Is SnowGem (XSG) The Most Secured Blockchain Project?
Blockchain technology is an industry that gives room for improvement. For those conversant with the happenings in the crypto industry, it is no longer a secret that some of the most popular cryptos on the market right now, lack what it takes to truly replace the traditional financial system. One key issue associated with them is their lack of scalability and transactional speed. This is why new Cryptocurrencies are being created to address this problem.
One word common with most crypto sales pitch (white paper) is “security”. In the true sense of things, the blockchain represents one of the most secure ways of securing data. But if one is to judge from the recent hacking incidents that have rocked the industry in recent time one might think otherwise. It is important to note that, the hacking problem is more human-made, as it is impossible to hack cryptos stored offline. However, there is still the 51 percent attack problem. For those who don’t know what that is, a 51 percent attack is a situation whereby an individual miner or group of miners controls more than 50% of a network’s mining power, also known as hash rate or hash power. As a result, these individuals get to double spend on the network and alter transactions.
Recently a popular blockchain network, Ethereum Classic was under a 51 percent attack. This resulted in more than $1million dollar worth of ETC stolen. This is a major security concern, which is a factor of how the blockchain network is designed. It is also important to note that several other Cryptocurrencies are susceptible to the 51 percent attack.
Fortunately, the industry is taking more of these flop in security into consideration and making adjustments to prevent it. So far, the only crypto project which has recently made an adjustment to its algorithm to protect the network against a 51 percent attack recently, is the
According to the project’s white paper,
During its official launch on the 25th of December 2017, 72 blocks were timestamped. During the first 72 blocks, no external miners could mine (less than 7 XSG was mined during this period). This is to ensure that the blockchain’s launch was not affected.
With the activation of its
Protection against 51 Percent Attack
With the news of Ethereum Classic 51 percent attack, it has become clear that with the right tools and skills sets, a blockchain network can be compromised. As a project which makes the safety of its network a top priority,
As a result of this integration,
As a result of Thor’s Hammer, upon detecting a longer chain, instead of starting the reorganization process, the
So if the block hash does not match the existing chain, the