Crypto alternate Coinbase has carried out precautionary measures in response to a single mining pool taking management of 53.8% of the hash price on the proof-of-work blockchain powering the privateness coin Zcash.
Any longer, the alternate would require 110 block confirmations earlier than it confirms a deposit of ZEC, in accordance with a weblog submit. This will increase the deposit time from roughly 40 minutes to round 2.5 hours. The purpose is to cut back the danger of double spending.
It has additionally moved its Zcash buying and selling pairs into “restrict solely” mode, which means merchants can’t place market bids. The alternate acknowledged this may reduce the impression of any volatility — doubtless within the occasion of huge gross sales made as a part of a double-spend assault.
Coinbase additional reached out to Electrical Coin Firm, the creator of Zcash, and the related mining pool, ViaBTC, with its considerations. “We shared our considerations across the dangers of mining centralization and offered suggestions for numerous choices that both social gathering might implement to cut back the danger of a 51% assault,” the alternate stated.
The Electrical Coin Firm confirmed the discussions, including that its proposal to introduce a function to the Zcash blockchain, named the “Trailing Finality Layer,” might deal with the problem. This is able to be a step towards transitioning the blockchain from proof of labor to proof of stake.
A possible 51% assault
ViaBTC presently controls 53.8% of the Zcash hash price, in accordance with MiningPoolStats. This suggests that, in concept, if the mining pool determined to behave with ailing intent, it might perform double spending assaults or exhibit different malicious conduct.
ViaBTC now represents 53.8% of the Zcash’s hash price. Picture: MiningPoolStats.
That stated, this isn’t a single miner dominating the community’s hash price however reasonably a mining pool. Such swimming pools comprise quite a few miners who combination their assets to realize a steadier revenue stream. If the mining pool had been to interact in dangerous actions, miners may decide to discontinue utilizing the pool in favor of one other.
