On January 5th, Ethereum Classic (ETC) reportedly suffered a 51% attack on it’s blockchain. The disruption in the chain itself led to a reorganization that included a double spend. This attack did not only affect the value of the Ethereum Classic ecosystem, both from a development standpoint and from an investment standpoint, but disturbed the whole concept in securing the Proof of Work cryptocurrencies.
After realizing there’s an abnormality in the blocks, Ethereum Classic blockchain couldn’t be used for a good while and the transactions either needed much more block conformation, or even unable to complete in some cases. This attack on the ETC blockchain is believed to be the one of the biggest 51% attacks in the cryptocurrency history.
Now while this is a very serious issue, why do we remind our investors that such a devastating thing exists or can happen at anytime? The reason is simple. Any PoW coin can be a target of a dedicated entity that wants to attack and disrupt it’s blockchain because it’s in the nature of this decentralized structures that we put our hard earned money & trust on. However there’s a simple and brilliant solution to all this madness.
Security through nesting*
SUQA has partnered up with a very well established and respected cryptocurrency platform KOMODO in order to further secure it’s blockchain to prevent such attacks from happening in the future. While we will not bore you into detail and explain to you what Delayed Proof of Work is (but in fact you should totally check here what SUQA brings to the table with DPoW), it’s similar to a nesting type of function implemented in between multiple blockchains. To explain in simpler terms,
Every ten minutes (Bitcoin average block time) a snapshot is taken of the entire SUQA blockchain. Then this snapshot is written into a block on the Bitcoin blockchain.
So the notary nodes of the KOMODO platform acts as a second layer to periodically backup SUQA’s blockchain status onto Bitcoin blockchain (like matryoshka dolls) and therefore if an attacker with malicious intent tries to disrupt the SUQA blockchain in any way, he also has to fight with the network power of Bitcoin as well.
We, at SUQA believe it is our duty to protect our investors’ money and therefore we put security of our blockchain at the top of our priority. In an ecosystem where an attack can be expected at anytime, it’s best to be well prepared and have a course of action planned even before anything happens.
On behalf of everyone at SUQA, we would like to express our gratitude to each and everyone of you for dedicating your valuable time.
Sincerely,
Your friends at https://suqa.org/
