Venezuelan Petro Called a Clone of Dash

Venezuelan Petro Called a Clone of Dash

A tweet by Joey Zhou, an Ethereum core developer, pinpoints that a diagram on the eleventh page of the Petro (PTR) whitepaper has been plagiarized from the Github repository of Dash.

Crypto news website CCN studied the whitepaper of the Petro where they also found that some aspects in it are very similar to Dash.

The X11 Mining Algorithm

Dash has been using the X11 mining algorithm, and so will the Petro. The particular mining algorithm has an Instant Send component that Dash uses. This component will also be present, as the most important feature, in the Petro.

The Use of Masternodes

A number of cryptocurrencies who use masternodes are suspected to be scams, according to the CCN article. Dash is distinguished by its use of masternodes in its blockchain. It divides the rewards equally to masternodes and miners by 45% and the 10% goes into its treasury.

The Petro will follow suit. Its whitepaper denotes it will use masternodes as a decision-making tool and as a transaction support in its network. For the Petro, masternodes will receive a huge chunk (85%) of the rewards and the remaining percentage will be returned to the user in an initial phase.

Dash has been very popular in Venezuela since August this year, while the oil-backed Petro has been controversial since its inception.

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Venezuela Could Set New Precedent for Bitcoin as a Medium of Exchange

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DASH mining situation | ASIC centralization

Some may have seen my last post on r/cc about DASH being 51% attackable due to mining centralization. While most thought this is an issue solely because of nicehash now you can see the entity that gathered 68% of mining power still peaks up to 58% of total nethash. Let me give you the proofs here: https://chainz.cryptoid.info/dash/#!extraction See the top wallets. Currently called "All others" is basically poolin.com (careful, serves a Monero web miner). After my post on r/cc and news spreading one entity moved his 750TH/s from nicehash over there (proofs currently one company holds 33% - 50% based on luck of nethash). Notice the 4 other wallet addresses that are not labeled? They all belong to one other entity. You can proof this by yourself with a blockexplorer: see this transaction. These four addresses are all inputs, meaning they are controlled by one entity. Summed up we have 2 entities doing >80% of total nethash, one peaking regularly over 50% of total nethash, still being able to perform an attack. So while the DASH team and community didn't think this was a topic that should be discussed they were pretty fast with pointing out, due to the 750TH/s moved away from nicehash, the intentions of the miner are not malicious. They ignored the second miner here, which is completely unknown. So while observing this a little bit more I stumbled upon another thing: these four unknown addresses do not empty the mempool. And this is what I want to discuss a bit further here. Which impact will this behaviour have? Especially if it is not a small pool, but basically >50% of total nethash being a dishonest mining operation. Intentional? Don't know, but I think so. The mempool still is getting regularly emptied by the other 50% of the net. So at least transaction still is ongoing. At least as long other pools don't start to mine dishonest too. (As a sidenote: DASHs v13 sporks need 80% mining consensus to be activated. Two entitites have the power to just stop sporks from being activated. And at least one of these entities is dishonest/malicious/(or misconfigured its pools?)) ​ Flenst
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