Home Alt Coins Vertcoin 51% Attack Could Have Caused $100K in Double Spending

Vertcoin 51% Attack Could Have Caused $100K in Double Spending

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Vertcoin 51% attack

Vertcoin has been experiencing ongoing 51% assaults, reportedly ensuing in $100Ok of double spending on the community. 

Rough Couple of Months for Vertcoin

In a detailed blog post, Coinbase safety engineer Mark Nesbitt revealed that Vertcoin’s community went via repeated 51% assaults, with the most important reorganization having a size of 310 blocks and a depth of 307 blocks which, in keeping with the specialist, might have prompted double spends upwards of $100,000.

The incidents began in October and occurred on 4 completely different events, the final of which was supposedly ongoing on the time of publishing the weblog submit – December 2nd.

According to Nesbitt, the final incident was comprised of 4 reorganizations, all of which resulted in double-spend transactions.

It’s value noting that Vertcoin’s mining algorithm is intentionally geared towards ASIC and ASIC-like gadgets by making them notably inefficient. Instead, mining on the community is designed to be achieved solely via generally obtainable graphics playing cards. This is supposedly an try to hedge towards mining centralization.

Nesbitt argues, although, that that is largely counterproductive to the community’s safety as a result of it allows anybody in the world who’s utilizing graphics playing cards to assault the coin versus networks mined with ASICs (e.g. Bitcoin) the place solely ASIC customers can assault the coin.

The Importance of Network Strength

This 12 months has seen an increase in 51% % assaults towards cryptocurrencies resembling Verge, Bitcoin Gold, and ZenCash, to call a number of. Some initiatives have already taken steps to stop this sort of incidents in the long run. Bitcoin Gold’s workforce revealed that it plans a hard fork as an answer to stop 51% assaults.

A 51% assault takes place when a person or a bunch of people management greater than 50% of the community’s mining hash price or computing energy.

Bitcoin’s community is by far probably the most safe blockchain immediately. Mining bitcoin is designed to be notably vitality intensive. The computational energy wanted to generate new blocks requires an excessive amount of electrical energy to energy up the specialised mining {hardware}.

Simply put, attacking the community is much more costly than to defend it.

Tracking website Crypto51 measures the theoretical value of 51% assaults on every community. According to it, sustaining such an assault towards Vertcoin would solely value $125 per hour, whereas attacking the Bitcoin community would value $255,744 per hour.

What do you consider the most recent 51% assaults on Vertcoin? Don’t hesitate to tell us in the feedback under!

Images courtesy of Shutterstock

The submit Vertcoin 51% Attack Could Have Caused $100K in Double Spending appeared first on Bitcoinist.com.

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