A flawless security is one of the major concerns when it comes to the crypto currency market. The POW currencies are subject to one inherent major drawback, the 51% attacks. That kind of threat is when a group of miners controls more than 50% of the hash rate, or computing power. The attackers would be able to prevent new transactions from gaining confirmations, halting payments for some users and reversing transactions with the well known double-spend. The Loki’s Team, after discussing to the whole community, has decided to make some major changes to their system.
Although the pool distribution is very equal (25% maximum), there are possibly some very large miners merge mining TurtleCoin and Loki and present a risk:
Loki Address L8ntSS: ~145 MH/s total (~36MH/ on cnpool, ~36MH/s on cryptopool.space, suspected additional ~65 MH’s from conversations with other pools).
Loki Address L7StFQ: (~47MH/s on mine2gether)
These suspicions are based on the current difficulty of the CN-Turtle which became ineffective at protecting the network against profitable FPGA mining. This is reducing the number of GPU miners and further driving centralization towards a group of large FPGA miners.
The Loki community and the Loki team have expressed concerns about the alignment of incentives in merge mining. Both groups have pointed out that miners of TurtleCoin have been forced to mine Loki in order to continue to be profitable creating negative economic incentives where miners discard Loki in favor of increasing their TurtleCoin holdings and vice versa.
The Loki’s Team is pleased to announce the integration of the RandomX hashing algorithm into Loki. You can see the corresponding pull request to the Loki codebase here:https://github.com/loki-project/loki/pull/675
Some small modifications to RandomX parameters have been made and from now Loki hashing algorithm will be referred as RandomXL to avoid any confusion. Arweave funded a security audit of RandomX
to confirm it was the best choice in the current market for Loki. Over the next two weeks of testnet Loki will be monitoring how RandomXL performs, and if there are no issues it will be enabled on the Hard Fork date on July 24.
Going forward, this means that Loki will disable merge mining with any other chain. The Loki’s team thrives to constantly improve the Loki’s Algorithm and the security associated for the best user experience.
More information at https://loki.network