Dash Developer Discusses ‘ChainLocks’ To Protect Against 51% Attacks

Dash developer Alexander Block recently discussed a new protection mechanism against 51% mining attacks, dubbed ChainLocks, in a blog post. Block wrote that the introduction of Long Living Masternode Quorums (LLMQ’s) gives Dash the ability to implement ChainLocks, which is part of the new Dash Improvement Proposal (DIP) 8.

Details and information about ChainLocks emerged to serve as an answer to questions about how the cryptocurrency would combat 51% attacks.

Working To Thwart 51% Attacks

In the post, Block explained that the premise behind ChainLocks is to leverage LLMQ’s in order to have blocks be signed as they are seen by the network. This will purportedly help prevent attacks and any attempts by those looking to reverse transactions. ChainLocks would also incentivize miners to publish blocks immediately, according to the blog post.

The developer also noted ChainLocks is only secure with a “Sybil protected network of semi-trusted nodes,” which means a coin without these types of nodes will not be able to roll out a system like ChainLocks.

The requirement of 1000 Dash (roughly $90,000) per masternode reportedly makes it impractical from an economic standpoint to carry out a Sybil attack. The post explained an attacker “would have to buy at least 60% of all Masternodes to get a realistic chance of success.” Overall, Block said the “unique and powerful network infrastructure” of ChainLocks would make it possible to roll out “more innovative features on top of LLMQs.”

Remaining Popular In Venezuela

Dash remains a popular cryptocurrency among Venezuelan citizens. CryptoGlobe reported on the official launch of Dash Text in the country back in early November. The platform allows users to send and receive payments in Dash. It is particularly notable since it can run without the use of a smartphone or the internet.

According to Dash Text, 47% of the country's population lacks access to the internet, while 60% do now own smartphones. Speculation is that Dash Text’s features, as a result, would be useful to a population struggling in the midst of immense economic difficulties.

Crypto Scammers Responsible for $24 Million in Bitcoin Theft Through First Half of 2020: Report

Michael LaVere
  • New Whale Alert report shows crypto scammers have raked in $24 million in bitcoin through the first six months of 2020.
  • One scammer leveraged YouTube advertising to steal $130k in BTC per day. 

Crypto monitoring service Whale Alert has published a report showing that crypto scammers are responsible for $24 million in bitcoin theft through the first half of the year, including the exploitation of YouTube advertising. 

According to the report “Chasing Crypto Criminals” published July 10, cyber-thieves are finding easy prey in the form of bitcoin and other crypto-asset investors. Whale Alert summarized its exhaustive reviews of hundreds of websites and thousands of reports of theft as “crypto crime pays. A lot.” 

Whale Alert claimed there was little risk involved for crypto-based criminals, despite the massive economic impact being imposed on victims. The report confirmed at least $38 million in bitcoin alone being stolen via scams over the past four years, excluding the use of Ponzi schemes. 

The report reads, 

Some of the most successful scams made over $130,000 in a single day with nothing more than a one page website, a bitcoin address and a decent amount of YouTube advertising.

Whale Alert outlined another scam which brought in $1.5 million over six months through promoting a fake cryptocurrency exchange. The report claims the advertisement took victims to an “amateurish website riddled with spelling errors,” before tricking users into depositing their funds. 

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