The recent 51% attacks on Ethereum Classic (ETC) have raised fresh questions about the security of proof-of-work blockchains. Not only has ETC been attacked three times within a month, but these assaults have been enabled with rented hashrate power. One of these attacks cost OKEx $5.6 million as it paid out its customers in full. The major cryptocurrency exchange then threatened to delist Ethereum Classic if it doesn’t improve its security soon.
Some questions being asked last week were: Is this problem unique to Ethereum Classic, or are all PoW blockchains vulnerable? Would regulating hashrate rental firms help? If not, what exactly can be done?
Cointelegraph queried industry representatives for some answers. One interesting recommendation came from a research team at the Massachusetts Institute of Technology that has been exploring ways of applying game theory to crypto security. The team borrowed a leaf from the “war of attrition” game theory, which entails exhausting enemy resources via small losses. The