Privacy Coin Firo under 51% attack

[serjent05]

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.

[jacafbiz]

This is one of the pain of POW network and I can see in the near future that Bitcoin is likely going to be the only coin using POW with Ethereum 2.0 moving also to POS. I believe we will see more of these attacks on chains that have low Hash network behind them

[zasad@]

This is one of the pain of POW network and I can see in the near future that Bitcoin is likely going to be the only coin using POW with Ethereum 2.0 moving also to POS. I believe we will see more of these attacks on chains that have low Hash network behind them

But what about Litecoin, Monero, Bitcoin Cash?
Show me at least one decentralized and popular blockchain based on the POS algorithm?
All known blockchains have problems with decentralization, because most of the validation nodes belong to developers and large investors.
Ethereum is the only blockchain that tries to make the network as decentralized as possible.

[qwizzie]

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-Proofing
https://dashnews.org/zcoin-to-copy-dashs-chainlocks-51-attack-proofing/
Date : June 2019 !!

Mitigating 51% attacks with LLMQ-based ChainLocks
https://blog.dash.org/mitigating-51-attacks-with-llmq-based-chainlocks-7266aa648ec9
Date : Nov 2018

Andreas Antonopoulos Calls Dash ChainLocks “a Smart Way of” Preventing 51% Attacks
https://dashnews.org/andreas-antonopoulos-calls-dash-chainlocks-a-smart-way-of-preventing-51-attacks/
Date : Aug 2019

I 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.

[hatshepsut93]

If a coin gets successfully 51% attacked, it probably should no longer exist, because it means that it's not safe to use. Imagine if your bank started randomly reverting transactions - no would use such bank, so why should we keep crypto to lower standards? I think the fact that altcoins that get 51% attacked, even many times in a row, and yet still don't lost a large portion of their value, it means that the market is kinda irrational now and ignores the most basic fundamentals in favor of pure speculation.

[aemma]

This is bad and will likely turn investors towards other privacy coins like Monero. That is, if a team can't protect their blockchain and give hackers a taste of what it feels like, that is to say the platform will find it hard getting investors or users who will trust them henceforth, and considering it is a privacy coin which is believed to be decentralized, this is a bad one for them. Or maybe it could be that in the process of developing a new feature or protocol like the Chainlock as mentioned, they made a mistake thus giving hackers the loophole they are looking for. Nevertheless, I hope they come back stronger and better, while giving investors good reasons to keep trusting them while also using it for anonymous purposes.

[JHORN]

All these nonsense with 51% attack still occurs in 2021? This is so lame, every new projects that are running on POW algorithm are trying to avoid this type of attack, why would a old project still leave room for such attack? Zcoin teams are not serious it seems

[qwizzie]

This is bad and will likely turn investors towards other privacy coins like Monero. That is, if a team can't protect their blockchain and give hackers a taste of what it feels like, that is to say the platform will find it hard getting investors or users who will trust them henceforth, and considering it is a privacy coin which is believed to be decentralized, this is a bad one for them. Or maybe it could be that in the process of developing a new feature or protocol like the Chainlock as mentioned, they made a mistake thus giving hackers the loophole they are looking for. Nevertheless, I hope they come back stronger and better, while giving investors good reasons to keep trusting them while also using it for anonymous purposes.

The only mistake they made, was not activating ChainLocks on their Mainnet (they are still in a testing phase on their Testnet).
They announced to copy Dash ChainLocks feature in June 2019*, why is it taking so long to copy, implement and activate Dash ChainLocks on their Mainnet ?

* Zcoin to Copy Dash’s ChainLocks 51% Attack-Proofing
https://dashnews.org/zcoin-to-copy-dashs-chainlocks-51-attack-proofing/

Maybe Dash ChainLocks is difficult to copy, implement and activate on their network, or maybe they gave it low priority.


  

[Husires]

The continuation of the attack at a rate of 51% for a long time is evidence of the weakness of the power of the Hashrate, and if the developer is able to solve the problem, it is a weak central currency.
developer of zcoin should call on the community to increase hashrate and prevent the transmission of transactions as many platforms will start to require more confirmations and thus longer confirmation times.

[Febo]

Privacy Coin Firo under 51% attack

If miners are not interested to mine it then 51% attacks will happen. Luckily 51 % attacks in Pow Are not so catastrophic as in PoS. When they happen in PoS is game over since the attacker have 51% forever and owns the network.