Bitcoin Gold Team says Novel Double-Spend Resistant Algorithm to be Released in 1Q20 after Suffering a 51% Attack yet again

Must Read

NiceCash Lets Anyone Get Maximum Out of DeFi

in One Click NiceCash launches its nVaults -...

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at...

Bitcoin Eyeing $11800 After Intense Drop

As we saw earlier today, Bitcoin started by declining from $11349 to $11176, roughly 1.76%.
- Advertisement -BTCClicks.com Banner
Earn Free Bitcoin

Bitcoin Gold (BTG), a hard fork of the world’s leading cryptocurrency Bitcoin suffered a 51 attack last week.

A potential attack on a blockchain network where a single entity gets control of the majority, of the hash rate of the network is a 51% attack. In such a scenario, an attacker can exclude or modify the transactions, their order and even prevent any new transactions from getting confirmations. The attack can even reverse transactions, leading to a double-spending problem.

Because of the fact that blockchain is maintained by a distributed network of nodes, it tends to be highly secure and the bigger the network, the stronger it is.

Bitcoin Gold is the 33rd largest cryptocurrency with a market cap of $205 million. Despite the reports of the attacks, its price today jumped to $12.56.

Currently, it is trading at $11.83, up 130% YTD but down 98% from its all-time high of $518.

$72,000 worth of BTG Double-Spent

According to a report on GitHub by James Lovejoy, a researcher at MIT’s Digital Currency Initiative, on Jan. 23 and Jan. 24 two reorgs occurred on the Bitcoin Gold, a network that aims to be GPU-mineable by using the Equihash algorithm also known as “Zhash”.

Bitcoin Gold team also took to Twitter to announce these two 51% attacks that successfully reversed deposits to an exchange, the first one reverting ~1900 BTG, the second ~5267 BTG.

However, there is no information on if the attacker “successfully extracted any value from an exchange,” they said.

Novel 51% resistant decentralized consensus algorithm coming

The advanced risk control systems in exchanges make it likely that either or both the attacks failed, said Bitcoin Gold team. They are also in contact with exchanges to offer security help and reported that the targeted exchanges have taken effective measures. Binance has increased its withdrawal requirement for Bitcoin Gold to twenty confirmations since then.

The hash power for the attack, the team found came through NiceHash. Based on NiceHash price data for Zhash, the estimated cost of generating a reorg is just 0.2 BTC which at its current price is just about $1,750.

This, however, wasn’t the first time that Bitcoin Gold suffered a 51% attack. Back in May 2018, it was hacked for $18 million.

Bitcoin gold team, however, says it has been working on a “novel 51%/Double-Spend resistant decentralized consensus algorithm since last year” and plan to release it in 2020 Q1.

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at the Dubai World Trade Centre,...

USDT Is A Game Changer For Online Poker

CoinPoker - the flagman of the industry, the biggest and the oldest pure crypto poker room is the first to...

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company dedicated to artificial intelligence and...

Flyp.me Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...