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Verge (XVG) susceptible to another 51% attack? Here is what you need to know

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Verge
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The past few days have been nothing but turmoil for the XVG community especially when news broke out on Tuesday that Verge (XVG) had succumbed to a 51% attack. The attack came about as a result of a hacker managing to trick the Verge protocol and gaining 51 percent control of the network only to mine XVG at the least difficulty and make away with over $1million worth of XVG.

What is a 51% attack

The debate around the possibility of a 51% attack on most if not all coins have been ongoing in the crypto-verse for quite some time. In fact, with the recent ranking from the Chinese government showing Bitcoin and Verge being ranked at number 13, the Bitcoin community was all the rage, with critics dismissing the results for showing an unfair comparison between Bitcoin and Verge.

Granted, one of the main reasons Bitcoin has remained at the throne of the crypto verse is that it has managed, over the years, to withstand attacks such as the 51 percent attack. Basically, a 51 percent attack is an attack on a Blockchain network whereby the hacker is able to control the blocks on the Blockchain by having 51% control of the mining capacity of the entire Blockchain network. With such power, the hacker can mine coins at the least difficulty or shut down the entire network.

Comparing Bitcoin To Verge

For this reason, established Blockchains such as Bitcoin and Ethereum would require billions in terms of investments in computing power for any one entity to manage a 51% attack. This makes these networks impenetrable as it would cost more to hack than to follow the normal mining protocol.

It is a whole different case for verge as it is still a growing network vulnerable to such attacks. In fact, this was the second time Verge was attacked as indicated on CCN. Although the Verge protocol uses a rotational mining algorithm to maintain its ASIC resistance and also as a security mechanism, the hackers managed to gain control of two of the mining algorithms (scrypt and lyra2re) and used false time stamps to manipulate the network into accepting duplicate blocks into the main chain.

XVG Community responds with positivity

As reported on CNN the attack happened between block 2155850 and 2206272 as the hackers managed to mine over 30 million XVG coins in a matter of hours. The Verge team confirmed the attack in a post on twitter mentioning that “some mining pools are under DDoS attack” and that the network was “experiencing a delay” in the mining blocks. Verge has since moved to activate the emergency hard fork to address the vulnerability on their network

Although critics saw the move as a mere temporary solution for the problem, the XVG community has responded to the attack by sticking together as the Verge team works its way around a solution. CryptoRekt, the creator of the XVG black paper, posted on Twitter encouraging the community not to be discouraged by the loss saying that

Every challenge or problem… Is an opportunity for us to grow?

His comments on the issue were reiterated by other co-members of the XVG community who equally responded positively to the whole situation.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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