Does anyone of you hold Firo? Firo is a privacy coin formerly known as Zcoin. A
piece of news on Coindesk stated that Firo is currently experiencing a 51% attack so the developer announced on Twitter that holders shouldn't do any transaction until the problem is solved.
What interesting in this is that Firo has been developing a protocol called Chainlock where it acts as a secondary layer of security to combat 51% attack sadly it is weeks away from deployment. I wonder if this is some kind of scheme to introduce their Chainlock technology, but regardless this is just a piece of information to warn holders of Firo that its network is currently experiencing a 51% attack.
ChainLocks has been developed by Dash. Zcoin/Firo are just forking it from Dash codebase and are in the middle of implementing it into their own codebase.
Links :
Zcoin to Copy Dash’s ChainLocks 51% Attack-Proofinghttps://dashnews.org/zcoin-to-copy-dashs-chainlocks-51-attack-proofing/Date : June 2019 !!Mitigating 51% attacks with LLMQ-based ChainLockshttps://blog.dash.org/mitigating-51-attacks-with-llmq-based-chainlocks-7266aa648ec9Date : Nov 2018Andreas Antonopoulos Calls Dash ChainLocks “a Smart Way of” Preventing 51% Attackshttps://dashnews.org/andreas-antonopoulos-calls-dash-chainlocks-a-smart-way-of-preventing-51-attacks/Date : Aug 2019I actually was under the impression that Zcoin/Firo already implemented Dash ChainLocks protection against 51% attacks some time ago.
After all, Zcoin announced to copy Dash’s ChainLocks 51% Attack-Proofing, back in 2019.
Looks like currently only Dash provides strong protection against 51% attacks on its network.
Bitcoin is not protected against 51% attacks, though the high cost of such an attack and Bitcoin having a dominant mining position in the SHA256 algorithme, should make it very difficult
and very costly to 51% attack Bitcoin.
Bitcoin Cash has a centralized 10 blocks check point system in place, which provides some protection against 51% attacks, but it also has its weaknesses
(
https://blog.bitmex.com/bitcoin-cash-abcs-rolling-10-block-checkpoints/).
The rest of the PoW crypto projects are just sitting ducks, vulnerable to 51% attacks. Specially during an Altcoins bear market.