51% attack on New coins

0

I have experienced 51% attack after launching a new altcoin last month.

While i mined only 100 blocks using coin-cli generate 1, i noticed somebody already mined 2000 blocks within minutes attacking my network. I was running 2 nodes (without wallet) and 1 node (with wallet installed) in Ubuntu server.

  • Why would the attacker target new cryptocurrencies? Is he after coins?
  • What changes in the code i have to implement to prevent the 51% attack?

My altcoin is based on scrypt (litecoin), Block generation time is 10 minutes/hour, Coin maturity 100 blocks, with parameters almost same as bitcoin.

pbu

Posted 2018-04-06T04:05:09.683

Reputation: 203

Answers

2

Why would the attacker target new cryptocurrencies?

Why not? He has the same reasons as you to create blocks

What changes in the code i have to implement to prevent the 51% attack?

Disable decentralization. Allow mining from one pubkey/address only :)

amaclin

Posted 2018-04-06T04:05:09.683

Reputation: 5 763

Where in the code i implement allow mining from one pubkey and address? – pbu – 2018-04-06T04:57:24.647

It's not a serious suggestion. – Nate Eldredge – 2018-04-06T04:59:04.867

It is serious. I have to say that it is ONLY choice. No other suggestions can prevent attack-51 in any crypto – amaclin – 2018-04-06T11:54:06.977

Asked: 2018-04-06T04:05:09.683

Viewed: 215 times

Active: 2018-04-06T04:37:30.077