GINCoin Becomes First Masternode Coin to Implement DPoW
Despite the security features associated with Proof-of-Work (PoW) consensus, there remains the possibility of a 51% attack. As a matter of fact, several smaller blockchains came under 51% attacks in 2018, the most recent being an attack on the 18th largest cryptocurrency – Ethereum Classic, in January 2019.
GINCoin in a bid to further secure its blockchain and prevent any possible double spend attacks has enabled delayed-Proof-of-Work (DPoS) consensus. A Twitter user, confirmed this, stating that:
Proud to announce that gincoin_crypto is the very first masternode coin (and DASH fork) to enable KMD delayed-Proof-of-Work in production! Their MN/governance system now uses notarized confs (dpowconfs), as well as consensus rules which protect against 51% or double spend attacks.
Delayed Proof of Work is a consensus algorithm that was created by Komodo. The simple terms, it is a modified version of the popular PoW consensus algorithm. However, although DPoW utilizes Bitcoin blockchain’s hashpower to enhance security, it does not create the blockchain from scratch. What this means is that lesser resources are used, without compromising on security.
It is also worth noting that DPoW requires frequent backups. This ensures that in the event of a hack or system failure, the previous data could be easily recovered.