Double Spend Attack on Rubycoin Cryptocurrency

All Rubycoin markets have been temporarily disabled due to a deliberate and malicious double spend attack on the network.

Thanks to the diligence of Bittrex and Rubycoin, it was detected and handled immediately. The swift response time from Bittrex in this situation was truly impressive– all funds are safe.

In response to this attack, Rubycoin is becoming purely proof-of-stake.

One of the benefits is that simply by holding your coins, you earn interest on a daily basis —and more people staking results in higher interest for everyone. As a stake holder, you essentially become a “miner” and receive compensation for doing your part in securing the network.

Most cryptocurrency with proof-of-stake have distribution periods of just days or weeks. Switching at this point gives Rubycoin a distribution period of 6 months, and with that long of a distribution period comes superior network security.

In 2013, Forbes reported that the Bitcoin network used 15 million dollars a day in energy consumption through proof-of-work. Proof-of-stake energy requirements are minimal; requiring only a small amount of energy to run the Rubycoin wallet, as opposed to running resource-intensive cryptographic hashing functions.

Rubycoin is aiming to make this change as soon as possible, it’s the only way to ensure the continued security of the network. An exact block number will be announced a bit further along in the process.