Tons of new projects choose to hold crowd-sale campaigns where they offer investors to join an early opportunity to buy a share of the project via a purchase of tokens or coins that primary utilized to maintain a blockchain-based ecosystem. Every day newly born ICOs make headlines for booming cryptocurrency world that is no wonder as demand breeds supply and today ICOs represent the hottest kind of investment schemes.
Despite nascent market fluctuations and increased competitiveness, many ICOs have recently succeeded in reaching out their long-term goals for projects’ development and especially in measuring the yield for investors. Coins skyrocketed, their price doubled, or tripled, in relation to their initial value during the crowd sale.
Clearly, blockchain technology has a bright future since it is constantly proving the ability to achieve things that only the most enthusiastic nerds could have imagined years ago. Fortunately for all late adopters, there is still an opportunity to jump aboard the crypto train and try luck on cryptocurrency investments. Considering that eventually most of the people will be somehow engaged into crypto transactions, so why not starting with BEEFY tokens right now?
BEEFY tokens are backed by London-based that represents an international consortium of fin-tech service companies operating within the electronic mobile payment services arena. Bank4YOU provides its customers with a service that no longer depends on bureaucratic procedures associated with traditional banking as the customers are able to choose their ideal product from a wide range of pre-paid card options along with mobile banking services.
Being built with blockchain in mind, BEEFY token secures full transparency as well as an advanced layer of customer’s protection. It enables a holder to transfer mobile money out of any point of the world by the means of innovative Mobile Money Remittances System developed by Bank4YOU Group. To become the part of Bank4YOU Group community and enjoy free remittances movement all around the globe one should simply buy BEEFY tokens.
The issued BEEFY tokens has been distributed during Bank4YOU ICO event enabling investors to make their contribution towards the further project’s development. According to the Bank4YOU roadmap, the crowd-funded means were spent on the elaboration of its system of mobile money, development of new software, incorporation of micro crediting system, and new financial services based on blockchain.
Bank4YOU ICO is over, however, wannabe investors still have a chance to buy BEEFY tokens at several exchanges. BEEFY tokens are now listed on , and exchange platforms where they are available for even better price than the one set during ICO.
It is a common fact that the investors who reap most substantial profits are also the ones who are the most patient ones. Thus, the ability to see long-term view and ignore daily fluctuations is difficult to master and easy to overlook. As crypto asset adoption spreads, it assures that tokens such as BEEFY, will gain enormous value tomorrow. For this reason, investors should not miss out a chance to become the part of Bank4YOU Group’s bright and innovative community that opens a door to the fascinating world of blockchain.
The post appeared first on .
What would happen if bitcoin were to suffer a 51% attack? It’s a hypothetical question, but one that has troubled some of the community’s brightest minds. Just as army generals play out countless war games, enacting doomsday scenarios, bitcoin defenders like to ponder ways in which the decentralized cryptocurrency could be attacked and brought to its knees.
Also read:
Contingency Planning for a Worst Case Scenario
A 51% attack, also known as a majority attack, refers to a situation in which a single miner or group of miners control the majority of the network hashrate. If attained, this would enable a bad actor to censor and reverse transactions, allowing them to double spend coins. One of bitcoin’s greatest attributes is its immunity to attacks, be they governmental or technological. With over 31 exahash now concentrated on the bitcoin network, launching a 51% attack would be virtually impossible. And yet the very act of contemplating such an event is critical in mitigating the likelihood of it ever occurring.
bitcoin war games aren’t just larping: they’re strategic defense.
51% Is Probably Not Enough
In a last month, Jimmy Song pondered various hostile mining scenarios, including those presented by chip manufacturers, ASIC manufacturers, and mining pools. He ran through the ways in which a 51% attack could play out, but observed that owning 51% of the harshrate may not be enough to take over the bitcoin network. According to Song, an attacker armed with 60% of the hashrate would still be expected to take 100 minutes to overtake the rest of the network in confirming blocks. Meanwhile, the rest of the network would have caught on to what was happening, and begun invalidating the attacker’s blocks. (Conversely, it is theoretically possible to attack the bitcoin network with less than 51% of the hashrate). Song notes:
No rational merchant or exchange would ever take less than 30 confirmations in a scenario like this (at least without some knowledge about what’s going on)…Furthermore, a large reorg signals to the rest of the network that something nefarious is going on and nodes will likely view these new blocks with suspicion. It’s entirely possible that full node operators on the network will simply invalidate these blocks.
Who Wins by Attacking bitcoin?
Due to bitcoin’s enormous hashrate, it would be impossible for anyone without any skin in the game – or rather ASICs in the game – to launch a 51% attack. The only players who could conceivably orchestrate such an attack are existing mining pools, or ASIC manufacturers if they were to backdoor their miners, for example, and later commandeer them. All of these entities are heavily invested in bitcoin, having spent hundreds of millions of dollars on the infrastructure required to compete in the mining sector. For their operations to remain profitable, bitcoin needs to maintain a certain price. If a bad actor (or pool of bad actors) were to start attacking bitcoin, they’d only be cannibalizing themselves.
There are scenarios – far-fetched admittedly – in which a 51% attack on the bitcoin network could be attempted. A hostile state could start accumulating ASIC miners, spending billions of dollars in readiness for the moment they had enough hashrate to greenlight an attack. Even Bitmain themselves would struggle to assemble enough ASICs to make such a feat possible however. An alternative scenario would be for a chip or ASIC manufacturer to make a breakthrough that provided a significant advantage over existing miners. A sort of Asicboost on steroids. Once again though, the best way to profit from this would be to honestly mine bitcoin with the souped-up units, or to sell them for a premium, rather than to launch a 51% attack.
Whatever way you slice it, a 51% attack on bitcoin isn’t just improbable – it makes zero sense for the attacker. Just because the cryptocurrency seems safe from mining attacks for now doesn’t mean it’s impervious to attack however. In a entitled “Let’s destroy bitcoin” published on MIT Technology Review, Morgan Peck proposes three ways in which bitcoin could be “brought down, co-opted, or made irrelevant”. None of them involve mining. A few altcoins, with a low hashrate, have been hit by a 51% attack in the past. In its nine-year history, bitcoin has never been attacked in such a manner. It didn’t happen in the past, even when one mining pool controlled a majority hashrate, and it’s probably not going to happen now.
In what other ways do you think bitcoin could be attacked? Let us know in the comments section below.
Images courtesy of Shutterstock.
Need to calculate your bitcoin holdings? Check our section.
The post appeared first on .
