Technology & Security
Vertcoin (VTC) is currently struggling with a series of 51 percent attacks and a number of blockchain reorganizations. According to recently published data, the vertcoin chain has experienced over 22 reorgs and has lost more than $100,000 due to the attacks, with the last reorg clocking in at over 300 blocks deep.
Vertcoin Blockchain Suffers 22 Deep Reorgs
VTC was launched in January 2014 with a traditional proof-of-work system, but it has since moved to an “ASIC-resistant” algorithm known as “Lyra2RE.” Back in 2015, the developers explained that they believed mining should be processed by consumer-grade hardware to keep things decentralized. But now the Vertcoin network is under siege, following a number of 51 percent attacks on the protocol.
According to a recent analysis written by Mark Nesbitt, a security engineer at Coinbase, the Vertcoin chain has suffered 22 deep reorgs, with 15 of them including double-spends. Additionally, one of the last reorgs was 307 blocks deep, causing significant network issues.
The first incident began in October, when the chain experienced eight reorgs in total, with three of them including 71,243 VTC in double-spends. Double-spending is a flaw within a blockchain network scheme in which the same digital coins can be spent more than once.
A blockchain reorganization occurs when a miner gains more hashrate than the rest of the pools and chooses to mine a previous block in order to create a new block history. A reorg can be secluded to a local client, but if the whole system is dependent on a single client, it can affect the entire network.