The Bitcoin Gold community reportedly underwent a ‘long-chain attack,’ also called a 51 p.c assault. However the improvement group claims that it promptly fended off the hostile takeover. The group additionally equipped mining swimming pools and crypto exchanges with the newest model of BTG Core.
Bitcoin Gold Dev Crew Thwarts Community Takeover Try
On Friday, July 10, the Bitcoin Gold group detected an ‘extremely long chain of over 1300 blocks’. The attackers had been mining this counterfeit chain since July 1 this yr.
As per the emergency replace, BTG of us sensed this 51 p.c assault try on July 2. They alerted all crypto exchanges and Bitcoin Gold mining swimming pools about it the exact same day, and likewise equipped them with the newest model of the BTG Core software program (model 0.17.2). The checkpoint stopped the attacker of their steps, and it got here at block peak 640650.
Apparently, the miscreant(s) had been renting energy from NiceHash to mine the spurious chain. However as per the Bitcoin Gold builders,
As a result of these attacking blocks are anchored at a block mined on July 1st (earlier than the checkpoint), the trustworthy swimming pools and exchanges who’re operating the up to date code routinely rejected the attacker’s chain.
The Bitcoin Gold group launched the knowledge yesterday with a warning to everybody to improve nodes to the newest BTG Core model. For his or her well timed response and efficient administration of this disaster, the devs acquired accolades on Twitter.
🚨 CRITICAL UPDATE 🚨
An attacker has been mining a failed 51% assault for 10 days (1300+ blocks!) and eventually launched it.
The BTG chain is ok, as a result of our swimming pools and exchanges have lengthy been on model 0.17.2.
Time for all to replace!https://t.co/9b7VOWe3XT pic.twitter.com/uxT6952jPz
— Bitcoin Gold [BTG] (@bitcoingold) July 10, 2020
What Occurs in a 51 P.c Assault?
Public blockchains function with ‘honest nodes’ harboring greater than 51% of the community’s computational energy. All these nodes contribute to maintaining the right model of the chain alive.
They achieve this by maintaining themselves up to date with the newest model of the blockchain containing all the newest transactional information.
However typically, ‘dishonest miners or nodes’ jack up their hash energy to rewrite the unique information and create a brand new blockchain. On this method, they make the cryptocurrency already spent accessible to them ‘again,’ thereby compromising the underlying consensus protocol.
Not the First 51 P.c Assault
Yesterday’s 51% assault on Bitcoin Gold just isn’t the primary such act. Ethereum Traditional skilled a brutal 51% assault in January final yr. A sequence of double-spend transactions led to pilferage of 88,500 ETC (~USD 460,000 at the moment).
Coinbase was the primary to detect Ethereum Traditional’s deep chain reorganization, after which the cryptocurrency exchange reported it on their official weblog.
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