Aryacoin (AYA) successfully integrated Komodo’s delayed Proof of Work (dPoW) on April 16, 2020. Before dPoW integration, the project was the target of a major 51% attack.
Since dPoW integration, the network has been able to continuously stop these attacks, restoring confidence in the project’s future and stopping a ~$1.23 million 51% attack along the way.
dPoW For 51% Attack Security
Komodo’s delayed Proof of Work (dPoW) security service works by recycling the enormous hash rate of the Bitcoin network through a series of cross-chain notarizations. This solution offers Bitcoin-level security to both Proof of Work and Proof of Stake chains. This creates a situation where, regardless of the network’s original mining difficulty, an attacker would need to overcome both the original network and Bitcoin’s network in order to pull off a 51% attack.
For Komodo-based chains, the integration process is much simpler. In contrast, the integration process for Aryacoin was more resource-intensive and required a lot of custom work as it’s not a Komodo-based blockchain.
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AYA Blockchain Security
Here’s a brief summary of why Aryacoin decided to integrate dPoW.
A major 51% attack was carried out against the Aryacoin network prior to dPoW integration. Because the AYA coin was listed on multiple exchanges and trading volumes were high, the attacker(s) were able to gain profits through double-spending. Even worse, they were selling AYA at very low prices in exchange for other assets. As a result, the price of AYA dipped to an all-time low of $0.000569 USD.
Although the network increased its mining power, this wasn’t an effective solution since it was possible for miners to rent power on NiceHash to gain control of 51% of the network’s hash rate.
Ultimately, a long-term solution was needed to protect the network. dPoW ended up being the solution that Aryacoin was looking for.
“The integration of dPoW has helped our project tremendously. The Komodo team has been really supportive, both during the dPoW integration and afterward. Our network has maintained 51% attack security, even as we recently performed a hard fork of the Aryacoin blockchain.” Aryacoin CEO Kiumars Parsa
dPoW Notarization Prevents ~$1.23 Million Double Spend
One example of how dPoW has protected AYA is the attempted 51% attack that occurred on September 20, 2020. In this incident, an attacker attempted to double-spend 30 Million AYA (around $1.23 million as of this writing).
Thanks to dPoW, the illegitimate block wasn't confirmed. The next, legitimate block was then successfully confirmed. dPoW saved the day, and the network continued validating transactions without a hitch!
“51% attacks have always been a security challenge for PoW networks. We don’t want to see networks being attacked, but this has become practically unavoidable in today’s world. By providing Bitcoin-level security through dPoW, stopping bad actors becomes much easier. The failed 51% attacks against the Aryacoin network demonstrate the capabilities of dPoW to secure blockchains that are responsible for millions or even billions of dollars worth of digital assets.” Komodo CTO Kadan ‘ca333’ Stadelmann
Aryacoin (AYA) is a new age cryptocurrency that combines the best components of blockchain technology to deliver the highest trading and mining standards for its community.