Promoting both Monero and Bitcoin Cash, talking about a troll serving two masters
I guess Icey switched to Bitcoin Cash as means of backup, since Monero does not have a 51% attack solution and is putting itself wide open for attacks
after each hard fork in this current bear market with low prices and cheap rental hashpower cost.
It is true that only Bitcoin Cash (forced due to its hash war with Bitcoin SV) and Dash (compelled due to the threat of concurring hash wars & due to witnessing successfull 51% attacks on other networks like ETC and Verge)
are the only two crypto projects with a proof of work scheme currently, that managed to find a solution to 51% attacks. But that is pretty much where the similarities end....
Dash is both the creator of the X11 algorithm and leader (in hashpower) of the altcoins using the X11 algorithm and is therefore less likely to be attacked directly by a competing cryptocurrency that also uses the X11 algorithm.
Dash also has confirmation that big players actively mining Dash have fair play in mind, as they are splitting their hashing power over different mining pools to avoid a too high concentration of hashpower.
Bitcoin Cash on the other hand uses the sha256 algorithm, is forked from Bitcoin who also uses that sha256 algorithm and therefore Bitcoin Cash faces direct threat from both Bitcoin itself (who has way wayy more sha256 hashpower)
and Bitcoin SV (a fork from Bitcoin Cash). Both Bitcoin and Bitcoin SV are extremely hostile towards Bitcoin Cash.
The solution for 51% attacks that Bitcoin Cash came up with is basicly a 10 block checkpoint system which has its own weaknesses and can be easily accused of making Bitcoin Cash highly centralized .
Link :
https://blog.bitmex.com/bitcoin-cash-abcs-rolling-10-block-checkpoints/ The new rolling checkpoint mechanism includes a trade-off:
The risk of a deep reorg is reduced.
The risk of a consensus chainsplit is increased.
The solution for 51% attacks that Dash came up with is named Chainlocks and is relying on Dash two-tier network (miners and masternodes) and builds further upon Dash quorum usage (particularly the Long Living Masternode Quorums / LLMQ that v0.14 will introduce).
It basicly performs a verifiable network-wide measurement/vote of the “first-seen” rule. Through the use of LLMQs, which are randomly composed from Dash’s Masternode set (currently about 5000 nodes), the distribution of nodes that have seen a block first across
the whole network is statistically the same as inside the LLMQ. This means, that if 60% of LLMQ members have seen the block first, about 60% of the whole network should also have seen it first.
Link :
https://blog.dash.org/mitigating-51-attacks-with-llmq-based-chainlocks-7266aa648ec9Chainlocks does not have the trade-off that Bitcoin Cash has with its 10 block checkpoint system (reducing the risk of a deep reorg, while increasing the risk of a consensus chainsplit) and Chainlocks even has some additional bonusses :
ChainLocks have a few very important effects on the whole network and its economics. The most important effect for normal users and merchants is that transactions can be considered fully confirmed after the first on-chain confirmation
inside a block protected by ChainLocks. Transactions can no longer vanish from the chain since reorganization of signed/locked blocks is not possible. This means that there is no need anymore to wait for 6 or more confirmations until a received
transaction can be considered secure.
It also has effects on the economics of mining. It removes all incentives for miners to cause chain reorganizations. Many attacks based on secret or selfish mining become impossible as they all depend on miners withholding longer and secret chains.
Under the current consensus rules, such chains would override the publicly known chain and cause a chain reorganization when published. With ChainLocks however, miners are incentivized to publish every block immediately, even if they in theory have enough
hash power to overrule every other miner. Failure to publish creates substantial risks for a malicious miner since any secret chain (even if thousands of blocks longer) would be immediately invalidated if another honest miner publishes a valid block that receives
a CLSIG before the secret chain is revealed.
Hopefully after ChainLocks gets activated, exchanges will start reducing the confirmation numbers for Dash deposits, as Dash will then only require 1 confirmation to be considered fully secure.
