Ethereum 51% Attack And It's Preventive Techniques

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INTRODUCTION

The 51% attack can basically be said to be one of the most devastating, significant and noteworthy attack that could be exploited from the vulnerability and imperfections of the blockchain network, in blockchain networks and systems, this attack, the 51% attack basically has to do with the concept that explains what happens when a single entity or group successfully gains control or authority of more than 50% of the network's computational power or hashing power.

One of the features and characteristics in which the blockchain technology and network is proudly built on and its security protocols and ability to function effectively is dependent or based on is decentralization however, when that group or entity is able to successfully achieve or attain more than 50% control the blockchain network can no longer be called decentralized.

That aside or additionally, the blockchain network is not so safe or secure anymore, and as such the entity or attacker potentially, has the power and ability to reverse transactions, double spend cryptocurrency, or prevent new transactions from being confirmed, in this post I am concerned with 51% attack on the Ethereum blockchain and I am going to be discussing and explaining ways to combat and prevent this attack on the ethereum blockchain.

• IMPLEMENTING PROOF OF STAKE CONSENSUS MECHANISM

One way in which the 51% attack can be combatted and prevented on the ethereum blockchain network and system is by basically taking the significant step of abandoning the proof of work consensus mechanism and implementing and adopting the proof of stake consensus mechanism, which the ethereum blockchain has already done, this can help prevent the risk of a 51% attack. How?

Well owing to the fact that the proof of work consensus mechanism requires miners to validate and authenticate transactions by basically solving complex mathematical puzzles that will in turn require from them a large and significant amount of computational power, that is why because this creates the risk of an entity or group of miners gaining control of the majority of that power and executing a 51% attack.

However, on the other hand we have the proof of stake consensus mechanism and with the proof of stake consensus mechanism which is based on selecting entities or individuals to be validators of the network based on the amount of cryptocurreny they have staked in the network, the cryptocurrency or token in this case will be ethereum.

• USING DECENTRALIZED VALIDATORS

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Dear friends, another way in which the ethereum network can avoid, prevent and make itself, its protocols and mechanism prepared and immune to any kind or technique of 51% attack which would want to threaten the security and decentralization of its network is to basically implement and use decentralized validators.

Basically implementing decentralized validators or making the process of validating transactions on the ethereum blockchain more decentralized will help to and serve as a significant way of preventing 51% attacks and the more decentralized the ethereum blockchain's pool of validators is, the more immune it will be to any attempts of a 51% attack.

Therefore it is important that the ethereum blockchain network encourages participation from a wide variety of validators by lowering the entry barrier to staking opportunities in addition, staking pools also allow smaller holders to participate collectively and in do so the risk and susceptibility of the ethereum network to the 51% attack will be significantly reduced.

• ENHANCING NETWORK MONITORING AND DETECTION SYSTEMS

Another way in which the 51% attack can be prevented and combatted in the ethereum blockchain network is to implement and adopt enhanced network monitoring mechanism or tools and to enhance or improve already existing network detection systems,

these network detection systems will basically help in combatting, preventing and mitigating 51% attacks by basically identifying suspicious behavior and detecting any malicious attempts before they are fully executed or propagated in the network.

These systems and detection mechanism will be designed and introduced into the ethereum network to regularly and continuously monitor the Ethereum network for signs of centralization, such as an unusual accumulation of staking power by a single entity not only that, suspicious behavior, such as when validators attempt to conclude so as to create malicious blocks, will also be detected and identified by the detection and monitoring mechanisms.

• IMPLEMENTING SLASHING MECHANISMS

Another way to prevent 51% attacks on the blockchain network is to implement slashing mechanism, this is a mechanism that can be programmed into the blockchain and cryptocurrency network that operates on the proof of stake consensus mechanism just like the ethereum blockchain, it basically seizes or confiscate part of a validators staked token when they are caught involving in any malicious activity.

The slashing mechanism basically acts as punishment or a disciplinary action that would be taken by the network against validators who offend and as a result it will deter and discourage any of the ethereum blockchain validators from involving, taking part or even attempting any kind of attack including the 51% attack against the ethereum blockchain because there will be significant and dire consequences and definitely financial losses.

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CONCLUSION

In conclusion, I would like to use this opportunity to appreciate and say a very big thank to everyone who made the effort to read and go through this post which I have made, and I hope that you have been able to learn something new as I have explained and discussed four of the significant ways in which the 51% attack can be combatted and prevented in the ethereum blockchain network and system.