Home Litecoin News Litecoin Founder Charlie Lee: LTC Community Extraordinarily Safe, Mining Wholesome

Litecoin Founder Charlie Lee: LTC Community Extraordinarily Safe, Mining Wholesome

9 min read

Litecoin founder Charlie Lee has taken to Twitter to handle neighborhood considerations relating to the Litecoin community sparked by a cryptocurrency safety website that tracks the price of launching a 51% assault towards proof of labor cryptocurrencies.

Crypto51 tracks the price of executing a 51% assault towards various proof of labor cryptocurrencies, together with Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Monero, and Dash. The positioning, launched lately, catalyzed a wave of concern inside the cryptocurrency because of the comparatively low value of assault execution — a one hour assault concentrating on the Litecoin community might theoretically value as little as $61,000.

The specter of a 51% assault concentrating on the Litecoin community, based on Lee, is comparatively low — Lee highlights the robust distribution of swimming pools, the excessive capital value of a possible assault, and the quickly growing Litecoin hashrate:

51% Assault Risk Rises

The specter of 51% assaults on proof of labor cryptocurrency networks has elevated dramatically subsequent to the supply of rentable hashing energy — platforms resembling NiceHash now make it doable to rent out hashing energy and execute assaults in far much less time and with much less planning.

Crypto51 tracks the price of a 51% assault for one hour, which usually is sufficient time to verify six or extra blocks. For a typical proof of work cryptocurrency, this time-frame might probably be enough to execute double spend transactions after which deposit tokens at an change.

Whereas 51% assaults are unusual and might be recognized comparatively simply, they’re turning into extra frequent.

A latest 51% assault on the Bitcoin Gold community resulted within the profitable execution of double spends that resulted within the technology of greater than $18 million. The Bitcoin Gold workforce stated that whereas there was no threat to typical customers, platforms that settle for massive funds of cryptocurrency are most in danger:

“A celebration like an Trade might settle for massive deposits routinely, enable the consumer to commerce into a unique coin rapidly, after which withdraw routinely … Till now, some Exchanges had been working with lower than 5 confirmations required. We’ve got been urging increased limits to stop such an assault, and urging guide evaluate of huge deposits of BTG earlier than clearing the funds for buying and selling.”

Extra lately, controversial privacy-focused cryptocurrency Verge was hit with a 51% assault — the third to focus on the Verge blockchain since April. The 2 previous attacks captured over $1 million and $1.eight million respectively.

Proof of Work Cryptocurrencies Put together for Future Assaults

The relative ease with which 51% assaults can now be executed has prompted many PoW token growth groups to implement new measures to stop future assaults. Exchanges resembling Binance have begun to elevated the variety of confirmations required to deposit tokens, which theoretically will increase the chance of a 51% assault being detected.

Charlie Lee, nonetheless, doesn’t seem like involved a few potential 51% assault concentrating on the Litecoin community, stating that miners are unlikely to assault Litecoin and act towards their rational self-interests:

Litecoin, at present ranked #6 by market cap, is down 1.33% over the previous 24 hours. LTC has a market cap of $6.79B with a 24 hour quantity of $303.58M.

Chart by CryptoCompare

Litecoin is down 1.33% over the previous 24 hours.

Cowl Picture by MILKOVÍ on Unsplash

Disclaimer: Our writers’ opinions are solely their very own and don’t mirror the opinion of CryptoSlate. Not one of the info you learn on CryptoSlate ought to be taken as funding recommendation, nor does CryptoSlate endorse any undertaking which may be talked about or linked to on this article. Shopping for and buying and selling cryptocurrencies ought to be thought of a high-risk exercise. Please do your personal due diligence earlier than taking any motion associated to content material inside this text. Lastly, CryptoSlate takes no accountability do you have to lose cash buying and selling cryptocurrencies.

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Sam Town Creator

Sam Town

Samuel is a contract journalist, digital nomad, and crypto fanatic primarily based out of Bangkok, Thailand. As an avid observer of the quickly evolving blockchain ecosystem he specializes within the FinTech sector, and when not writing explores the technological panorama of Southeast Asia.

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