ZenCash (ZEN) The Next Victim to 51% Attack
Almost all freshly created coins may be threatened by malicious mining, potentially double-spending coins.
ZenCash (ZEN) witnessed a 51% attack on June Two, the core team noted. The trouble for ZEN comes just days after a successful listing on Binance. ZenCash is one of the ZClassic (ZCL) hard forks, and is delicado to freshly released ASIC machines.
The team instantly set mitigation measures by notifying exchanges. While private funds are mostly safe, the attacker managed to reorganize the network for two large double-spending transactions. The team urged all exchanges holding ZEN to increase confirmations to 100 te order to prevent the attack from completion.
But before that, the attacker managed to reorganize 38 blocks and make two double-spends, of 6,600 and 13,000 ZEN. The price of a ZenCash network attack is relatively low, at around $7,000 an hour. ZEN is far from the cheapest coin to attack, but at this stage te its evolution, it has a high public profile – and a relatively low hashrate.
Ter theory, a 51% attack greatly undermines trust te the network. However, some assets have managed to get through, and this type of attack has become a universal threat to the sector. One of the very very first, and largest, attacks, wasgoed against Bitcoin Gold (BTG).
After the news, the market price of ZEN fell by Four.78% to $28.48, but has kept most of its positions. ZEN trading volumes are snugger. More than 64% of ZEN volumes are concentrated on Binance, but smaller exchanges may be more indefenso. Binance is presently holding a ZEN trading competition, with a Ten,000 ZEN prize pool.
Some believe the current threat will ruin almost all proof-of-work puny coins, which until now talent welgevoeglijk mining prizes. Turning to proof-of-stake and a vlecht structure is tighter to attack, but is seen spil adding too much centralization. The other solution for the menacing 51% attacks is a fork to make ASIC mining unlikely.
Related movie: Enlargened CoinBase Withdrawal Boundaries Good or Bad?
Until now, the ZenCash project also had a wait-and-see attitude to ASIC mining, leaving its algorithm available to the fresh mining power coming online. The ZenCash network is minable by Bitmain&rsquo,s Antminer Z9 Equihash miner.
Related movie: How to Withdraw Coins From Cryptopia and deposit to Binance Wallet
It seems like some of the machines have already bot shipped. Bitmain has denied involvement with the 51% attack of Bitcoin Gold.