Steemit Crypto Academy Contest / S12W5 - Understanding Slashing In Crypto
Hello SteemitCryptoAcademy Community |
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Hello My Steemain Friends ,
How are you. I hope you people of steemian are good and enjoy your life . Well I am well. May God bless you all. Today I am writing about an interesting Steemit Engagement Challenge S12 - W5: which is all time my favourite topic "Understanding Slashing In Crypto" So, in this post I am going to share my point of view about this topic.
Thankyou one of my favourite Communities, SteemitCryptoAcademy for organised this beautiful challenge. I hope you people like and learn something from my post.
Use your own words to define what is slashing in Crypto? And do all blockchains apply slashing? |
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In simple words, we can understand slashing in crypto in such a way that when the sticker faces conflicting circumstances, his deposit sometimes has to be reduced or abandoned, that process is called slashing. The main objective of doing this process is to increase the security of the network. So that from time to time it can be ensured that this process is safe. When wrongdoing is done by violating the rules or against the translated mode, sometimes they have to lose their deposits.
The rules, conditions and method of slashing also differ on different blockchain platforms. Everyone has their own rules and regulations which are implemented from the point of view of their security. These are determined on the basis of protocols. There are some criteria to determine these. They are like this.
There may be following reasons for cutting or reducing the deposit from time to time through slashing which are as follows:-
♦️Multiple signing i.e. double shining
Slashing can also occur when a transaction is signed more than once by a stacker.
♦️Working on the network regularly
When a staker does not operate regularly on any network. And statuses are required to broadcast crypto regularly and even if they don't the deposits are deducted and slashed.
♦️Not withdrawing deposits on time
Even after the completion of the period, if the deposit is not withdrawn on time, the deposit gets deducted and may get slashed. When someone does not withdraw the deposit even after the deadline, the deposit is deducted through slash.
Explain how slashing protects the blockchain, taking an example of a blockchain that applies it. |
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Slashing is designed to provide security to the blockchain. In which it is ensured that its rules are followed regularly and correctly by every node or computer and whoever does not follow these rules is punished and the deposit is deducted as punishment. Can.
In this, slashing blockchain can provide security in many ways which are as follows:-
Slashing here helps prevent a blockchain node from linking transactions to any other network or block. So that double spending does not happen and slashing does not happen due to any wrong process and savings can be saved from deduction in deposits.
Slashing promotes the security of the blockchain and incentivizes blockchain nodes to work honestly. If any wrong process has been done by any node then the deposit deposited in it is either deducted or replaced and it is compensated in this way.
In this, slashing nodes motivates them to provide the necessary blockchain services. So that the node can remain stable and safe.
It also provides a financial incentive for nodes through slashing. Which motivates them to follow the rules of the blockchain protocol.
In this way, slashing is a very beautiful and motivating way to keep the blockchain secure and follow the rules.
As a blockchain user, how can you avoid slashing? |
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As a blockchain user we can take the following measures to avoid slashing which are as follows:-
We have to use secure keys and passwords to provide security to our network.
We have to make continuous efforts to avoid phishing and cyber crime attacks and use safe parameters.
To maintain security, we have to keep updating it from time to time.
To provide security to it, we will have to use a separate network which will act as a private network and will avoid all types of slashing.
We can protect our smart contracts from slashing by securing them through Solidity code review.
We should keep upgrading the blockchain nodes from time to time and also adopt the latest security upgrades to avoid slashing.
Does the Steem blockchain apply this kind of punishment? If not, do you think slashing could be applicable in the first place (technically) and will it be beneficial? |
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This blockchain stream is a social media platform. It does not impose such punishment. It gives cryptocurrency coins to the user according to his social actions. But this deduction does not impose any kind of punishment.
Hacking occurs in the blockchain when some wrongful activities are done with its security or with its justice. Hacking is technically implemented. But there should be some rules and regulations to determine this type of reduction, which are applied based on the advantages and disadvantages of the technology, what kind of reduction should be done in it and how much reduction should be done. The rules and conditions for its implementation also differ in each area.
♦️ The user has full power to control his data and has the power to allow third parties to access his data.
