51% mining attack is one of the most discussed subjects in the crypto community. There has been multiple reports of 51% mining attacks. A good example is Aurumcoin and Cryptopia who suffered from these attacks. It’s a serious threat to the crypto community right now.
Dash recently announced that they will be implementing a new feature called “chainlocks” to protect itself from these 51% attacks.
Dash hasn’t specified when the Chainlocks mechanism will be implemented.
Chainlocks mechanism is aided by something called Long living Masternode Quorums [LLMQs].
LLMQs ensure that the load on the network is well distributed. LLMQs are created to solve the pains of the old system of voting.
“LLMQs only require the members of the quorum to perform the propagation and validation of individual votes (signature shares). The final result (recovered signature) is only created and propagated to the remainder of the network when enough votes are collected by any quorum member,” according to the Dash blog.
Chainlocks mechanism employs LLMQs to perform a network-wide verification of each block.
“For each block, an LLMQ of a few hundred masternodes is selected and each participating member signs the first block that it sees extending the active chain at the current height,” stated the blog. If a block gathers enough signatures, the LLMQ members can create a P2P message and propagate it to all nodes in the network.
“The most important effect for normal users and merchants is that transactions can be considered fully confirmed after the first on-chain confirmation inside a block protected by ChainLocks,” read the blog.
This means that users no longer need to wait for six confirmations to approve a transaction. Transactions cannot vanish as block reorganizations are mitigated, which will increase their security around these sort of attacks.
It’s good to see that companies like Dash is stepping up their game to focus on security because that is a common problem within the blockchain industry and a big concern for the community.
The Chainlocks mechanism will mark proof of Work revolution for Dash blockchain.