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.