Why Proof-of-work isn’t suitable for small cryptocurrencies

It seems that proof-of-work (PoW), the consensus protocol behind Bitcoin, isn’t ideal for smaller cryptocurrencies, because they’re far more vulnerable to what are called 51 percent attacks. At least five PoW digital currencies have been affected by such attacks in the last two months. Verge Currency (XVG) and Electroneum (ETN) both suffered 51 percent attacks last month causing a theft of more than a million dollars. On Tuesday, Verge suffered another attack of the same kind — resulting in a theft of more than 35 million XVGs worth over $1.7 million at the time. Monacoin reportedly continues to suffer from a 51 percent attack…

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