Team-periwinkle, A Reddit user has announced a 51% attack against Einsteinium, cryptocurrency based on Bitcoin. Execution will take place on October 13, 11:00 PM. Live on twitch.tv.
Reddit is an important platform for the blockchain industry. Almost every startup has an account on that site. We have written a lot of stories about statements concerning blockchain-related topics published on Reddit. Today, another story has come out.
According to the Team-Periwinkle’s manifesto, the attack will have an educational purpose only. The user of Reddit is going to explain how a 51% attack works. He’ll demonstrate every concept encountered along the way. Security implications are also one of his topic to present. Last but not least, Team-Periwinkle will discuss pros and cons of preventing such attacks by some coins.
Oct 13, 3:00 CDT (8:00 UTC) I’m doing 51% attacks against real live CryptoCurrencies and explaining the whole process on twitch. https://t.co/JQm34LrvhW
— GeoCold (@geocold51) 8 października 2018
What is Einsteinium?
Einsteinium coin (EMC2) is a cryptocurrency based on Bitcoin. Einsteinium is “designed to reduce waste and eradicate corruption where it is needed most: charity and politics”. The currency is created to fund and support Einsteinium Foundation’s causes. 2% of every coin from mining is dedicated to promoting science. The community chooses new investment projects every 25 days. So far the Foundation has contributed over 16 millions of EMC2 to science programs.
Group of miners has to control over 50% of the network power to conduct an attack. The attackers would be able to prevent new transactions from gaining confirmations, allowing the halt of payments between some or all users. During this attack the control fraction decides which chain of blocks will be developed. Miners would also be capable to reverse every completed transaction done in the time of their control. That means they could spend every coin two times.
A 51% attack probably can’t destroy this coin or any other blockchain-based currency. According to experts, an attack group can’t create new coins.
Attacks in the past
So far there have been attempts of 51% attacks. In May Bitcoin Gold was a victim of such an attack. Miners conducted a double-spend of lot of coins. The Losses were estimated almost at $20 million.
Later in May, Verge, another cryptocurrency was robbed. In few hours hackers dug over 30 millions of coins.
ZenCash was also a victim on June. Robbers spent almost 20 millions of ZEN which equated then to over 550,000 in US dollars.
Last modified: October 8, 2018
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