A Solution to Crypto’s 51% Attack? Fine Miners Before It Happens

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Summary

This attack happens when one single malicious miner controls more than 51 percent of the compute power on a blockchain network and can then inject false transactions into the system. Stepping back, the 51 percent attack has been a part of many crypto enthusiast's awareness this year, after five major cryptocurrencies lost money due to the attack in June. As such, the chances of a 51 percent attack are decreased. At least, that's according to the team behind cryptocurrency project Horizen – formally zencash – which lost more than $500,000 in such an attack, called a 51 percent attack, earlier this year. "They essentially elect which chain is legitimate and they start mining on that just like they would any longest chain rule," Viglione said.

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One of crypto's most feared attacks may have an elegant solution.

At least, that's according to the team behind cryptocurrency project Horizen – formally zencash – which lost more than $500,000 in such an attack, called a 51 percent attack, earlier this year.

This attack happens when one single malicious miner controls more than 51 percent of the compute power on a blockchain network and can then inject false transactions into the system.

In a paper released today, the Horizen team claim to have found an innovative solution – by updating their proof-of-work consensus algorithm with a so-called "delay function" that penalizes miners...

Read the full article @ Coindesk