ZenCash to Undergo 51% Attack

The attacker was able to double spend two large transactions for a total of $ 550,000
04 June 2018   1094

The network of ZenCash cryptocurrency was attacked. The initiator of the attack, which captured more than 51% of the hashrate of the network, was able to reorganize the blocks in the blockchain and double spend two large transactions. This is reported by Bitcoinist.

ZenCash cryptocurrency was attacked; one miner was able to take 51% of the network's processing capacity. This allowed the initiator of the attack several times to reorganize the blocks in the blockchain, and the largest modified chain contained 38 blocks. The attacker was able to double spend two large transactions for a total of $ 550,000. Mining-pool operators alerted the ZenCash team about the issues. ZenCash team recommended that all exchanges to increase the number of transaction confirmations.

During the attack, approximately 110 blocks were mined, and its duration was about 4 hours. 1 hour of this attack costs the organizer $ 7,700.

ZenCash is a crypto currency with the Proof-of-Work mechanism of consensus and the Equihash mining algorithm. 

BOLT Labs to Raise $1.5M

BOLT Labs is a developer of ZCash off-chain solutions and raised funds to develop privacy-oriented solutions in second-layer protocols
18 April 2019   485

Startup BOLT Labs successfully closed a seed round of financing led by Dekrypt Capital and raised $ 1.5 million to develop privacy-oriented solutions in second-layer protocols like the Lightning Network.

The venture unit of Ripple (Xpring), Zcash Foundation, Lemniscap, Access Ventures, Kilowatt Capital and business angel Branson Bollinger also took part in the round.

Computer Science Ph. D. Ayo Akinele, the founder of BOLT Labs, intends to use the tools to create a fast, private and secure network of payment channels. As planned by Akiniele, the new protocol will be scalable and compatible with any cryptocurrency networks and solutions of the second layer.

For the first time, the BOLT technology was presented in a document published in 2016 by Matthew Green and Ian Myers, the founders of the Electric Coin Company. The main task was to create a scalable solution of the second layer, in which the complete privacy of users is activated by default.

Note, the concept of the future product BOLT Labs for the network ZCash should appear in the summer of 2019.