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The founder and CEO of the Dash Foundation, Ryan Taylor, recently gave an interview to Bloxlive.tv. He discussed the new Chainlocks protocol, which could make it immune to 51 percent attacks.
One of the biggest risks for a Proof-of-Work blockchain is a 51 percent attack. If any individual actor has control of over half the mining power on a particular network, they would be able to effectively re-organize the blockchain as they see fit. This would allow them to double-spend tokens and appropriate significant amounts of crypto before the attack was spotted.
Bitcoin (BTC) and other big crypto networks are relatively safe from these types of attacks, as the cost of obtaining over half of the mining power would likely outweigh the potential gains. However, smaller crypto networks with less mining power are more vulnerable to these kinds of attacks, and Ethereum Classic (ETH) was subject to one earlier in the year. The team behind Dash (DASH) has recently taken steps to ensure that it could be less at risk from 51 percent attacks than even BTC itself.
ChainLocks and LLMQ-Based InstantSend mean Digital Cash#payments #blockchain #cryptohttps://t.co/M22XOCh7Og
— DASH (@Dashpay) July 11, 2019
The new Chainlocks protocol makes use of Long-Living Masternode Quorums (LLMQ), which effectively make up an additional 'checkpoint' layer that validates blocks after they are mined much faster than previously possible. For each block, a quora of 400 randomly-chosen nodes has to vote on whether a block is valid, and 60 percent approval is needed for it to be added to the chain. This validation process, which can take up to an hour with BTC, can now happen in mere seconds.
Following the release of #Chainlocks... @Dashpay CEO, Ryan Taylor talks to me about the unique usability of #DASH
— Layah Heilpern 📺 (@LHeilpern) July 11, 2019
📲 Click to see the full interview on @BloxliveTV: https://t.co/nQbLWqP0z0 pic.twitter.com/BZi7DVHCmb
According to Taylor, the "cost of attacking the Dash network for an hour isn’t just rent some hashrate like it is for all other cryptocurrencies, you also have to control 20, 25 percent of the coin supply before you could even attempt it. That makes Dash, probably, the most secure cryptocurrency, even more so than Bitcoin".