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There have been several 51 percent attacks on the proof-of-work (PoW) consensus protocol since it was first proposed a decade ago. Although the Bitcoin blockchain has never been hijacked due to the astronomical power of all computers within the network, the PoW used on other blockchain-based projects like Bitcoin Gold, Litecoin Cash, ZenCash, Verge, or Ethereum Classic, and others haven’t managed to stand the test of time.

Infamous 51% attacks on the PoW consensus algorithm

A 51 percent attack can happen when a miner, or a group of miners, gets in control of over 50 percent of the mining power within a network, known as hash power or hash rate. On the Bitcoin blockchain, the hashing uses the SHA-256 algorithm whereas Ethereum uses ‘Ethash’ and Litecoin uses the ‘scrypt’. One of last year’s most infamous attacks on a PoW-based blockchain was Bitcoin Gold.  Using superior computation power, hackers falsified the ledger of the currency, stealing almost $18 million.

ZenCash, a cryptocurrency based on a PoW Equihash mining algorithm, also experienced a 51 percent attack. The attacker reorganized the blockchain, managing to reverse 38 blocks and enabling double spending on two major transactions totaling $550,000.

A PoW consensus that can stand a 51% attack

Amid a series of attacks on the PoW consensus throughout 2018, the ILCOIN project launched an improved version of PoW, deemed as a command chain protocol (C2P). C2P implements bulletproof rules and regulations in the source code to either permit or restrict different activities. Due to the centralized nature of the ILCOIN blockchain, which uses the SHA-256 technology of Bitcoin, the development team at ILCOIN can fully control any corruption attempts on the network, including double spendings and rollbacks.

C2P incorporates three security layers that altogether create an improved environment for end users. According to mentions in the whitepaper, “C2P is the actual next step of security in the cryptocurrency world, in order to turn down the page for all the non-ethical hackers who always try to take advantage on some back doors for some faulty codes, or lack of hashing power, for example, and in the same moment hurt a specific cryptocurrency and the trust of still cutting-edge technology.”

A better Bitcoin with bulletproof technology against hacks

Committed to building and developing a digital currency-based ecosystem for its growing community, ILCOIN aims to become a better Bitcoin; a high-quality cryptocurrency that can stand a 51 percent attack successfully. To perfect the security of its blockchain, ILCOIN made it quantum resistant.

First, the team analyzed former attacks against different chains. After concluding that no existing protocol is secure enough to withstand a 51 percent attack, they developed new rules and completely changed their blockchain. So-called “admiral” nodes within the CPA protocol sign every block, and if the block isn’t signed by the Master Node, it instantly becomes invalid. Regardless of the hash rate, it would be impossible to forge a block and initiate an attack on the network because the Admiral Node will not sign the block. The unique blocking mechanism prevents hackers from stealing ILC coins, as well as spending in case users lose their wallets.

Armed with a sustainable tech stack and a forward-thinking development team, ILCOIN lays ambitious plans for 2019 – to become the first project to implement smart contracts within its C2P; and potentially, be the first cryptocurrency using the SHA-256 consensus algorithm to achieve its mission of increasing security without compromising blockchain speed.

Litecoin (LTC) is in a tough spot not only against the US Dollar (USD) but also against Bitcoin (BTC). The daily chart for LTC/BTC shows us the resistance levels that Litecoin (LTC) is up against while trading against Bitcoin (BTC). If we see a decline from current levels, there is nothing much that would stop the price from declining at least 25% before it finds some relief. Lest we forget, it was Litecoin (LTC) not Bitcoin (BTC) that led the parabolic advance of early 2019. We have yet to see a correction in Litecoin (LTC) that would eventually lead to erasing the gains it made because we do not believe that Litecoin (LTC) has bottomed yet, not against Bitcoin (BTC) and not against the US Dollar (USD).

When Litecoin (LTC) entered the market, a lot of investors threw their money at it because it was dirt cheap and they thought it could one day be at the same price Bitcoin (BTC) was trading at. So, it was greed not rationality that drove the price of Litecoin (LTC). In my opinion, if we had thought about how backing Litecoin (LTC) or any other altcoin as an alternative currency goes against the reason of existence of Bitcoin (BTC), perhaps we would not have thousands of useless altcoins today. If we keep on welcoming coins like Litecoin (LTC), then Litecoin Cash or Bitcoin Cash and Bitcoin SV then where does it all stop? How does it fix the double spending problem that Bitcoin (BTC) was meant to solve?

There may be a lot of quick buck artists in the market but there are a lot of very dedicated and loyal people in this market that want to see this space flourish and I think we are very close to seeing a wipeout of most of these useless altcoins off the market. The daily chart for LTC/USD shows us that Litecoin (LTC) has now declined in the same manner in which it rallied. Notice the similarities between rise and fall. If this symmetry is any indication, we are on the verge of a major downtrend that might first pull the price down to the 61.8% fib extension level and then eventually well below that to complete the correction.

Bitcoin (BTC) is a risky investment but it has seen a lot of adoption. It has a better probability of surviving what is about to come. However, the same cannot be said about coins like Litecoin (LTC). We cannot say for sure if Litecoin (LTC) would be around after the next downtrend. Even if it is around, it is more likely to be in the list of forgotten coins considering its only use case is being a faster and cheaper alternative to Bitcoin (BTC). So, what do you think happens when future upgrades make Bitcoin (BTC) as cheaper and faster as Litecoin (LTC) if not more?

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