♦️ Blockchain technology provides a secure and digital ledger in which users can keep their data safe.
♦️ Provides global access to data and information across different sectors.
♦️In this, blockchain provides permanent form to the data so that loss of data can be avoided.
On the contrary, it may also have negative aspects, including higher energy consumption and greater scaling challenges. But despite all these problems, it can provide benefits in many areas like security, health, finance, organization etc.
What are the advantages and limitations of slashing? |
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Slashing helps in providing security to the blockchain network and making it work better and better. Slashing has some advantages and limitations, which are as follows:-
| Advantages | Limitations |
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| Slashing allows taking strict action against users who misbehave and misuse the currency on the blockchain network and encourages it to operate in a secure manner. | • A notice may require an agreed payment to conduct the slashing process. |
| Slashing reduces the risk of larger nodes on the network misbehaving. | The process of slashing needs to be conducted correctly and smoothly which can become a complex problem for the nodes. |
| Slashing provides clarity to the security of the network against those who use false nodes. | The process of flashing is conducted by the central node which can lead to the formation of centralization node. |
| Slashing promotes transparent rules of the network and also punishes wrongdoing nodes thereby revealing its transparent rules. | There may be additional costs for a node operator to conduct the slashing process. Such as increased demand for collateral. |
I want to invite my friends to take part in this contest: @jyoti-thelight , @suboohi , @pelon53 , @yonaikerurso , @bellana , @graceleon.
Thankyou 🙏
Greetings
Greetings friend, I commend your effort in making this educative entry on the slashing mechanism. Indeed it is a very good way of punishing users with malicious acts on the blockchain and if executed to perfection where innocent users wont suffer loss, I believe it will be a very good mechanism to adopt, but another drawback is that it is only for the Proof-of-Stake mechanism so far as it is the Stakes that are being slashed.
Thanks dear for reading my post ☺️
Hello.
You have explained well each topic.
True, We should always update the blockchain nodes on time to avoid any problem.
Have a Good day ahead.
Thankyou so much for reading my post and leaving valuable feedback.
TEAM 1
Congratulations! This post has been upvoted through steemcurator04. We support quality posts , good comments anywhere and any tags.Thanks my friend ❤️
@o1eh
Señorita aviral123, un gusto leer su participación, pues tienen las palabras correctas para explicarnos que el Slashing implica sanciones a faltas de los validadores, también en que las ventajas de este método son mayores que las limitaciones y que la blockchain steem no aplica esto.
Te deseo mucha suerte y bendiciones.
Thankyou so much dear for reading my post and leaving such a beautiful feedback ❤️
You organize your writing very neatly, explain it well and understand it well, I'm sure you will be selected this week.
Thank you so much for your kind words ☺️
Hello dear friend!
Splashing is a mechanism to punish the abusers if they have acted against the rules and regulations of the platform. The splashing mechanism has proved itself effective in many of the blockchain platforms which are based on the proof-of-stake platform.
Thanks for sharing and great luck ahead 👍
It is for me to say thank you for the visit and the great comment!
❤️
Thank you, friend!
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You got it, slashing in the crypto realm is akin to havng a vigilant guard, ensuring that the network remains secure nd trustworthy. It's a mechanism designed to deter bad actors and maintain the integrity of the system. By penalizing those who attempt to compromise the network, it upholds the rules nd promotes a safer environment for everyone involved.
Thanks for reading my post and leaving valuable feedback.
I agree with you that sometimes stake tokens of validators may be cancelled out if any validator is trying to do any malicious act or activity at blockchain that's why slashing is a protective mechanism so that every validator may be aware that he may use his mind to follow all rules and regulations of blockchain to avoid any miss happening with him.
You don't mention that all blockchains use slashing mechanism for their security integrity or not but let me clear it to you that mostly blockchains which works on proof of stake mechanism use flashing and not all blockchains use slashing as integrity and security in fact these block change used there on more developed consensus protocols
Thank you so much for your participation but I read your post and there are many areas in which there was need to put more efforts and there was need to work but I am not discouraging you basically it's my encouragement for you that next time you would produce more good content and you would go in more depth I wish you success