A recent assessment conducted by a website name crypto51.app has caught the attention of many cryptocurrency enthusiasts. By gathering various sources, the crypto51 team has assessed the approximate cost of a 1 hour 51% attack on different blockchains.
Charlie Lee, the creator of Litecoin has mentioned about this study in his recent tweet. Based on the assessment by crypto51 and providing several hash rate charts, he tries to prove that Litecoin provides high security and healthy mining.
According to crypto51, this attack takes place when a miner with more than 50% blockchain processing power takes control of the network. Crypto51 achieved their results by aggregating data from various websites such as Mine the Coin, Coinmarketcap etc.
Tweet by Charlie Lee:
“In lite of recent 51% attacks and http://crypto51.app info, rest assured that the Litecoin is extremely secure and mining is very healthy.
– Pools are well distributed (largest 22%)
– Hashrate up 50x (past 1 year)
– High capital costs to attack ($322-761MM + ~$38-50k/hr)”
Following are the Litecoin charts posted by Charlie Lee:
Linclon Kim, a Litecoin proponent says:
“Charlie to the mooooooooooon!!!”
Code Vibs, a Twitterati commented:
“With all the good news for LTC lately, there’s nothing to worry about. Nasdaq supports it, so that’s a big deal. Don’t look at price day to day. Just enjoy taking part in a revolutionary technology and the price will follow.”
Joshua Lewis, a blockchain enthusiast says:
“You got that right @SatoshiLite – no doubt about it. Where #Scrypt is concerned. #Litecoin is King. You all are doing it well and have the proof-of-work to keep the chain secure.”
The entire cryptocurrency market is slowly gaining its momentum back from a market cap of $304 billion to $334 billion in the past 24 hours. At 2:00 AM UTC, Litecoin [LTC] is trending at the 6th position with a market cap of $6.9 billion. The coin is currently trading at $122.17 with a 9.2% gain in the price since yesterday.
The entire cryptocurrency market was showing a bearish trend for the past two 2 days. Litecoin had fallen to $110.90 yesterday and gradually moved into the green and reached the current price.
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