Project overview Vertcoin:

The Vertcoin project is a network created as a split from the Litecoin mainnet that uses a consensus mechanism based on the PoW protocol.

The Vertcoin project that runs VET describes itself as “the people’s currency.”

His priority is to keep mining jobs decentralized, and he seeks to allow anyone with a personal computer to join the Vertcoin network.

To this end, Vertcoin has a one-click mining program that aims to make mining more accessible to the public.

VET is ranked 192 on coinmarketcap in terms of total market capitalization.

51 . attack% network suffered by Vertcoin:

The way the Vertcoin network works is a clone of the Bitcoin network that aims to be ASIC-resistant through the hard forking of new mining algorithms whenever ASICs are deployed on the network.

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previously Vertcoin was attacked by 51% in December 2018, and the developers of the project have since changed their Proof of Work algorithm to Lyra2REv3.

On November 30, 2019, note One Vertcoin miner posted a big rise in retail rental prices for Lyra2REv3 on Nicehash.

This is combined with workers connected to a Nicehash layer server that is sent to work for unknown Vertcoin blocks.

The attacker initially contacted Bittrex, one of the largest VET exchanges, to recommend disabling the Vertcoin wallet on their platform prior to the attack, which the exchange later did.

attack:

Vertcoin was attacked by 51%

– James Lovejoy (@metalicjames) December 1, 2019

It was completed attack Last Sunday, December 1, 2019 603 blocks were removed from the VTC main chain and replaced by 553 blocks belonging to the attackers.

Whereas, 600 blocks are the current VTC assertion and consensus requirements.

There were 5 double-spent outputs in which some VTC units (~$29) were redirected.

Both double-spent outputs are database outputs owned by the attacker and it is not known to whom the coins were originally sent before they are transferred to the attacker’s address.

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Based on market prices during the preparation of the attack and the difficulty of the blocks produced by the attacker, it is estimated that the attacker spent between 0.5-1 BTC to perform the attack.

The total value of the block reward received by the attacker is around 13,825 VTC which is equivalent to 0.44 Bitcoin Since the attack was not profitable mostly based on block rewards, the motive behind the attack is still uncertain.

It’s possible that Bittrex was the original target, but the double-spending segment attack was thwarted by Bittrex disrupting its wallet before the attack was launched.

It is also possible that there was no double spending at all, and the attack was a proof of concept or a sabotage attack.

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The currency VTC was not affected much by the incident and remained almost stable between 0.22 to 0.24 dollars.

As for the 51% attack, it represents the union of a group of people and the control of their computers and programs to attack a network that operates with the mechanism of proof-by-work (PoW), i.e. mining, and their number is more than the number that is unanimous, so they modify or sabotage many things and network protocols without the ability of any other party to prevent them because the majority of Vote for them 51% of those online.

This type of attack usually affects small and not large networks.

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Bitcoin developer: This is the 51% chance of an attack on the Bitcoin network