Litecoin Cash was recently found under 51% attack! Cryptographic forms of money have as of late been hit with an attack that used to be more hypothetical than genuine, all in the most recent month. For each situation, attackers have possessed the capacity to accumulate enough processing energy to trade off these little systems, revamp their exchanges and slip off with a huge number of amount in an exertion.
Following a similar fate as BitCoin Gold, ZenCash and Verge, LiteCoin Cash (LCC) has become the most recent victim of the dreaded 51% attack.
On account of Litecoin Cash [LCC], the engineers affirmed the 51% attack. The number of required system affirmations expanded to no less than 100 after engineers reached trades. Every other coin experiencing a 51% attack has taken comparative measures.
During an attack, hackers are able to prevent new transactions and even halt payments, allowing them to ‘double spend’ coins which they can then withdraw and convert to other cryptocurrencies.
Gratefully, it appears that Litecoin Cash won’t confront long haul hurt. The group is taking a shot at ensuring against major hashrate spikes. Such an undertaking is regularly less demanding, better done than said. A hard fork of the code seems fast approaching because of system assurance highlights. Designers have not affirmed a hard fork yet, but rather it is a distinct plausibility. The new codebase is prepared to go and will incorporate some key highlights as initially arranged.
This is a major problem in the existing digital forms of currency. The engineers of Litecoin Cash learned an important chapter in the most difficult way possible. All things being equal, dodging a 51% attack should always be the priority of any of the coin developers. For some obscure reason, inadequate countermeasures were set up!
As more and more small coins become victims of such attacks, maybe the next big blockchain innovation should be a method to prevent them?
LiteCoin Cash (LCC) is trading down almost 6% in the past 24 hours, at $0.053 with a market cap of $30 million.
Image Source – Medium
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