{"id":566661,"date":"2021-04-29T16:58:48","date_gmt":"2021-04-29T13:58:48","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=566661"},"modified":"2021-04-29T16:58:48","modified_gmt":"2021-04-29T13:58:48","slug":"komodo-to-use-litecoin-notarizations-to-protect-against-51-attacks","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/komodo-to-use-litecoin-notarizations-to-protect-against-51-attacks\/","title":{"rendered":"Komodo to Use Litecoin Notarizations to Protect Against 51% Attacks"},"content":{"rendered":"<ul>\n<li><strong>Komodo (KMD) platform will start using Litecoin for cross-chain notarizations<\/strong><\/li>\n<li><strong>The move is aimed at providing a cost-effective mechanism for 51% protection<\/strong><\/li>\n<li><strong>Komodo has been using Bitcoin but a need to reduce costs and scale has led to the switch to Litecoin<\/strong><\/li>\n<li><strong>The switch will happen in June of this year during Komodo&#8217;s Notary Node Season 5<\/strong><\/li>\n<\/ul>\n<p>The team at Komodo (KMD) <a href=\"https:\/\/blog.komodoplatform.com\/en\/dpow-litecoin-notarizations\/\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">has announced<\/a> a plan to start using <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/litecoin-news\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">the Litecoin blockchain<\/a> for cross-chain notarizations. The move is aimed at protecting small chains within the Komodo platform, against 51% of attacks.<\/p>\n<h2>Komodo To Switch from Bitcoin to Litecoin for Cross-Chain Notarizations<\/h2>\n<p>Komodo has been using <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">the Bitcoin network<\/a> to perform cross-chain notarizations as the BTC blockchain has a proven track record of being secure, decentralized and having a high level of having power.<\/p>\n<p>Additionally, the costs of carrying out a 51% on the Bitcoin network are extremely high thus making it an ideal choice for cross-chain notarizations.<\/p>\n<p>However, the Bitcoin network is becoming costlier and congested as the world adopts the digital asset at a rate <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-will-probably-reach-10m-in-our-lifetimes-btc-analyst\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">similar to the internet<\/a> in the 90s. As a result, the Komodo team decided to explore ways of a sustainable future with the Litecoin network being the automatic next choice due to the following reasons.<\/p>\n<ul>\n<li>The Litecoin network is cost-effective with cross-chain notarizations on LTC saving between 2.5 &#8211; 3 BTC per month. Such savings add up and opens more opportunities to onboard new projects onto Komodo<\/li>\n<li>Litecoin has a lower carbon footprint than Bitcoin thus reducing the consumption of resources<\/li>\n<li><a href=\"https:\/\/en.ethereumworldnews.com\/litecoin-to-soon-have-smart-contracts-via-flare-network-integration\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Litecoin&#8217;s network<\/a> has a high hash rate compared to other Proof-of-work blockchains<\/li>\n<li>Block times on Litecoin are 4 times faster than Bitcoin&#8217;s<\/li>\n<li>Litecoin&#8217;s hash power is also very decentralized thus making it difficult to coordinate a 51% attack<\/li>\n<\/ul>\n<h2>Switch to Litecoin Will Happen in June<\/h2>\n<p>According to the team at Komodo Platform, the switch to Litecoin for cross-chain notarizations will occur in June 2021, after Komodo&#8217;s <a href=\"https:\/\/blog.komodoplatform.com\/en\/fifth-annual-notary-node-election\/\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">fifth notary election<\/a>. The election is to determine nodes on the Komodo platform who are tasked with securing the network as explained below.<\/p>\n<blockquote><p>Notary Nodes are 64 dedicated servers that are elected annually by the Komodo community. They are responsible for running delayed Proof of Work (dPoW)\u00a0\u2014 a security mechanism that recycles the hash rate of the Bitcoin network through a series of cross-chain notarizations. dPoW has successfully defended against real\u00a051% attack attempts and currently secures over 30 production blockchains, protecting several hundred million dollars in value.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Komodo (KMD) platform will start using Litecoin for cross-chain notarizations The move is aimed at providing a cost-effective mechanism for 51% protection Komodo has been using Bitcoin but a need to reduce costs and scale has led to the switch to Litecoin The switch will happen in June of this year during Komodo&#8217;s Notary Node Season 5 The team at Komodo (KMD) has announced a plan to start using the Litecoin blockchain for cross-chain notarizations. The move is aimed at [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":56427,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[824],"tags":[1233,108287,108288,1320],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/566661"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=566661"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/566661\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/56427"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=566661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=566661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=566661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}