This article was first published on Vertcoin Blog - Medium
Vertcoin Development Update — January 2019
Last Friday, Feb 1st, we successfully hard forked to our adjusted mining algorithm Lyra2REv3. Even though this fork went off without a hitch, there are still threats to the security of our truly decentralized PoW chain. While the hard fork seems to have successfully rid our network of ASIC driven hashpower, the battle is far from over. As we’ve already seen, there is now a marketplace on Nicehash for Lyra2REv3. Although the currently available hashpower is not enough to do an attack on our network, it will only be a matter of time before large quantities of GPU hashing power will have installed updated Nicehash software to allow them too to mine Lyra2REv3. At this point the amount rentable hashpower for Lyra2REv3 — provided someone is willing to pay for it — is enough to carry out an attack.
We therefore advise everyone that accepts Vertcoin in exchange for goods or services, to be cautious about when to consider a payment final. We encourage you to set higher confirmation limits for higher deposits or payments, in line with something we’ve expressed many times: The confirmations should consider the value of the deposit related to the price for renting enough hashpower to dominate the network. Only then will you make a double spend attack economically infeasible. Stay safe — we’re committed to finding a solution to this problem without giving up on the decentralized values that we adhere. So don’t expect solutions like masternodes, notaries or checkpointing. While they might successfully prohibit 51% attacks, they give away too much power from the network to a select few — which is not in line with what Vertcoin wants the network to be.
The Lyra2REv3 hard fork was an emergency measure to abolish ASICs, aligned with our vision that ASICs are not fairly available to all, like commodity hardware (such ...
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Vertcoin Blog - Medium