Ethereum Classic proposes change in PoW mining algorithm

  • Developers of Ethereum Classic have proposed changing the mining algorithm to increase security of the blockchain
  • ETC Cooperative signed a partnership with Whiteblock to implement the proposal in the mining change known as Keccak256.
  • In the midst of the proposal, the number of active addresses in the Ethereum Classic has increased.

A team of Ethereum Classic developers has made a proposal to the ETC community that contemplates a change in the mining algorithm. The proposal aims to increase the security of the Ethereum Classic network, preventing 51% attacks and creating new ways to interact with the blockchain.

Ethereum Classic will introduce hard fork to activate SHA-3 algorithm

The change to the Keccak algorithm consists of bringing a “new generation of mining hardware” (SHA-3 ASICs) to the network to increase the security of the ETC network. Tsankov argues that the current algorithm, Ethash, is no longer suitable for the Ethereum Classic. According to a publication on Medium, a test net supporting the proposal have already been set up.

The change to Keccak would lead to an increase in ETC’s hash rate and the inclusion of hardware dedicated exclusively to the ETC mining. In addition, it would reduce the coincidence of bad actors and of ETC’s blockchain being attacked by GPUs. According to the release, a fork will need to be implemented to apply the proposed changes.

(…) a fork to SHA-3 would be an easy transition for current GPUs mining on the ETC network.

A change to SHA-3 software is also expected to attract the interest of new miners and stimulate the growth of ETC’s hash rate. Therefore, the network would immediately benefit from an increase in its safety. The proposal would change mining rewards to provide greater incentives and would be compatible with a greater diversity of mining equipment:

With over $70 million of mining rewards, ETC would represent the largest network that is profitable to mine with FPGA devices.

Currently, 6 million GPUs are…

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