Komodo to Use Litecoin Notarizations to Protect Against 51% Attacks
Komodo (KMD) platform will start the use of Litecoin for move-chain notarizationsThe transfer is aimed at providing a price-effective mechanism for FIFTY ONE% protectionKomodo has been the use of Bitcoin however a need to reduce prices and scale has led to the switch to LitecoinThe transfer will occur in June of this yr throughout Komodo’s Notary Node Season 5
The workforce at Komodo (KMD) has introduced a plan to begin the usage of the Litecoin blockchain for go-chain notarizations. The transfer is geared toward protecting small chains throughout the Komodo platform, against 51% of attacks.
Komodo To Switch from Bitcoin to Litecoin for Cross-Chain Notarizations
Komodo has been using the Bitcoin community to accomplish pass-chain notarizations as the BTC blockchain has a proven observe file of being safe, decentralized and having a top degree of having power.
Additionally, the prices of carrying out a 51% at the Bitcoin community are extraordinarily prime thus making it a really perfect selection for pass-chain notarizations.
However, the Bitcoin community is turning into costlier and congested because the world adopts the virtual asset at a fee similar to the web in the 90s. As a end result, the Komodo team made up our minds to discover tactics of a sustainable long run with the Litecoin network being the automatic next selection as a result of the following reasons.
The Litecoin network is cost-efficient with move-chain notarizations on LTC saving among 2.5 – 3 BTC per thirty days. Such financial savings upload up and opens extra possibilities to onboard new tasks onto KomodoLitecoin has a decrease carbon footprint than Bitcoin thus lowering the consumption of resourcesLitecoin’s community has a top hash price in comparison to other Proof-of-paintings blockchainsBlock times on Litecoin are FOUR times sooner than Bitcoin’sLitecoin’s hash power could also be very decentralized therefore making it tough to coordinate a 51% assault
Transfer to Litecoin Will Occur in June
According to the workforce at Komodo Platform, the switch to Litecoin for go-chain notarizations will occur in June 2021, after Komodo’s 5th notary election. The election is to figure out nodes at the Komodo platform who are tasked with securing the community as explained below.
Notary Nodes are 64 devoted servers which can be elected every year by means of the Komodo neighborhood. they are liable for operating behind schedule Evidence of labor (dPoW) — a safety mechanism that recycles the hash price of the Bitcoin network through a series of go-chain notarizations. dPoW has effectively defended against actual FIFTY ONE% assault attempts and currently secures over 30 manufacturing blockchains, protective a number of hundred million bucks in price.