There was an unsuccessful attack on the BitCash chain two weeks ago. During this attack we only saw a 15 block reorg and that is not deemed nearly enough to be considered a successful attack. Our fast difficulty retargeting algo implemented by Christian Kassler proved to be very helpful in fending off the attack.
It is extremely difficult to execute these attacks as the attacker needs to hold a very large amount of BitCash, purchase a great deal of hashrate to take over the chain, and then get it to an exchange in a timely manner. An attacker’s goal is to sell off a large amount of BitCash on an exchange, then submit his own longer version of the blockchain which would undo the previous transaction and would return the BitCash back to the attacker. The attacker must have a blockchain that is many blocks longer than the true BitCash blockchain to have time to sell and withdraw from an exchange. The BitCash blocktime of one minute makes this an even more difficult task.
The risk and costs involved for an attacker to try and pull such an attack is very high with very low reward for the attacker.
We have contacted our exchanges and had them increase the number of confirmations before a BitCash deposit shows in the exchange. This adds another layer of deterrence because it requires an even longer blockchain.
The BitCash team and community discussed moving to a new algorithm, but we have decided against this as there is no clear evidence that a new algo would rectify the issue with 51% attacks.
We want a long term solution that would make such an attack obsolete. We are in discussion with a few projects that could potentially end the possibility of any future attacks. These talks could also prove to lead to fruitful partnerships in other areas even beyond chain security.
We will have an announcement VERY soon regarding how we will approach our long term solution, so watch this space!
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