Why is BCH one of the most secure digital currencies?
If blockchain, known as a distributed accounting system, can’t guarantee the security of a certain digital currency, then why should I use you? How can you talk about payment, application and future?
In addition to how to raise money for BCH development, two other issues have been the focus of discussion in the BCH community these days, both of which, coincidentally, involve IFO coins. One was about LBTC (Flash Bitcoin) and the other was about BTG (Bitcoin gold), both of which were caused by security issues.
The former was extremely dramatic. The reason was that one of the founders of LBTC “paid big head” and pulled BCH supporters and some investors together into a wechat group for “communication”. The specific content of the “exchange” is not detailed here, but for those who are interested, it is about the block size and the concentration of computing power. The discussion ended in discord. However, there is one notable point in this, is that the “dot pay big head” admitted that the LBTC main chain was suspended for 10 days, the specific reason is explained by the “vote calculation weight BUG”.
Can blockchain still be suspended? Shouldn’t blockchain be decentralized? Isn’t a distributed accounting system able to guarantee that even if some individual nodes fail, the whole network won’t? Yes, it was. It was for 10 days. The reason for its suspension is attributed to the algorithm problems of LBTC. LBTC has abandoned the POW proof of workload mechanism and adopted the DPOS mechanism similar to EOS. This mechanism makes block production not determined by calculation force, but block production by node voting. LBTC, which boasts 101 nodes, can only suspend the blockchain if the nodes are centrally distributed and more than 51% of them are “controlled.” The most immediate problem with blockchain suspensions is that transactions are also suspended. Imagine how it would feel if a transaction took 10 days to go into effect. If blockchain can be suspended, there is no security.
The reason BTG became so popular was because the BTG network was attacked by miners who lost millions of dollars worth of BTG. According to foreign media reports, last week, a miner successfully carried out a double flower attack on the Bitcoin gold network. In order to carry out the attack, the miner obtained at least 51% of the BTG power, temporarily controlled the blockchain, and successfully reversed 22 blocks. Since May 16, bitcoin gold addresses involved in the attack have received more than 388,200 BTGS.
The reason for BTG theft is actually very simple, lack of computing power. BTG changed bitcoin’s mining algorithm from SHA256 to Equihash(a graphics card algorithm) and claimed it would make bitcoin more decentralized. Graphics card mining surface is the name of everyone can be mining under the guise of, in fact, the same because graphics card mining machine is a mining machine, and as long as it is a mining machine, as long as it is used for mining, the same will produce the concentration effect, the mine, the concentration of computing power is inevitable. Not only does this discourage decentralization, but it reduces the cost of a two-flower attack. The Sunway supercomputer, for example, has more than 10 million computing cores that could easily attack BTG. In addition, the unfair practice of the BTG project party to pre-dig 200,000 BTG also makes many miners unwilling to dig BTG.
BCH, by contrast, does not have either of these problems.
Powerful computing power guarantee
Pow mechanism can not be suspended, as long as there is a mining machine running, the BCH network will not be broken. According to the calculation data of pool.viabtc.com, the current calculation power of the whole network of BCH is 4.335E, and the effective miners are 113723. Excluding the increasing calculation power in this process, theoretically you need to control 56862 miners to launch a 51% computing power attack. Is there any mine that can do this? Who would want to do that? Miners with real computing power would do their best to maintain bitcoin Cash’s network. Bitcoin is different. If the miners of Bitcoin destroy bitcoin, they need tens of billions of mining machines to be buried with them. If Core destroy bitcoin, they can be physically attacked and just hide. Core also smeared that miners had no voting rights, when the truth was that miners were far more reliable than Core.
Atlantis and block isolation and other technical means guarantee
Admittedly, BCH also faces the risk of zero confirmation “double flower attack”. “double flower attack” can be divided into two types: one is double flower initiated by non-computing power users, and the other is double flower initiated by computing power users. The first is easily preventable, and the BTG attack was the second.
BCH has Atlantis, a project designed to protect against zero confirmation “double flower attacks” launched by non-computing users. Atlantis project has deployed a number of BitcoinCash node servers around the world to detect double-spend transactions in order to alert users to possible transaction risks in real time. In addition, the Atlantis project also provides API services that guarantee merchants access to the double probability and risk of transactions to support zero confirmation transactions.
In view of the double blossom initiated by computing power users, CSW proposed the block isolation policy, the hidden transaction (TX2) of the attack structure cannot be broadcast, if tx2 transaction can be found in the latest block within a certain period of time, then it can be directly isolated, mining in its previous height, under the condition of maintaining enough computing power, Few pools dare launch TX2 trades to attack zero confirmation trades.
BCH had already conducted a stress test on the risk of a “double spend attack” on the shopping site Cryptonize, which showed that some of the attackers ended up paying $2,000 for a $1,000 gift card, doubling the cost of the attack.
All in all, bitcoin Cash’s online security is beyond question. Through the comparison, we can also understand why BCH roughly can stand out in many digital currency, because based on consensus and the birth of the BCH is a group of like-minded early COINS preacher necessity for product, not some malicious circle of money tool, no digging, the practice of selling also let many miners are willing to believe BCH, So BCH is more qualified to compete with BCE for who is the future of Bitcoin.