DASH Cryptocurrency Payment Network to Apply ‘ChainLocks’ to Eliminate 51% Blockchain Attacks
The Dash, which is a payment network will soon be introducing a unique new network upgrade, one that will be able to eliminate the threat of having about 51% attacks that happen on the protocol.
With the ChainLocks platform, it is able to enable the transactions to be easily secured and confirmed once the block has been processed. Instead of having a situation where you will wait for the other six blocks to get signed.
Thus, it will make it nearly impossible for the miners in the network to cause any chain reorganizations, this is either the chains or even blocks that are yet to be published can quickly get invalidated by any of the blocks confirmed, this is done through the use of a ChainLocks signature, also referred to as CLSIG.
The blockchains that are Proof of Work have been vulnerable to 51% or the Consensus attacks, which happens when one of the miners tend to have more than half of the hashing power of the network. With this, they are able to take over the network quickly; thus, they can easily validate or invalidate any type of transactions that they might want.
Previously the 51% attacks have only been able to siphon a few tokens to the private wallet addresses, and some of them are worried that this might be used in industrial sabotage against the blockchain.
But the Dash has entirely relied on the smaller circle of the Masternodes, a network that requires them to own at least 1000 DASH, if they would like to validate and verify the chain. For the block rewards on the platform, they will be split equally between the miners, while having about 10% to be committed to the network treasury.
With the use of Masternodes on the platform, it has dramatically helped the Dash platform to be scalable, within 24hrs the network is able to process about 3m transactions, this is according to the recent stress test that was conducted. But this is not all as the system has been made to be Sybil Attack Resistant.
How Does The Use Of ChainLocks Make The Dash Platform Secure?
With the use of ChainLocks, it is able to work on the Master node tier; this is thanks to an effective application that is called the Long Living Master node Quorums, also referred to as LLMQs. Just to simplify it a little, it helps in improving the network voting mechanism by allowing different decisions been made without the use of the individual nodes, which is almost 4,900 that are active.
With the use of ChainLocks, the blocks are easily confirmed through quorums, where the majority of the quorum members decide on which block was actually the first.
When 60% of the members or more agree then the CLSIG is quickly sent out to the Master node community, this is where they are able to confirm which block was actually first. Once it has been confirmed the network will immediately reject the other blocks.
For the processed blocks they are usually added to the network just to disorganize it during the 51% attack, which is quickly invalidated. When we look at the LLMQS, these are made up of different Masternodes that have been randomly selected, thus, this makes them be the broad representation of the current total set.