THELOGICALINDIAN - There accept been several 51 percent attacks on the proofofwork PoW accord agreement back it was aboriginal proposed a decade ago Although the Bitcoin blockchain has never been hijacked due to the ample ability of all computers aural the arrangement the PoW acclimated on added blockchainbased projects like Bitcoin Gold Litecoin Cash ZenCash Verge or Ethereum Classic and others havent managed to angle the analysis of time
Infamous 51% attacks on the PoW accord algorithm
A 51 percent advance can appear back a miner, or a accumulation of miners, gets in ascendancy of over 50 percent of the mining ability aural a network, accepted as assortment ability or assortment rate. On the Bitcoin blockchain, the hashing uses the SHA-256 algorithm admitting Ethereum uses ‘Ethash’ and Litecoin uses the ‘scrypt’. One of aftermost year’s best abominable attacks on a PoW-based blockchain was Bitcoin Gold. Using above ciphering power, hackers biased the balance of the currency, stealing about $18 million.
ZenCash, a cryptocurrency based on a PoW Equihash mining algorithm, additionally accomplished a 51 percent attack. The antagonist reorganized the blockchain, managing to about-face 38 blocks and enabling bifold spending on two above affairs accretion $550,000.
A PoW accord that can angle a 51% advance
Amid a alternation of attacks on the PoW accord throughout 2018, the ILCOIN activity launched an bigger adaptation of PoW, accounted as a command alternation agreement (C2P). C2P accouterments bulletproof rules and regulations in the antecedent cipher to either admittance or bind altered activities. Due to the centralized attributes of the ILCOIN blockchain, which uses the SHA-256 technology of Bitcoin, the development aggregation at ILCOIN can absolutely ascendancy any bribery attempts on the network, including bifold spendings and rollbacks.
C2P incorporates three aegis layers that altogether actualize an bigger ambiance for end users. According to mentions in the whitepaper, “C2P is the absolute abutting footfall of aegis in the cryptocurrency world, in adjustment to about-face bottomward the folio for all the non-ethical hackers who consistently try to booty advantage on some aback doors for some adulterated codes, or abridgement of hashing power, for example, and in the aforementioned moment aching a specific cryptocurrency and the assurance of still cutting-edge technology.”
A bigger Bitcoin with bulletproof technology adjoin hacks
Committed to architecture and developing a agenda currency-based ecosystem for its growing community, ILCOIN aims to become a bigger Bitcoin; a high-quality cryptocurrency that can angle a 51 percent advance successfully. To absolute the aegis of its blockchain, ILCOIN fabricated it breakthrough resistant.
First, the aggregation analyzed above attacks adjoin altered chains. After absolute that no absolute agreement is defended abundant to bear a 51 percent attack, they developed new rules and absolutely afflicted their blockchain. So-called “admiral” nodes aural the CPA agreement assurance every block, and if the block isn’t active by the Master Node, it instantly becomes invalid. Regardless of the assortment rate, it would be absurd to coin a block and admit an advance on the arrangement because the Admiral Node will not assurance the block. The different blocking apparatus prevents hackers from burglary ILC coins, as able-bodied as spending in case users lose their wallets.
Armed with a acceptable tech assemblage and a forward-thinking development team, ILCOIN lays aggressive affairs for 2019 – to become the aboriginal activity to apparatus acute affairs aural its C2P; and potentially, be the aboriginal cryptocurrency application the SHA-256 accord algorithm to accomplish its mission of accretion aegis after compromising blockchain speed.
