FREE BITCOIN

Gamble as you want,

your wife will never find out!

First p2p bitcoin betting platform!

Guess Bitcoin’s trend and win!

Clever enough to guess

Bitcoin price?

Why do Cryptos like Verge (XVG) Suffer from 51% Attacks? - Global Coin Report
Connect with us

Blogs

Why do Cryptos like Verge (XVG) Suffer from 51% Attacks?

Published

on

Verge
READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrencies have already demonstrated that they can be an extremely profitable type of business. With more and more of them appearing, more and more companies are starting to study, develop, and use them. Some have even launched their own coins, and have managed to advance and become quite a force. However, a lot of them forget to properly handle one very important aspect of cryptos, and that is network security.

Blockchain security

A lot of people have heard that blockchains are safe, transparent and that they can guarantee security for the cryptos. Despite the fact that this may be true in some cases, thinking that it automatically applies to all of them is quite an assumption. The fact is that this is still a very much new technology that needs to be perfected and developed further, especially when it comes to security. The fact that they are holding cryptos which can be very profitable today, makes them an even bigger target. Basically, the risk of attacking blockchain is high and costly, but if done right, the attack like this can bring a lot of rewards.

Big platforms know this all too well, and they were capable of protecting their assets. Their blockchains cannot be conquered due to the large necessity of hashing power that is needed to take the blockchain over. If someone did try to do it, they would have to spend much more than they would gain, which is why the hackers usually leave them alone. Small platforms, however, are much easier to hack and steal from. Ethereum Classic (ETC) is a pretty good example of this. It uses Ethereum’s technology, which the hackers have already studied and familiarized themselves with. However, ETC cannot afford the same hash rates, which makes it much more vulnerable.

The problem with Verge and Bitcoin Gold

Cryptos like Verge (XVG) and Bitcoin Gold (BTG) became vulnerable to making similar decisions. They have decided to resist mining on the industrial scale and instead wanted to provide individuals with a mining opportunity without them having to join mining pools. This means that those with more computing power can easily take over their entire blockchain if only they can acquire enough hashing power. In some cases, this is ridiculously easy.

As stated earlier, large currencies have a much better protection, and cannot be conquered via 51% attacks. For example, the entirety of Nicehash is only capable of matching 2% of BTC, or 3% of ETH. On the other hand, BTG and XVG would fall without any issues.

ETC has the same problem, and acquiring enough power to conquer the network requires approximately $1.5 million. This might seem expensive at first, but if someone were to hack it, they would easily be capable of taking over $55 million, which is more than enough for someone to actually try this.

Of course, acquiring the proper hardware, paying the electricity and similar preparations are needed.

How can this stop?

A lot of platforms that have suffered from 51% attacks were mostly following the same principles. Verge, for example, was hacked several times in the previous months. Despite the fact that platforms like Verge and Bitcoin Gold are pretty well-known these days, they are not big or strong enough to stop this kind of attack.

Some researchers propose that the platforms might protect their assets from this kind of attacks via Proof-of-Stake protocols, and strong upgrades that would protect their algorithms. In order for this to happen, though, the companies need to make the proper move.

Others have also stated that cryptos can only choose two out of the following three: security, scalability, and decentralization. The decentralization is the whole point of cryptos, but the other two aspects cannot be ignored either. And yet, achieving all three seems to be difficult, if not impossible.

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of Pexels

Blogs

The Crypto Space Once Again Divided Over Bitcoin SV

Published

on

Bitcoin SV
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

Continue Reading

Blogs

Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

Ripple was created in 2012 for a specific reason. It aimed to become a faster and more efficient method to transfer value between banks and countries. This value can be almost anything from currencies to other instruments. While initially, banks were cautious about investing in the company, recently they have been lining up. The crypto winter has helped with innovation int he industry and Ripple has benefitted immensely for it.

The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

Continue Reading

Blogs

Bitcoin, Litecoin, Ethereum, and Ripple On the Rise

Published

on

Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

The recent development in the cryptocurrency industry is a rise in price for many of the core digital coins. We believe that the unexpected price hike is due to the renewed interest of the key players in the industry. Many investors, speculators, and traders are rushing into the number one cryptocurrency; Bitcoin like never before. Other altcoins such as Ethereum, Ripple, and Litecoin are not dormant either. The effect of the influx is the soaring prices of the digital coins within seven days.

The price of the crypto leading giant-Bitcoin has increased at 25.74 percent in one week. Ethereum also gained 18.76 percent increase in its price. Litecoin and Ripple also recorded some percentage increase in the tune of 53.20 percent and 16.12 percent respectively. It is no just these few popular coins that have gained in one week. From what we have gathered, 94 digital coins amongst the leading 100 cryptocurrencies are also experiencing the rise in price. This information is according to what TradingView published in April 2019.

According to them also, other cryptocurrencies gained in value while others declined. From their calculations, six digital currencies advanced while ninety-four was on the decline. Also, another information shows that the increase in Bitcoin price has reduced the value of other assets such as bonds and stocks.

The possible reason for the rally

Many people are wondering…

Continue Reading

Elite