Crypto

IOHK restarts Mantis to provide a safer future for the Ethereum Classic community.

IOHK restarts Mantis to provide a safer future for the Ethereum Classic community.

IOHK, the global block chain research and development company, has announced that it will relaunch the ‘Mantis’ customer originally developed by IOHK for Ethereum Classic (ETC) in 2017. The decision to re-launch follows the recent 51% attacks on Ethereum Classic, which revealed vulnerabilities in the protocol, making it clear that ETC needs more security and innovation.

Mantis’ client wants to do this by introducing security measures and a decentralized treasury to finance future projects. Mantis is software that connects in a peer-to-peer way with other clients on the Ethereum network and is the only client that is by nature written for Ethereum Classic, enabling it to offer a high level of security, safety and usability.

To address security issues, Mantis introduces checkpointing, a formally proven solution for limiting 51% attacks. It is also based on the Scala programming language, which provides robust security guarantees. In addition to safety, it proposes a decentralized treasury that finances the development of projects that bring additional benefit to the ETC, improving the adoption of the protocol and generating new blood, with new ideas in the ETC ecosystem to help ensure its long-term future. Part of that greater innovation will enable progress in scalability and governance. Mantis will also use the ‘K’ framework of Runtime Verification to provide more advanced techniques for verifying smart contracts and more predictable gas costs, making the platform more attractive both to developers building smart contracts and to end users looking for a cost-effective and secure platform for the block chain.

Charles Hoskinson, CEO of IOHK:“Ethereum Classic has reached a philosophical crossroads – the level of hashrate, price depreciation and activity in the chain all indicate that ETC needs to take a new direction. As a result, we decided to inject a little more life into the ecosystem, together with others. If we can achieve that, ETC will not only flourish, but it will also have the opportunity to fully realise the original ‘code is law’ philosophy, which will become increasingly crucial as regulations increase and governments start to use digital currencies”.

Ethereum Classic is built on the ‘code is law’ principle, which ensures transactional and arithmetical invariability, meaning that smart contracts cannot be changed after they have been established. This is a key principle that underlies the block chain principle. Mantis will combine this concept with recent advances in scalability and security, preserving the ‘code is law’ principle while at the same time being the driving force behind innovation.

The relaunch of Mantis is a call to the ETC community to decide on the future of the block chain. The members of the ETC community can now choose whether they want to upgrade by voting with their feet. Those who want to switch to the Grasshopper model can upgrade their customers and switch to Grasshopper, or participate in a conditional fire contract. The latter means that IOHK would create a smart contract where community members could send and lock their ETC, which would then be destroyed and exchanged for tokens, essentially triggering a system reset. This makes it possible to upgrade with the guarantee that if not enough people participate, the contract will refund all the money.

Hoskinson continues:“While we offer an option that we believe will provide more robust security and encourage greater innovation in the Ethereum Classic community, the community is ultimately in control. They need to ask themselves whether they are really happy with how the project has evolved over the past 4 years, or whether they are really happy with how the project has evolved over the past 4 years.

is time for a change in leadership that will enable the ecosystem to deliver on its promises.”

Published on Thu, 10 Dec 2020 04:35:46 +0000