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Bitcoin Gold Organization Officially Confirms the Double-Spending Attack, Reveals Plan to Prevent Such Attacks in Future

May 26, 2018 09:24
Source: Bitcoin Magazine
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Bitcoin Gold has officially responded to the recent 51% attack in which BTG tokens worth $18 million were stolen from exchanges through double spending. In an update released yesterday the core developers of BTG confirmed this attack and also provided possible reasons that might’ve made it possible. They also told how they plan to stop the recurrence of similar attacks in future. Let’s take a look on everything that was said by Bitcoin Gold Organization.

The first thing that organization did in its statement was confirming the attack. They confirmed that attacker had gained majority control of network’s hashrate at one point, and that became possible perhaps because the Equihash algorithm of Bitcoin Gold network is also used by a number of other cryptocurrencies. This, according to Bitcoin Gold Organization, makes the pool of available hashpower much larger than that of Bitcoin Gold Network alone, which in turn makes miners of other networks compatible for mining of Bitcoin Gold as well.

Bitcoin Gold community, the organization said in its statement, was already planning a shift to another algorithm after Bitmain announced its Equihash ASIC miners. Had that planned move to some other algorithm happened earlier, this attack could have been prevented.
Nevertheless, now when a 51% attack has happened the organization will try to implement this move as soon as possible. The organization said in its statement:

“We’ve been working at an incredible pace the past days to put the plan and pieces together, and we expect to upgrade our mainnet approximately seven days after the necessary software is up and running on our testnet. While it would be better to give all our partners more than seven days to test and deploy to avoid disruption, these attacks have already forced disruption on us all, so we feel it’s best to get the upgrade completed as soon as we possibly can.

Let’s see how quickly this change is implemented now.

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

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