DigiByte Is Close To 51 Percent Attack On The Network: Analysis

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • DigiByte (DGB) is gaining the attention of the investors as its price has surged around 300% throughout the month of April.
  • Launched in 2013, DigiByte is a network built on the Proof-of-Work consensus algorithm.
  • Moreover, the analysis considers the creator of Litecoin, Charlie Lee’s statement on “DIgiByte’s 5-algo system’ which describes that it is not much secured than Litecoins.

A highly decentralized blockchain hosts DigiByte (DGB) is gaining the attention of the investors as its price has surged around  300% throughout the month of April.

DigiByte is close to the 51 Percent attack

However, the digibyte is apparently close to the 51 percent attack on the network and if executed it will follow Bitcoin Gold as the second prominent blockchain attacked by majority mining in the year 2020.

As per the analysis proposed by Reddit, the superior mining hardware is utilized by an anonymous entity and is starting to monopolize Skein and Qubit, the two pools of Digibyte’s mining algorithm. However, this entity accomplishes the operations with a rate approximately three times more than other miners.

Launched in 2013, DigiByte is a network built on the Proof-of-Work consensus algorithm. Unlike other cryptocurrencies, the former uses five different mining algorithms such as Scrypt, SHA256, Qubit, Skein, and Groestl. Ultimately, it will reduce the decentralization factor of the network, via keeping in many hands. 

DigiByte’s 5-algo system

Moreover, the analysis considers the creator of Litecoin, Charlie Lee’s statement on “DigiByte’s 5-algo system” that says DigiByte is not much secured than Litecoin.

Lee posted a database depicting the analysis pertaining to DigiByte’s 5-algo system. As per him, the 5-algo system is not more secure than Litecoin. In order to match the entire DigiByte network, it worth around $27MM and $1k/hr to attack.

Summing up, the report described that all this entity has to pay a few hundred dollars that worth 51% of hash power on the NiceHash network.

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