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Miners won’t attack Litecoin [LTC] and “kill cash chikun” – Charlie Lee

Anirudh VK

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Miners won't attack Litecoin [LTC] and "kill cash chikun" - Charlie Lee
Source: Unsplash

After his tweet yesterday announcing the 51% attack on Bitcoin Gold, Litecoin’s Charlie Lee proved the dominance of Litecoin in all altcoins that used Scrypt for Proof of Work.

Scrypt is a password-key based derivation function. The function was created by Colin Percival and was specifically designed to make it costly to perform large-scale hardware attacks.

The Tweet in question was part of the thread that emerged from Lee’s original tweet about the hack. He said:

“Bitcoin Gold got 51% attacked. Miners have no issue with attacking BTG because if it dies, they could easily switch to mine another coin that also uses Equihash POW. This is not the case for Bitcoin/Litecoin where they are the dominant coin for their respective mining algorithms.”

User Emin Gun Sirer said to this:

“Any time someone says “A miner would never do that, it would be against their rational self-interest,” remember this bit of news from just this week, and there are many others.”

Lee replied with:

“Litecoin is 99% dominant in Scrypt PoW. LTC has network hashrate of 301 TH/s. The next largest non-merged-mined Scrypt coin (GAME) only has 2 TH/s. Takes less than 1% of the LTC network to 51% attack other Scypt coins. But miners won’t attack Litecoin and kill their cash chikun.”

This was backed up by a screenshot from CoinWarz. CoinWarz is a service that provides cryptocurrency mining profitability data and includes data of the total hashpower consumed by each blockchain in terms of hashrate. The hashrate is the power consumed by the network to continue being functional.

A 51% attack is where an attacker takes control of 51% of the blockchain’s hashpower and is hence able to have majority power over the rest of the chain. This includes the ability to orchestrate double-spending attacks, which is what happened with Bitcoin Gold.

Lee explains that with a hashrate of 301 TeraHash [106] per second, only 1% of that power would be required to orchestrate a 51% attack on the next biggest Scrypt coin, GameCredits. GameCredits has a hashpower of close to 2 TeraHash per second, which is about 0.66% of Litecoin’s hashpower.

This ensured an utter dominance of Litecoin in coins based on Scrypt and gives it additional security, as miners cannot switch to another network after orchestrating an attack. The coin is also protected from attack by ensuring profits for miners. As said by Lee, the miners won’t kill their “cash chikun”.

Twitter user Thomas Harpointner reaffirmed his faith in Charlie Lee and Litecoin, by saying:

“Kudos to @SatoshiLite. I’ve held #LTC through big price swings but through it all, I’ve paid & received payments with #LTC. Each transaction has been super-fast, inexpensive and 100% reliable. Long-term, speed, reliability, security and low-cost will win.





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Altcoins

Binance coin pumps by over 6% in an hour; breaks its all-time high

Namrata Shukla

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Source: Pixabay

On June 20, Binance coin [BNB], a coin ranked seventh on CoinMarketCap, surged by a massive 6.38% over the past hour. The coin also broke its all-time high and was trading at $36.47, at press time.

Source: Trading view

Source: Trading view

At press time, BNB was being traded at $36.47 with a market cap of $5.097 billion. The 24-hour trading volume of the coin was reported to be $571.64 million, as it spiked by 2.35% over the day. Over the past seven days, the coin noted a rise of 2.03% in its price and continued to rise by 6.38% within the hour.

This hike follows Singapore-based cryptocurrency exchange, KuCoin, listing Binance coin [BNB] and Binance announcing the launch of Elrond project on Binance launchpad. Binance funded the sharding-based public blockchain network in a private funding round, as the company closed the round with $1.9 million. It will be the next project supported by Binance launchpad and the token sale will be carried out in a lottery fashion. The token sale is scheduled to begin from June 22, 00:00 AM [UTC].

The coin was highly traded on Binance exchange with BNB/USDT pair and BNB/BTC pair. BNB/USDT took the first place as it noted a 24-hour trading volume of $137 million, followed by BNB/BTC which reported a volume of $126 million. The third position was taken by LBank exchange, which registered a trading volume of $120 million with BNB/USDT pair.





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