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The main motivation for changing the algorithm is to step out of the shade of the Ethereum network which is powered by the Dagger Hashimoto proof-of-work, also known as Ethash. This could be implemented within 6 months, depending upon the results of testing. As a minority chain with regards to the total hash rate using the same mining algorithm as the Ethereum network, Ethereum Classic is not only vulnerable to 51% attacks, but these attacks are possible to execute due to the available hash rate that can be rented on various platforms.
Switching to a unique mining algorithm could position Ethereum Classic as a leader in its own class of proof-of-work.
The Ethereum Classic community has discussed several algorithms thus far, two of which are promising:
ECIP-1049 is based on the EIP918 standard first developed for 0xBitcoin (0xBTC).With the direction that Ethereum Classic is taking: a focus on Layer-2 solutions and cross-chain compatibility; being able to evaluate proof of work on chain, will be tremendously valuable to developers of both smart-contracts and node software writers.
This could greatly simplify interoperability. this could be implemented on ETC through a hard fork with public community calls scheduled for August 20 and August 28, 2020!
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