- The 51% Attack on Bitcoin Cash Network is one of the shocking claims out in 2019.
- Crypto media screamed about the defeat of Bitcoin Cash due to its blockchain reorg. But not just that, they failed to understand what actually happened.
The 51% Attack on Bitcoin Cash Network is one of the shocking claims out in 2019. Crypto media screamed about the defeat of Bitcoin Cash due to its blockchain reorg. But not just that, they failed to understand what actually happened.
According to some sources, there was a bug exploited by the hacker; who tried to make the network unusable.
There were the following two ways for the miners to protect themselves:
- By acting manually through the production of empty blocks (the alternative was not to produce them);
- Warn devs of the problem, who would have understood the case and provide a real-time fix for all the clients, Hence giving them time to reprocess correctly the TXs in the network.
Avoid GPU mining:
After the attack, it was natural for Bitcoin Cash to drop its value, but to our surprise, it rose.
The team showed a high ability to react to attacks. But this 51% attack was an attempt to render inoperative the Bitcoin network.
Decentralization is a continuum. And it was for times like these, the “gentleman’s agreement” was proposed in 2009, just to avoid GPU mining.
But today, anyone with a CPU is a powerful man. Anybody can buy ASICs and Altcoins that can be used for complex ASIC-resistant algorithm. These attachable are, therefore, very less secure due to their generic hardware.
It is noteworthy that, Bitcoin needs specialized hardware and thus, can’t be attacked easily. It’s expensive investment cost and zero re-usability of the hardware makes the operation less and less viable.
BTC v/s Bitcoin Cash
The crypto without SHA-256, when in comparison with BTC has no significant difference in centralization. However, the difference lies in solidity since the BCH hash rate is one-tenth of that of BTC. Hence any miner that has 10% of BTC’s hash might make a 51% attack on BCH network. Miners tend to be economically rational and move there way enough between the two networks.
When it comes to the decentralization of development, BCH is more decentralized than BTC.
Improvement is on its way:
Today it is difficult to say which one is better but the important question here is where are we heading? And experts confirm that the future for bitcoin is very bright. There are a number of new use cases, a lot of people willing to work as miners. Therefore, in the upcoming years, cryptocurrency will see a high rate of development.
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?