THELOGICALINDIAN - Blockchains on abate cryptocurrencies arent as abiding as they claim
Vertcoin was 51% attacked. Coins were double-spent and 603 blocks were replaced by the attacker’s transactions.
Vertcoin Attacked
On Dec. 1 at 15:19 UTC, 603 blocks were removed from VTC’s capital blockchain and replaced by 553 antagonist blocks. There were 5 recorded double-spent transactions. A absolute of 125 VTC ($29) was redirected to the hacker’s wallet address.
Bittrex, Vertcoin’s best trafficked barter by absolute volume, disabled withdrawals on the belvedere already it became bright the advance was in progress.
Vertcoin is a Bitcoin carbon that claims to be ASIC-resistant through approved mining algorithm changes alien via hardfork. Vertcoin currently ranks 194th by bazaar assets and boasts a bazaar cap of $12.5 million. Vertcoin was ahead 51% attacked in December of 2024.
Details on the 51% Attack
On Nov. 30, hashrate rental prices for Vertcoin’s mining algorithm Lyra2REv3 added significantly. There is able affirmation that hashrate rental account Nicehash was acclimated to conduct the attack.
According to James Lovejoy, advance maintainer of Vertcoin, the antagonist spent amid 0.5-1 BTC to accomplish the attack. The absolute amount of the advance was almost 0.44 BTC, acceptation the advance acceptable not profitable.
“Given the reorg was aloof added than 600 blocks (Bittrex’s acceptance claim for VTC), it is accessible that Bittrex was the aboriginal target,” said Lovejoy. “But the double-spend allocation advance was aborted due to Bittrex disabling their wallet afore the angle could be released.”
It is additionally accessible that the advance was alone a proof-of-concept or demolition attack, connected Lovejoy.
Stable CPU prices ability action arrangement overload.
Dan Larimer has proposed a new ability allocation archetypal that will action arrangement bottleneck on EOS. If the angle is successful, it will accord dApp developers bigger admission to the bandwidth assets that they charge to accomplish their apps. In particular, the change should accomplish CPU and NET assets accessible at a added abiding price.
“The distinct better complaint is that CPU is too big-ticket [and] that it is too capricious in agreement of how abundant CPU bandwidth you get at any accustomed time,” Larimer explains in his proposal. He additionally adds that the CPU rental bazaar has become speculative, and, as a result, abounding bodies cannot accomplish abundant EOS to assets CPU.
Larimer’s new angle is about advised to abash abstract activity. It ensures that 100% of CPU is busy from EOS’s arrangement arrangement at all times, accouterments a abrupt (or exponential) amount curve, and makes CPU into a basic resource. These appearance should about-face the activating ability bazaar into a abiding one.
This is not the aboriginal time EOS has approved to break its bottleneck problem. In May, EOS alien REX, a ability barter that allows users to pale their EOS, thereby giving their affirmation to CPU to added users and accept rewards in return. However, REX ran out of EOS as users fabricated ample withdrawals, according to Larimer.
REX has addition botheration as well: abundantly continued cat-and-mouse times. “Lenders end up cat-and-mouse 30 canicule for leases to expire or abeyant renters end up after any EOS for hire because lenders accept asked for their EOS back,” Larimer explains. He concludes that there is no simple band-aid for both parties beneath the accepted REX model.
Despite these failings, REX is still operational. “The acceptable account is that REX is alive as designed,” Larimer says. Lenders can still retrieve EOS from REX, and the new bazaar will still administer rewards to REX users in the future. Of course, this all depends on whether EOS absolutely accouterments Larimer’s solution.
EOS’s advancing bottleneck issues hit a agitation angle this ages due to an airdrop alleged EIDOS. According to Coinbase, EIDOS’s attack is responsible for active up the amount of CPU by over 100,000%. Though it is accessible that the attack will die bottomward in the future, EOS’s CPU prices are aloof as aerial as they were several weeks ago.
Due to this incident, two dApps are advancing to leave EOS. The amusing arrangement KARMA has absitively to move to an EOS sister alternation alleged WAX. Meanwhile, the bank app EarnBet has appear that it will leave EOS aural a ages unless block producers absolute spam transactions. It does not see Larimer’s angle as a solution.
This may not advance to a accumulation exodus, however. Given that DApps migrate between blockchains frequently, and accustomed that EOS has about 500 dApps, the accident of two projects will not decidedly aching the blockchain. That said, Larimer’s angle will be alien gradually, so added projects may accurate annoyance with EOS in the meantime.
