🗓 On Wednesday, April 4, a network of anonymous cryptocurrency Verge was subjected to the so-called “51% attack.” As a result, for three hours, fraudsters completely controlled the network and the transactions taking place in it. In this post, we will look at how such attacks happen, in which cases they are most likely to occur, and how exactly the Relictum Pro network solves this #problem.
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⠀⠀𝗛𝗼𝘄 𝘁𝗵𝗲 “𝟱𝟭% 𝗮𝘁𝘁𝗮𝗰𝗸” 𝗵𝗮𝗽𝗽𝗲𝗻𝘀
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📈 A “51% attack” occurs when the attacker, in which a relatively small number of miners can play, has a “control packet” of the hashrate, that is, computing power. As a result of the #attack, miners gain control over the entire network and can create blocks at their discretion.
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🌐 In a network that uses the Proof-of-Work consensus #algorithm, in order to add a new block, miners must perform complex calculations, thereby proving that they have done the work. The first miner who proposed the right solution creates a new block and receives a reward for this. The more computing #power the miner has, the higher the chances of finding the right solution faster than anyone and the greater the size of the reward.
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🔑 It is the key role of computing power that leads to the 51% Attack threat. If a miner or a pool of miners controls more than half the #hashrate, then they have the opportunity to completely control the network: they can add new #blocks, manipulate two-way operations and not confirm new transactions. Also, with the “51% attack”, attackers can use the same coin several times, recalling transactions made with it, which is called double-spending.
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⠀⠀𝗦𝗼𝗹𝘃𝗶𝗻𝗴 𝘁𝗵𝗲 𝗽𝗿𝗼𝗯𝗹𝗲𝗺 𝗼𝗳 𝟱𝟭% 𝗮𝘁𝘁𝗮𝗰𝗸
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💠 In Relictum Pro, a single #node makes a decision within 0.5 to 10 seconds, the network is updated (regenerates) and another main node is selected, it collects instructions, forms blocks and distributes them to all nodes, i.e., the #network changes dynamically every second. This gives an advantage, which excludes various kinds of ambiguities – collisions, double spending, and other things. There are no standard consensus principles. The more nodes are in the network, the better is the performance. This is achieved by the unique architecture of #Proof of Tsar and the organization of the virtual circuit switching network.
🏮 Website: https://relictum.pro
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#Blockchain #relictcoin #tech #relictumpro #fintech #Crypto #blockchain5 #technology #techno #relictum #relictumblockchain #DistributedLedgerTechnology #Blockchaintechnology #DLT #blockchainfifthgeneration #relictumcommunity #community
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⠀⠀𝗛𝗼𝘄 𝘁𝗵𝗲 “𝟱𝟭% 𝗮𝘁𝘁𝗮𝗰𝗸” 𝗵𝗮𝗽𝗽𝗲𝗻𝘀
⠀
📈 A “51% attack” occurs when the attacker, in which a relatively small number of miners can play, has a “control packet” of the hashrate, that is, computing power. As a result of the #attack, miners gain control over the entire network and can create blocks at their discretion.
⠀
🌐 In a network that uses the Proof-of-Work consensus #algorithm, in order to add a new block, miners must perform complex calculations, thereby proving that they have done the work. The first miner who proposed the right solution creates a new block and receives a reward for this. The more computing #power the miner has, the higher the chances of finding the right solution faster than anyone and the greater the size of the reward.
⠀
🔑 It is the key role of computing power that leads to the 51% Attack threat. If a miner or a pool of miners controls more than half the #hashrate, then they have the opportunity to completely control the network: they can add new #blocks, manipulate two-way operations and not confirm new transactions. Also, with the “51% attack”, attackers can use the same coin several times, recalling transactions made with it, which is called double-spending.
⠀
⠀⠀𝗦𝗼𝗹𝘃𝗶𝗻𝗴 𝘁𝗵𝗲 𝗽𝗿𝗼𝗯𝗹𝗲𝗺 𝗼𝗳 𝟱𝟭% 𝗮𝘁𝘁𝗮𝗰𝗸
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💠 In Relictum Pro, a single #node makes a decision within 0.5 to 10 seconds, the network is updated (regenerates) and another main node is selected, it collects instructions, forms blocks and distributes them to all nodes, i.e., the #network changes dynamically every second. This gives an advantage, which excludes various kinds of ambiguities – collisions, double spending, and other things. There are no standard consensus principles. The more nodes are in the network, the better is the performance. This is achieved by the unique architecture of #Proof of Tsar and the organization of the virtual circuit switching network.
🏮 Website: https://relictum.pro
⠀
#Blockchain #relictcoin #tech #relictumpro #fintech #Crypto #blockchain5 #technology #techno #relictum #relictumblockchain #DistributedLedgerTechnology #Blockchaintechnology #DLT #blockchainfifthgeneration #relictumcommunity #community
