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It seems that a memecoin is, unexpectedly, more secure than most other proof-of-work cryptocurrencies.ranks third in cost of conducting a one hour 51% attack.
It costs more to perform a 51% attack on Dogecoin than Proof of work and proof of stake are both ways of achieving trustless and distributed consensus on the blockchain. Many... More cryptocurrencies, according to recent data. Surprisingly, it seems that a meme cryptocurrency boasts better Once you've bought or received bitcoins; you now need to keep them as safe as possible. This guide will provide... More than some of the leading cryptocurrencies., , and other
Analyst Kevin Rooke posted his findings earlier today on how expensive it is to conduct a 51% attack for one hour. What he found was that such an attack would cost almost $800,000 on Bitcoin and around $100,000 on. Dogecoin comes a distant third, closely trailed by Litecoin, Bitcoin Cash, and ZCash.
Dogecoin is more resistant to a 51% attack than all cryptocurrencies not named Bitcoin or Blockchain is a digital ledger that’s used for storing data on several servers across the world in a decentralized, trustless... More.
Yes, Dogecoin, you read that right. pic.twitter.com/B4Lfj2vSyi
— Kevin Rooke (@kerooke) September 25, 2019
It seems that Dogecoin has carved a definite name for itself in the cryptocurrency industry and its meme-status has not made it any less of a fixture in the market. Generally speaking, Dogecoin has led altcoin rallies across the board. This is why the asset is so often used as an indicator for non-Bitcoin cryptocurrency market trends.
However, the beloved Doge is not doing so well as of late. It is currently posting double-digit losses, dropping some -11% at the time of writing. It presently has a market capitalization of around $263M, down over 90% from its all-time high in January 2018.
So, although Dogecoin seems to be edging out its proof-of-work competitors in security, the meme cryptocurrency has a long way to go before it becomes a commonplace tipping token. For now, it’s just a novelty coin—but what does it say about the state of the cryptocurrency world where a memecoin bodes better against 51% attacks than most leading cryptocurrencies? It’s a fact which should arguably worry us.
Why has Dogecoin managed to survive all these years despite only being a novelty coin? What does it say about the industry? Let us know your thoughts below in the comments.
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