Dash Core Team members have moved to calm investors worried about the 53% hash power that it was revealed is owned by a single entity. Investors voiced their concerns last week when, following the 51% attack on Ethereum Classic, it was discovered that a single entity holds the majority of the Dash hashing power and could therefore launch a 51% attack on the coin. The Dash team have responded to these concerns by stating their belief that the owner has no intentions of doing so and they have in fact taken steps to mitigate their position.
Nothing to See Here
Investors’ concerns were raised last Thursday when a contributor to the Dash Reddit forum noticed the majority hashing power issue, which the Dash team promptly began investigating. A reply was posted in the Dash forum over the weekend by ‘bob’, a representative of the Dash Core Team, who stated that it was nothing to worry about:
We’ve examined the claims and they appear correct at this time. However, we don’t believe the entity in control of the wallets in question plans or wants to attack because their mining activities began at least 4 months ago and their blocks have been published for all to see.
Hashing Power Has Already Been Diverted
Bob also stated that the entity has begun to distribute the hashing power since the report came to light, removing it from NiceHash, where hacks can easily be conducted, and diversifying it into a variety of mining pools. This, said bob, “removes the risk of a malicious party renting the hashing power via NiceHash and simultaneously signals that the entity in control of the hashing power does not have negative intent.” The team also stated their belief that the majority miner is a major Dash stakeholder and was therefore moving pools as a means of protection following the situation being made public.
With the imminent implementation of ChainLocks on the Dash network, which prevent against 51% attacks, this will hopefully be the last time investors have to worry about such an event happening to Dash.