Crypto

Crypto: Ethereum (ETH) Prepares for 51% Attacks

A 51% attack is when a block chain is taken over by a group of miners. The latter then gain control of at least half of all computing power for mining and transaction processing. The Ethereum (ETH) network is preparing for this type of attack by simulating it with the Ethereum Fire Drill. The Ethereum community could speed up the process by taking part in the operation.

What to expect from 51% attacks?

On July 26th, the kylar.eth account posted on Twitter saying, “Ethereum Fire Drill – who is here to help design and implement so we can better prepare for a 51% attack recovery, right? In my humble opinion, we will see 51% attacks on Ethereum (and for that matter, Bitcoin) in our lifetime. “.

A 51% attack or majority attack is when an entity captures 50% of the hash power of the blockchain. This hack may be the responsibility of one person or a group of people. A 51% attack can lead to data loss. In addition, it offers attackers the ability to partially modify the blockchain code. This attack also results in confirmation blocking or reordering of new transactions.

The probability of a 51% attack on the blockchain decreases as it grows by getting new mining nodes. This is because executing such an attack costs more as the network hashrate increases.

The Ethereum (ETH) blockchain recently launched a simulation that should help deal with a possible 50% real attack. The network could better prepare for these types of attacks by moving to Proof-of-Stake (PoS) consensus. After all, with the latter, recovery is possible in case of data loss. However, this does not apply to Proof-of-Work (PoW).

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Luke Jose Ajinaku

The failed cryptocurrency investment in 2017 not only did not dampen my enthusiasm, but only increased my enthusiasm. Therefore, I decided to study and understand the blockchain and its many applications, as well as pass on information regarding this ecosystem with my pen.

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