How To Avoid 51% Attack On The Future: Litecoin Cash Developer Tanner
Tanner, a Litecoin Cash developer, recently gave an interview on the 51% attack on the network and gave his advice on how such attacks could be avoided.
The Litecoin developer thinks the hashpower used to attack the Litecoin Cash network was rented, with the 51% attack coming on May 30th on how this could be achieved on small proof-of-work networks for as little as $500 per hour.
“The attacker would have had to start with some real LCC, but while they were secretly mining ahead they would have been able to spend that real LCC on the public network, for example, transfer it into an exchange. The secret blocks the attacker was mining and withholding would not have included those spends. The attacker could then wait for the exchange deposit to confirm, sell the LCC for Bitcoin, and then release their withheld blocks.”
Hive mining is an agent-based block minting priority contest that is proposed as a means to help secure a cryptocurrency blockchain. Hive mining increases network security over pure proof-of-work, providing protection from 51% attacks. Proof-of-work miners can continue mining as usual with no idle time, while a highly democratized alternative mining solution is available to those without specialized mining hardware. They introduce the idea of on-chain agents, worker bees, which act as virtual mining rigs with a negligible energy cost.
Hive mining has a very low energy cost; in an alternating proof-of-work/hivemining scheme, the overall energy cost over any given time frame is expected to be approximately halved compared to pure proof-of-work, if the difficulty adjustment is set to produce approximately 50% of each block type.
Proof-of-work miners can continue exactly as before, and a further advantage of The Hive is that the network can peep into the future to a certain extent, with the potential that the network will be able to see upcoming attacks before they happen.