Shielding Privacy Coins from 51% Attacks: A Necessity for Crypto-Friendly Businesses
Cryptocurrency’s decentralized nature thrives on integrity, and its fragility is evident when faced with threats like 51% attacks. As we analyze the implications of a recent attack on privacy-heavy blockchains, we uncover both the vulnerabilities and the potential solutions that exist.
Breaking Down 51% Attacks
To begin, let’s clarify what a 51% attack entails: it’s when a single individual or group manages to control over half of a blockchain’s hashing power. This advantage empowers them to reorder transactions, reverse them, or even double-spend coins, which can seriously undermine the trust in a blockchain. Privacy-centric cryptocurrencies, like Monero, seem particularly susceptible.
Monero’s Current Situation: A Wake-Up Call
We saw…
