Protection from 51 percent attacks
Protection from 51 percent attacks
On June 12 in Michigan, the US a bill to criminalize the manipulation of data in the blockchain for the purpose of fraud was brought to the discussion. A precondition for this was the case of so-called "51 percent attacks," when the miner, who owns 51% of all computing capacity, can do anything he pleases with the chain of blocks - from block changes to manipulation of transactions.
Because of the high budget for organizing the attack, it was assumed they would be improbable. So, in order to collect 51% of all the capacities of the bitcoin blockchain, scammers would need a budget of $ 490,900 for one hour of the attack, and the confirmation of the block could take several hours.
However, the leading bitcoin developers named the creation of forks the more likely threat, and as a result, the cloning of the blockchain and the creation of cheaper coins, which allowed to make attacks with a smaller budget. The fears were not in vain, and in May and June of this year we could see how the hackers attacked Bitcoin Gold, Verge, Monacoin, ZenCash and Electroneum, which suffered losses of over $ 20 million.
The principle of unchanging data allows to exclude intermediaries from any sphere of human activity, and decentralization and transparency provide equal access to any services, knowledge and financial resources to any person from anywhere in the world.
Any system invented by a person can be hacked by another person. Most likely, the law of Michigan is only the first precedent of legal protection of blockchain, but in practice it became necessary.
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Good article!
Thank you!
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https://www.entrepreneur.com/article/316194
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Thank you, that was helpful!