What the Verge Attack is Actually Showing Us? [CryptoMinds Insights #2]

The latest issues regarding the 51% attack on the Verge network and possibly a similar one being held at Electroneum are vital tests for the ecosystem.

It may turn out the Verge fiasco is worse than thought. There are speculations that the Verge devs accidentally hardforked their own currency trying to fix the attack. If this is confirmed, they will have the burden to issue new wallets. All resulting in a very disturbing user experience.

This is why the blockchain technology is nowhere near mass adoption yet. The crisis situations are not yet tested out. The dev teams are not yet tested out under attacks and pressure.

This is not all bad. This is how a technology and the people behind it evolve – by making mistakes, fixing them and making the systems more resilient and bullet-proof.

One day we will all be ready for scale and mass adoption. But imagine if today, someone buying some ASICs can successfully 51% attack a national cryptocurrency with millions of users. What will happen? Government resignation most likely. If it is a corporate cryptocurrency? Total image catastrophe.

That’s why we are not ready yet. But we will be soon. Hold on!

Author: CryptoMinds