Private Cryptocurrency Firo Faces Doom Following a 51% Attack

Firo, the privacy-backed crypto formerly known as Zcoin, is under a 51% attack. On 20 January, it announced the attack on its protocol on Twitter while stating the nature of the error. Firo pleaded with owners to hold off any transactions while the firm addressed the issue. A single miner took advantage of the attack and reorganized blocks on the network. Changpeng Zhao, Binance’s CEO, stated that the block rearrangement resulted in a rollback of over 300 blocks. Firo’s team…

51% Attack – Everything You Need to Know About it

This saying keeps circling again and again according to which the strength of a cryptocurrency like Bitcoin is in its network. The greater the number of individual contributors and supporters of the network, the higher its resiliency towards external threats. In the blockchain, there is a direct correlation between the number of participants and network security. There is strength in decentralization. The reason for the interdependence between participants and security, at least for Proof-of-Work coins like Bitcoin, is the amount…

The Double Spending Problem – Bitcoin’s Solution to the Internet of Money

The Information Age Back in the ’90s, when the Internet started to come around, it showed a lot of promise. Among people technically equipped to handle the innovation, it seemed like a new age was about to dawn. The ability to transfer information at speeds that were unprecedented, along with the fact that it was completely free of centralized hierarchy, portrayed a sense of liberation for millions. The advent of the Internet quickly came to be known as the “Age…

BitcoinBCH Misguides on BTC Double-Spends

BitcoinBCH, a firm that focuses on BCH, may have recently misled people, making them believe that it is easy to carry out BTC double-spending.  On the 18th of December 2019, the CEO of this firm released a video on youtube. It purportedly showed how the BTC point of sale (PoS) wallet of TravelByBit misinforms merchants to believe that they receive payment before concluding a transaction. TravelByBit on Supporting Double-Spends A representative of TravelByBit said that there is insurance for merchants…