This week the users of the Verge (XVG) cryptocurrency reported the third attack on the Verge blockchain in the last two months. This news has called into question the developers of the project and raised many doubts among the members of the Verge (XVG) community.
Verge (XVG) owners reported on their Reddit and BitcoinTalk feeds unusual jumps in blockchain confirmation times that could not be identified, in addition to the constant spam that slowed down the blockchain.
The OCminer user published network data to demonstrate irregularities in network mining operations.
These unusual jumps are actually one part of the attack, the other part is spam tx that slows down most daemons and the third part replaces parts of the blockchain with blocks of its own and thus causes orphaned blocks in most pools.
OCminer warned the community that a new alleged Block Retention Attack was occurring, according to his interpretation of the data.
However, users and experts in the field pointed out that this attack has been different from the previous ones reported since the attacker would have deceived the script algorithm, one of the five algorithms used by Verge blockchain, to supplant the time stamp and reduce the difficulty of mining the network.
In this way, the algorithms for confirming a transaction were much easier for the attacker to resolve, who, with little computational power, released the cryptocurrencies he had collected in less time, a practice better known as a Block Retention Attack.
Verge (XVG) is attacked with a Block Retention Attack
To fully understand this phenomenon that occurs in the Verge (XVG) network, you need to know what a Block Retention Attack is all about.
This type of malicious operation is linked to the mining activities and strictly to the working test algorithm (PoW) that work in the Verge blockchain nodes to confirm transactions, so it is a direct attack on the processing power control that these platforms have or on the time stamp of the PoW algorithm.
The attack occurs when a group of miners manage to hoard a high percentage of the Verge (XVG) blockchain’s processing power to mine blocks with transactions from the network they want to keep but do not propagate, so that when they carry their longest secret chain to the point where they could make a profit.
What is worrying the Verge community is that this attack on the Verge blockchain is the third one within a 2 months timeframe, a fact that could crumble the Verge (XVG) stability and value. Now, Verge (XVG) trades at $0.042 (+4.11 in the last 24 hours).
