Bitcoin miners Cash canceled the transaction with the attack 51 percent. And that’s the problem

Cancelling the transaction associated with hardforum network Bitcoin Cashheld on may 15. Pools and the attack 51 percent tried to resist the unknown miner. He wanted to get access to the coins, which had become unavailable after changes in code. That day the attacker has used are not related to the update bug. Subsequently it is corrected.

What is a 51 percent attack?

Usually, the scheme is used with malicious intent, trying to control a larger amount of processing power in the network. It allows you to perform the blockchain operations, which in normal times is not available. For example, it is possible to rewrite the transaction history. By the way, the pool of several times already crossed the critical line and took possession of more than 50 percent of network capacity. The last time this was said a week ago.

See also: Destroy kryptonite: mining pools without any problems stealing the coins and 51% attack — time to spit.

Source: 2Биткоина

This time and United for a good purpose – to cancel the blocks with transactions of the attacker. Contrary to fears, the pools did indeed cancel the transaction and not tried to take over the network or assign of the mentioned coins. This step in the community Bitcoin Cash approved not all. Developed by BCH under the name Kiarahpromises commented on the situation.

Take the reorganization in his arms for the cancellation of the unidentified? Yes, it’s the attack 51 percent. The worst of possible attacks. This is stated in wallpapere. What about decentralization and the money is not censored? Only works when it’s convenient?

How was organized this attack?

The technical details of the attack mining pools attack, which brought on countermeasures very difficult. A leading Bitcoin podcast, guy Swann attempted to describe the situation on Twitter.

Since the first split in the 2017 a significant number of coins were accidentally sent to addresses like “anyone can spend” (because of the compatibility of the signatures [of the transaction], but the lack SegWit in the network BCH). They may have been copied from the network of Bitcoin Bitcoin Cash.

However, when on 15 may during hard forks was removed one change of code, these coins suddenly become available for spending. And unknown tried to pick up the coins yourself. It was then and teamed up with the purpose to cancel these transactions.

When an unknown miner tried to pick up the coins, and he immediately decided to reorganize the chain and remove these transactions in his favor.

Source: 2Биткоина

Apparently, Bitcoin Cash managed to acquire a really loyal supporters. Jonathan Silverblade is one of those who praised the decision.

It is a very sad situation, but it is in fact a proof of work PoW. In this case, the miners decided to abandon the block prohash because deemed void a transaction that is inside of her.

Centralization is obvious

This incident is certainly not positive for Bitcoin Cash. It reveals the fact how centralized is the network. Although it is worth noting that the threat of 51% attack is inherent in almost all cryptocurrency networks for Proof-of-Work.

And as this example shows, many of them have become more vulnerable due to falling Hasrat.

See also: Know your enemy: what are the different types of attacks 51% of the blockchain cryptocurrency?

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