- Bitcoin Gold developers announced that recently they have successfully averted a 51% percent attack that has been coming for over a week now.
- During their control over the network, the attackers could also revert the transactions already done.
The developers at Bitcoin Gold announced that recently they have successfully averted a 51% percent attack that has been coming for over a week now. The 51% attack is a hypothetical Blockchain attack mostly associated with Bitcoin and its hard forks. The miners can control over 50% of that Blockchain’s mining hash, or in other words, it can control the processing power of that particular Blockchain.
The attackers could as well stop the confirmation of new blocks and temporarily block all the transactions. During their control over the network, the attackers could also revert the transactions already done. This would lead to double-spending. However, there’s no way that a 51% attack would destroy Bitcoin gold and the affected Blockchain platform immediately, no matter how dangerous it is.
Bitcoin Gold, A Hard Fork Of Bitcoin
Bitcoin Gold is a hard fork of the original Bitcoin launched on October 24, 2017. The main aim of the Bitcoin Gold as a cryptocurrency was to decentralise Bitcoin again. The core development team focused on the coin’s distribution, security, and transparency. In March 2018, Bitcoin gold went live on all major exchanges such as Bitfinex, Binance, Bithumb except Coinbase.
It Has Advised All The Exchanges and Mining Pools to Upgrade Their Nodes
Bitcoin gold team had already disclosed and warned about the attacks that took place on July 2 to all the cryptocurrency exchanges and mining pools. In its community notice on July 10, it had advised everyone to upgrade their nodes. The upgrade mainly aimed at a checkpoint at block 640650 from July 2. It restricted the attacker’s chain from taking over the possession of the honest chain.
One of its developers assured that the majority of the honest pool power continues its mining procedures over the chain. Although they have not disclosed much of the attack, there was an attempted takeover of the network. The attempt made by an unknown attacker suspected of mining from July 1, and on July 10, the attacker had mined around 1300 blocks.
BTG Price Not Affected By The 51% Attack
However, the market price of Bitcoin Gold seems undisturbed by all these events. As of now, the market price of BTG is approximately $8.88, which is up by 1.24% in the last 24 hours. The market capital stands at $152.78 million.