Two Miners Purportedly Execute 51% Assault on Bitcoin Cash Blockchain

Two miners have reportedly executed a 51% assault on the bitcoin cash (BCH) blockchain, based mostly on tweets by Cryptoconomy Podcast host Man Swann on May 24.

A 51% assault occurs when any person controls practically all of mining power on a Proof-of-Work blockchain group. Due to this the majority block verifier can cease completely different clients from mining and reverse transactions.

Whereas many have assumed {{that a}} 51% assault may very well be carried out with malicious intent, the above case occurred as the two mining swimming swimming pools tried to forestall an unidentified get collectively from taking some money that — attributable to a code update — had been mainly “up for grabs.”

According to Swann, two miners with majority administration of the group — BTC.excessive and BTC.com — carried out the assault in an effort to stop an unknown miner from taking money that had been despatched to an “anyone can spend” cope with following the distinctive laborious fork in May 2017.  As per Swann’s tweets:

“When the unknown miner tried to take the coins themselves, http://BTC.TOP  & http://BTC.COM saw & immediately decided to re-org & remove these [transactions] TXs, in favor of their own TXs, spending the same P2SH coins, + many others … So just 2 miners, in secret & w/ no trouble, took it upon themselves to remove 2 blocks w/ another’s TXs, & replace with their own.”

51% assaults have often been thought-about an undesirable and unprofitable option to take funds, because it might require an infinite amount of computing power, and as quickly as a group is taken into consideration compromised, clients would ostensibly flee.

According to statistics on Coin.Dance, BTC.excessive and BTC.com administration 43% of the bitcoin cash mining pool.

As Cointelegraph reported, the Ethereum Conventional (ETC) blockchain expert a 51% assault in January. Researchers on the crypto exchange Gate.io reportedly found that an attacker had reversed four transactions, resulting in an absence of 54,200 ETC. The change promised to compensate the affected clients, and advised completely different shopping for and promoting platforms to dam transactions initiated by the attacker’s cope with.



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