC Proof of Work Algorithm to Keccak256

@saturn-network I have ideas. I'm just trying to hammer them into something cohesive and digestible.

I'm trying to sort out this ECIP process and the right way to present things to you guys for discussion and approval. I'm just a user, not a dev. But I use ALOT of currencies and have be doing so since 2009. In that time I've learned a lot of lessons.

What you're doing here is trying to put a bandaid on a broken leg. It won't work, you're only covering up a symptom and not dealing with the fundamental disease.

If ETC remains PoW regardless of algo, it is forever going to have these issues. Changing the algo might have a short term effect, but in the long run these attacks are because it's more profitable to use it as a tool to rape people unawares than to mine it properly and honestly

Even changing from PoW to something else would only be covering a symptom and maybe making it harder to get sicker.

A quick fix to the problem is to add something to official clients so that they do not show coins as received until they are past the longest known re-org and don't show them as confirmed until 2x the longest re-org. If exchanges don't see the coins come in until it's too late for them to re-org out and be double spent, then this pushes the attacker's costs through the roof and makes it untenable to sustain, although they still might be able to pull it off for short bursts with exchanges using custom clients.

However the real problem, the disease so to speak is the price. It's too low to sustain mining at current reward levels and there aren't enough users using the coin to compensate by using up the vast amount of gas available.

If we want the current attacks to stop immediately and not resume for a long time, it is sufficient to change the block reward by a factor of somewhere between 10x and 100x in order to allow huge quantities of honest miners to come here and be profitable. The number isn't imp...

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