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Fear of 51% attack grips Dash as crypto miner gains majority hash power

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A Reddit post by a user named Flenst has made some interesting observations about the cryptocurrency Dash. The aggregate computing power of the entire Dash network stands at about 1900 TH/s, and one crypto miner alone has garnered 1000 TH/s. The crypto mining firm named NiceHash shared mining power among 25,000 users. The latest Dash blocks have three addresses at the very top which all belong to NiceHash. From about September of 2018, these three addresses have acquired about 53% of the total hashing power of Dash.

Till this moment about $2.2 million or 26,665 blocks of Dash have been mined by NiceHash. In any blockchain, if someone has more than 51% hashing power, it is a significant threat. With 51% hashing power it is possible to overwrite previous transactions in the shared ledger and double spend the same coin. To prevent this in last November Dash had said they would introduce a brand new safety mechanism known as chainlock. The new feature has the ability to thwart 51% attacks by examining the length of block chains. Chainlock prevents deep level reorganization and has changed the most lengthy chain rule that Dash had adopted from Bitcoin architecture.  In chainlock when a free node discovers several valid chains, it selects for local chain activation, the chain with one with the longest work. In effect, this means choosing the blockchain with the longest length.

The malicious attack using 51% hash power technique on Ethereum Classic at Coinbase has made all wary about such attacks. Coinbase has changed its rules and made it necessary that there are 50 confirmations before a transaction in ETC goes through. Though Dash can be sent instantly, the same protocol has also been implemented in its case for the sake of safety. The delay of 10 minutes is useful to find out if there has been any intrusion of the system.

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