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Author Topic: How secure is a 100% premine (in terms of network stability)  (Read 649 times)
bigtimespaghetti
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August 13, 2014, 12:12:28 PM
 #1

Say I made my own crypto and mined it 100% or near enough not to matter. The fact that it is pre-mined is beside the point.

My question is:

How secure would a 100% (or near enough) mined coin be and could it become victim to a malicious attack to fork the coin?

What I'd like to understand is how secure could this coin be or how easily could it be compromised by a malicious entity.

And if it is insecure and vulnerable, how has this been addressed?

Would a sole proof of stake coin solve this problem?

Please also note that it is fine for this coin to be totally centralised at say one or more physical locations acting as super nodes.

Thanks in advance fellas.




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Nullu
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August 13, 2014, 12:25:01 PM
 #2

Well, no more or less than any other coin I'd imagine, really. If it was PoS you'd have control of the blockchain, essentially. If it's PoW, then like any other coin, you might get a few different blockchains to begin with until the longest blockchain is determined, then that would become the official blockchain. Like any other coin, it is at risk of 51% hashpower attack, which could fork the blockchain.

How many coins you've mined already shouldn't change the way blockchain propagation works.

The original PMC (Premine) was 100% premined, and didn't have any problems with security, except for the fact that it was SHA-256, and so vulnerable to someone with enough ASIC power to do a 51% hashrate attack on the network.

PMP (PreminePlus) is 100% premined, but PoS, and a lot of the coins have already been distributed. Only someone with 51% of the total supply of coins could attack the network, and I think only 50% exist while the other 50% are stake coins, so it's unlikely.

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bigtimespaghetti
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August 14, 2014, 04:15:43 PM
 #3

thankyou Nullu, you have confirmed my understanding of this issue.




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