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Not successful 51% attack on Gentarium

By Rafał - 2018-12-05

Recently all Gentarium traders noticed that deposits and withdrawals at Cryptobridge, which is still the only exchange where you can buy GTM, were closed.

 

Today, one day after opening transfers from and to exchange the devs announce that it was connected to not successful 51% attack that took place. 

 

Friends, the recent closing of withdrawals on CB was connected with the attempt of the 51% Attack on our blockchain for the purpose of double spending to do much harm to a coin and work of the platform. But together with the exchange we successfully reflected this attack.

With help from the exchange they reflected this attack and made a decision of temporarily increasing the confirmations to 100 that will help to reflect such attacks in the future. As dev said that attack is "economically inexpedient" and it was made not to make money but to harm Gentarium coin and platform which is probably the biggest masternodes hosting platform on the world.

What is 51% mining attack

51% mining attack refers to an attack on blockchain which becomes possible when a single entity or a group of miners control more than 50% of the network’s mining hashrate, or computing power. The attackers can then interfere with the process of recording blocks and prevent new transactions from gaining confirmation, thus allowing them to pause payments between users. They can also reverse the transactions that were completed while they were in control of the network, thus making it possible for them to double-spend coins. Therefore, it is sometimes also referred to as double spend attack.

Komodo for rescue?

Komodo logo

There have been many other 51% attacks thus far in 2018: Verge, Monacoin, Verge (again), Bitcoin Gold, ZenCash, Litecoin Cash, Aurum Coin, and now Vertcoin. 

 

Komodo has the delayed Proof of Work (dPoW) Blockchain Security Service. Komodo's security service is unique for 2 reasons: first, it's available to any UTXO-based blockchain, whether or not that chain was built on Komodo. Second, Komodo's security service is already being used by 4 external projects (GAME, EMC2, KREDS, and HUSH). It has already shown that it can stop a 51% attack (as it did with EMC2 about six weeks ago).

 

Gentarium devs already decide that they are going for pure POS+MN (Proof of Stake + Masternode, no more Proof of Work) next year. But if your coin is vulnerable maybe you should think about Komodo solution.