Dogecoin (DOGE) Frenzy Threats Litecoin (LTC)
Experienced cryptocurrency researcher Lucas Nuzzi explains why the Dogecoin (DOGE) craze will threaten Litecoin (LTC). And it tells how the two different platforms can withstand attacks.Lucas Nuzzi, co-founder of Digital Assets Research, shared how to attack Dogecoin and Litecoin networks and listed the measures against them.
Jokingly Created Coin Has No Miners
According to Nuzzi, the miner shortage in the Dogecoin network in 2014 left the platform vulnerable to 51% attack. Auxiliary Proof of Work (AuxPoW) implemented by the developers enabled Dogecoin mining to match similar networks.The proposed solution has been disputed from day one: Dogecoin mining depended on the control of major miners. Today, 95% of Litecoin mining is done by miners within the platform . The current choice has turned the fun years since its discovery into a serious problem with unprecedented recovery.
The 1200% increase in the Dogecoin price increased the hash level by 15%. As a result, Litecoin and Dogecoin have become much more vulnerable to cyber attacks.
Last Resort For Cryptocurrencies That Have Been On The Market Since 2013
Nuzzi said that with a 51% attack on Litecoin, large-scale transactions can be prevented from being recorded on blockchain platforms.
Considering the rally in Dogecoin price, the more profits increase when the attack is made, the more attractive it becomes for attackers. Nuzzi suggested increasing the verification times for Litecoin and Dogecoin. If the verification time is increased to 24 hours, the total cost of the large scale attack is $ 2 million.At the end of the day, the Dogecoin platform is not sufficiently developed when compared to 2021 technologies. Cryptocurrency researcher warned about DOGE:
“This lack of maturity and seriousness is fun, part of the meme. But if Dogecoin, with a market value of ten billion dollars, is your step in cryptocurrency, you have to be careful. Do not put your savings in life into a meme. “