Exchange Coinbase has issued a warning and implemented danger mitigation measures soon after finding a miner that accounts for the bulk of Zcash (ZEC) hash price.
Coinbase warns of miner taking 51% of Zcash (ZEC) hash price.
Second blog post Posted, US exchange Coinbase discovered that ViaBTC is the only mining group accounting for 53.eight% of the mining energy on the PoW blockchain, validating privacy coin transactions Zcash.
To secure consumers from the likelihood of a “51% attack,” Coinbase immediately implemented the following measures:
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Increases Zcash validation demands to 110 blocks to lessen the danger of charge manipulation or transaction fraud. This translates to a transaction time of ~forty minutes to ~two.five hrs.
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Moved the Zcash trading marketplace on Coinbase to a limited state to lessen the effect of any occasions.
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Contact and examine with Electric Coin Company, the improvement enterprise behind Zcash and ViaBTC about mining distribution. Coinbase expressed considerations and suggestions that each sides can get to lessen the danger of a 51% assault.
For cryptocurrencies that use Proof-of-Work consensus mechanisms like Zcash, a “51% attack” takes place when one particular person/group of individuals holds the bulk of the block mining capability on the network, permitting them to do matters like alter the information historical past of the blockchain.
As for Electric Coin, the enterprise also confirmed discussions with Coinbase and made available a answer identified as “Trailing Finality Layer,” aimed at converting Zcash from Proof-of-Work to Proof-of-Stake for troubleshooting.
ECC is mindful of this situation and have had conversations with @coinbase, @ViaBTCZcash safety manager, e @ZcashCommGrants. Crucial: #Zcash it is a decentralized, open supply network with no “master developer”, no “issuer”, and no organization controlling it. 🧵 https://t.co/X2a16x4xDQ
— Electric Coin Co. (@ElectricCoinCo) September 19, 2023
Coinbase explained it will constantly check present blockchain networks to detect modifications early and employ measures to secure consumers.
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