MultiversX Tracker is Live!

Always thought how mainstream media described mining as a "guessing game" was nonsensical so I did a thing...

All Cryptocurrencies

by COINS NEWS 141 Views

The idea of one entity acting as many different actors in this group consensus based scheme is called a sybil attack, also referred to in Bitcoin as a 51% attack

A 51% attack is unrelated to a Sybil attack.

In a Sybil attack, the attacker gains an advantage by pretending to be several different entities. There is no such advantage in Bitcoin mining or its Proof-of-Work scheme.

In a 51% attack, a miner (or group of miners) with a majority of the hash rate can gain control of the blockchain for as long as they can maintain the majority. That control gives the attacker the ability to block transactions and potentially invalidate previously confirmed transactions. The number of miners is irrelevant.

However, there are possible Sybil attacks in Bitcoin. For example, an attacker with many nodes can potentially isolate a targeted node and give it an alternate version of the block chain. This is called an eclipse attack.


Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Comments