Litecoin Founder Charlie Lee: LTC Network Extremely Secure, Mining Healthy

Litecoin founder Charlie Lee has taken to Twitter to address community concerns regarding the Litecoin network sparked by a cryptocurrency security site that tracks the cost of launching a 51% attack against proof of work cryptocurrencies.

Crypto51 tracks the cost of executing a 51% attack against a number of proof of work cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Monero, and Dash.

The site, launched recently, catalyzed a wave of concern within the cryptocurrency due to the relatively low cost of attack execution - a one hour attack targeting the Litecoin network could theoretically cost as little as $61,000.

Co/yfy2GcBfQE info, rest assured that the Litecoin is extremely secure and mining is very healthy.

The threat of 51% attacks on proof of work cryptocurrency networks has increased dramatically subsequent to the availability of rentable hashing power - platforms such as NiceHash now make it possible to hire out hashing power and execute attacks in far less time and with less planning.

A recent 51% attack on the Bitcoin Gold network resulted in the successful execution of double spends that resulted in the generation of more than $18 million.

More recently, controversial privacy-focused cryptocurrency Verge was hit with a 51% attack - the third to target the Verge blockchain since April.

The relative ease with which 51% attacks can now be executed has prompted many PoW token development teams to implement new measures to prevent future attacks.

Litecoin is 99% dominant in Scrypt PoW. LTC has network hashrate of 301 TH/s. The next largest non-merged-mined Scrypt coin only has 2 TH/s. Takes less than 1% of the LTC network to 51% attack other Scypt coins.

Miners won't attack Litecoin and kill their cash chikun.