Electroneum under 51% attack
It seems that Electroneum is really popular. It's been under attack once so they change whole website and security but I guess that didn't help. Electroneum is under 51% attack . If you have any Electroneum, avoid making any transaction for now.
So this was posted on Reddit by operator on Spacepools, Dwynr.
He says: It’s possible that this attack is being conducted by Bitmain, who appears to control large proportion of network hashrate right now. Dozens of empty block is being mined.
If you want to check Electroneum block explorer: https://blockexplorer.electroneum.com/
What is 51%attack ?
If you don't know, 51% attack is an attack on a blockchain, and when someone get power when they have more then a half of the total network hash rate. If someone have power over 50% of the total hash rate, they are able to:
-Prevent new transaction
They can deny confirmation of transaction and nobody would get confirmation while the blockchain has been controled. Attacker would force own transactions to be confirmed.
-Double send coins
This is works by using your miners (more than 51% of the network) to confirm two seperate transactions, . So for an example:
You have 1 coin, you send that 1 coin to an address, then in the next block, send that same coin to another address
What usually happens is the first coin gets confirmed by miners, while the second one gets rejected as its the same as the transaction they just approved
What happens in the case of a double send, both get sent for confirmation and being able to control more than 50% of the miners, you can force the second transaction to be approved.
-Controlling the blockchain
By controlling blockchain, you can claim every block by using your miners to reject other pool blocks and confirm only yours.
A 51% attack, will effectively destroy coin.
There has only been a handful of successful 51% attacks in the history of cryptocurrency.
So if one coin is under 51% attack it can be destroyed. Attacker can easily destroy the market.
Well, so far there is no announcement from Electroneum team, there is just rumors going around so until Electroneum team confirm it nothing's for sure.
@samdman thank you for this update. I hope ETN stays around for a long time because I believe in their vision and want to continue investing in them. If you don't mind me asking, where did you hear about this attack happening?
I find this on Reddit, https://www.reddit.com/r/Electroneum/comments/88wbkv/electroneum_is_probably_under_a_51_attack_right/
Congratulations @samdman! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
To support your work, I also upvoted your post!
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last announcement from @steemitboard!
Thanks for this .... man this is getting bad ... Electroneum seams to experience things like this more often then others ... not sure why.
Electroneum team is very active and they prove themselves, people see potential in this coin and everybody believe ETN price will be over $100 in near future. Also hackers saw vulnerability after first attack and now they trying to do the same thing. I guess it's just for fun. But I don't think ETN will disappear so easy. I, as many of other people, believe in ETN.
I agree I personally like that coin as well ... but I think they must improved their security. I am sure they will do so in the near future.