In Proof of Work cryptocurrencies like Dingocoin, it's not just about the network's hash rate, but the monetary cost of acquiring the equipment needed to attack it. Here's where the concept of Hash Dollars comes into play.
The Basics of Hash Dollars
Hash Dollars (or dollarhash) is a metric that multiplies the network's hash rate by the cost of the hardware needed to achieve it. This metric helps assess how much money is required to acquire enough equipment to attack the network.
Real-World Scrypt ASIC Example
The price of various Scrypt ASIC equipment varies, but typically, for example, the Bitmain Antminer L7 is priced between $8,000 to $12,000 and produces 9.5 GH/s. Goldshell LT6 costs $3,000 to $5,000 for 3.35 GH/s. This price gap illustrates the potential expense involved in achieving Scrypt hash rates comparable to SHA-256.
Implications for Dingocoin Security
For Dingocoin, with a current hash rate around 1.51 PH/s, the attack cost is estimated to be about $1 billion. This ranks it among the most secure PoW coins, especially for everyday payments. Its merge-mining with Litecoin and Dogecoin adds further complexity to potential attacks, requiring competition with the entire ecosystem rather than just a single chain.
Hash Dollars provide a clear insight into Dingocoin's security. A high barrier of $1 billion, aided by Scrypt merge-mining and active guardian oversight, ensures protection against 51% attacks, maintaining network reliability.