Lessons from ETH vs ETC debacle.

[halso]

For those who have been living under a rock for the past few days, the Ethereum (ETH) hardfork happened, and a group of Russians set up an alternative Ethereum chain called "Ethereum Classic" (ETC). Which essentially continues an unforked version of the Ethereum chain.

However, the point of this post is what happened next. When Ethereum Classic was announced. An Ethereum miner by the name of Chandler Guo (an ETH supporter) publicly announced he had enough hash power to launch a 51% attack on Ethereum Classic (ETC).

Which is a pretty timely warning for Dash given the roll out of our own ASICs. I remember Evan briefly mentioned at the end of a podcast that he had a solution to mining centralization, and it involved masternodes. I'm not sure exactly what he had in mind, but possibly requiring miners to somehow contract with MNs in order to create new blocks.

Does anyone know anything more about this? It would be good to know how this threat might be mitigated in future.

 

[crowning]

Without answering you question directly (no time right now) you could construct the same problem after a fork with Dash...half the Masternodes do fork, the other half don't.
That's why our Masternode proposals are so great...you'd know beforehand what to expect. And adjust your (fork-) proposal to get a clear majority on your side. Or just don't fork at all...

 

[halso]

Without answering you question directly (no time right now) you could construct the same problem after a fork with Dash...half the Masternodes do fork, the other half don't.
That's why our Masternode proposals are so great...you'd know beforehand what to expect. And adjust your (fork-) proposal to get a clear majority on your side. Or just don't fork at all...

I agree, the MN voting mechanism should prevent that situation even arising.

But my question related to the ability of an ASIC miner to obtain that much hashing power in the first place. i.e. >51%.

 

[ec1warc1]

Regarding ETC, Ethereum Classic, I would love to sell my ether sitting on that chain, especially the ether I already spent on the main ETH chain. If anyone knows how.... LOL! Let me know!

 

[raganius]

Interesting subject. There is a lot to learn form this ETH-ETC experience.

One of the most important lessons: "Do not try to enforce centralised decisions on a decentralised cryptocurrency network." This one is golden.

 

[tungfa]

Interesting subject. There is a lot to learn form this ETH-ETC experience.

One of the most important lessons: "Do not try to enforce centralised decisions on a decentralised cryptocurrency network." This one is golden.

I think one of the most important is
do not fork to go "back"
Blockchain has to move forward (mistakes or not) that is the only way

 

[rustycase]

This very topic is so very important to us all !

The much lauded Vman has allowed an error in his coding which allowed this blunder to occur within the child The DAO, and the subsequent Classic fork.
I suppose any coin could be forked at any time, or cloned, for any reason...
Point of the matter is, the code and system of governance should be robust to negate any reason for someone to do so.
DASH does meet that criteria !
I speculate in other coins, profitably, yet at this time only at a hobby level, for entertainment and educational purposes.
Volume, liquidity, and value are the determining factors.
In crypto, this exists in only a limited number of options.
Quite ez to determine when viewing any significant crypto exchange... and I am a slow learner !
IMO, the most significant factor at this point in time is dragon control over the premier coin.
This is very important in as many ways as I am able to imagine.

The ongoing Ethereum experiment is fascinating even though it has now been shown to lack basic credibility/

All this is Newbie opinion !
rc