LONDON, March 24, 2018 /PRNewswire/ --
Miners are the heart of Bitcoin, and CoinGeek will work to
protect the network from bad actors by taking a pre-emptive stance
against dishonest practices like double-spending. To date, a
double-spend has not happened on the Bitcoin Cash network and we
want to be sure it never will.
A message from CoinGeek founder Calvin
Ayre:
"CoinGeek mining systems will reject blocks that are clearly
generated by attacks. If a transaction is hidden from the network
to create a double spend by other miners to steal funds, we will
reject this.
We support honest mining and competition.
Transactions from honest miners propagate. When a transaction is
hidden, this is easily detected with clear evidence that is
digitally signed. CoinGeek is taking a pre-emptive stand to let the
Bitcoin Cash community know that we will not tolerate dishonest
practices and we will work to combat criminal actions.
Profit is best derived from long-term investment and we won't
stand for criminals attempting to game the system for short-term
gain.
We believe that all current miners would support us in an honest
majority."
The risk of double-spending is unique to cryptocurrencies. In
the Bitcoin Cash network, there is a near-impossible chance of a
double-spend happening but risk increases as transactions are
chained.
Selfish mining could lead to the centralization of mining
operations, with a so-called majority group calling the shots on
who can mine, who can't mine and even which transactions will be
confirmed on the network.
Now, this scenario wouldn't result from "evil" miners. But there
is a real danger of this happening through the efforts of groups
who want to take power away from miners by changing the proof of
work system in place on the network or other nefarious ideas.
The nChain Group, a leading blockchain technology research and
development company, will be releasing free merchant technology to
monitor these types of illicit activities for Bitcoin
Cash.
We believe that all current miners would support us in an honest
majority.