Greetings NYCoin family,
With the security fork quickly approaching, the NYCoin team has decided that we need to make our discord presence more secure as well. Currently, our discord is owned and controlled by a single person so in keeping with the values of the NYCoin team and community, we are moving to a more decentralized discord server where administration and ownership will be spread across all team members.
In recent months NewYorkCoin has been gaining traction and getting noticed by larger multipools. As a result, the NewYorkCoin network has been taken advantage of by these pools. These large multipools throw upwards of 2 TH/s of hash power at the NYCoin network for relatively brief periods of time.
This accomplishes two things:
Larger pools and anyone mining with large amounts of hashpower are taking advantage of a flaw in the NewYorkCoin network. The flaw itself comes from the difficulty adjust algorithm, Kimoto Gravity Well (KGW), which works well enough if the hashrate increases are a bit more gradual but is vulnerable to the kinds of hash rate swings we have been seeing lately.
The plus side to this activity is that NewYorkCoin is being noticed by a larger amount of people. This unfortunately is also a negative as more people will learn of this vulnerability and exploit it, leaving the hard working NYCoin miners left to pick up the pieces with sometimes hour long block times.
As aforementioned, this kind of activity also leaves the network unstable as we cannot accurately guarantee 30 second block times.
Because the core code base is aging and has not had any major security updates since 2014, we are also vulnerable to a broad array of outright attacks. There are flaws in KGW that are widely known and frankly renting hash power for Scrypt based coins is relatively cheap.
In light of the recent 51% attacks on a variety of coins, the team of NewYorkCoin community developers are taking the measures to secure the NYCoin network, prevent any future attacks and provide consistent block times.
The first three changes will require a hard fork. We will be doing our very best to ease that transition and we will let everyone know when the code is ready and when a fork will happen. A block reward reduction will also be introduced with this code however that does not in itself require a hard fork, the other changes do.
We are very excited to bring these security updates to the NewYorkCoin network as we feel it will help bring about long lasting stability and security for the years to come. It will be a fair amount of work but Team NYC will do its best to make the transition as smooth as possible for everyone involved.
As always, we appreciate all of the support we have received from the NewYorkCoin global community and we look forward to a bright future for NewYorkCoin!