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Privacy-focused cryptocurrency Verge suffers Block Reorganization

Privacy-focused cryptocurrency Verge suffers Block Reorganization

Verge (XVG) has undergone a vital block reorganization or reorg, conflicting its operation. Privacy-focused cryptocurrency Verge (XVG) suffered a 560,000-blockchain reorganization in the outcome of a successful 51% attack this Monday. Coin Metrics’ Antoine Le Calvez was amongst the first to regard the reorg, stating the involvement of 560 blocks. As reported, the cryptocurrency network experienced a 560,000-block reorg late Monday. 

A blockchain reorganization attack typically occurs when miners (with more hashing power) conspire to eliminate earlier confirmed blockchain blocks. As per the Coin Metrics researcher report, the conflict has resulted in the loss of 200 days of transaction record on the Verge network. This is the most significant block reorg attack ever seen with top 100 digital currencies. Nevertheless, the Verge team ensured that the network would revert to normalcy after delivering a fix in association with miners.

Verge Block Reorganization issue is a short term one or long term?

If the ongoing issue continues, then it ought to be discussed. Hasu of Uncommon Core states that the problem is not as worst as it appears. He remarks that Verge node operators can refuse the attacker’s chain and rebuild the previous one. On the other hand, Nic Carter of Coin Metrics has recommended that a solution is questionable. He thinks that although the community could manually reset the blockchain, Verge is entirely dead. He emphasized XVG’s low price appreciation since 2017, indicating that solving the problem would not be helpful.

Moreover, the Verge is amongst the few digital currencies backed on Pornhub as a payment option. Verge isn’t the only leading cryptocurrency that has experienced a blockchain reorg attack. Ethereum Classic (ETC) experienced a comparable situation last year. Precisely, in August, a miner could inject approximately 3,000 blocks into the ETC blockchain at block number 10,904,146, which caused instability in the network. Analysts believed that the attack possessed 51% of the hashing power and other miners were offline or mining ETC with greater difficulty.

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