Co-founder and head of the decentralized network for cloud data storage Sia David Vorik (David Vorick) suggests that 2019 will be marked by the increase in the number of attacks committed 51% – both popular and little known projects.

In his opinion, the problem lies in the fundamental flaws in the protocols attacked cryptocurrency that depart from the bitcoin inherent “incentive compatibility”, which implies that the optimal solution for one person will be and for the group as a whole. In addition, he notes the growth of the risks when you use the same equipment for mining multiple cryptocurrencies. Also to the risks Vorik took and the emergence of large mining farms and the short-term rental of computing capacity, which allows attackers without high purchase costs traditionally used for mining GPU to attack the network.

For security purposes, Vorik recommended that cryptomeria increase the time confirmation of deposits, to implement more serious measures to control risks and to be careful of cryptocurrency to be added to the listing.

Recall that a week ago, under attack was the Ethereum network Classic. After a time, its organizer returned to the crypto currency exchange Gate.io the part of appropriated funds. In December 2018, the Vertcoin network was subjected to repeated attacks of 51%. In November, the developers AurumCoin (AU) reported that their network was attacked by 51% and the crypto currency exchange Cryptopia lost 15752,26 AU (about $500,7 thousand at the time of writing).

The researchers of the Bank of Canada (BoC) in the working document on “compatibility incentives in the block chain” has previously stated that the network of bitcoin and other cryptocurrencies the mechanism of consensus Proof-of-Work (PoW) makes it impossible to re-debited.

Discuss current news and events on the Forum

Source