
Digital Currency Initiative's Livestream Series - Episode 2: Proof-of-Work
Director Neha, Software Developer Gert-Jaap, Phd student Daniel M. (Harvard) and recent MIT DCI MEng Graduate James discuss Proof-of-Work; and the Digital Currency Initiative’s recent projects around Proof-of-Work. Including Monitoring Pool Mining (Gert-Jaap), Double Spend Attacks (Daniel M. and Neha) and 51% Attacks (James).
Reorgs on Bitcoin Gold: Counterattacks in the wild - Medium Post by James Lovejoy
The economic security of Bitcoin and other proof-of-work cryptocurrencies relies on how expensive it is to rewrite the blockchain. If a 51% attack were economically feasible, an attacker could send a transaction to a victim, launch the attack, and then double spend the same coins back to themselves. Satoshi Nakamoto assumed that this would not occur because a majority of miners would find it more lucrative to honestly follow the protocol than to attack the chain, the source of their own mining revenues.