Race Attack And How It Can Be Prevented On The Blockchain Network

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INTRODUCTION

The block chain technology which as we all know is basically decentralized in nature and records its transactions on an immutable, tamper proof ledger, is responsible for th revolution and innovation in numerous industries and sectors of the world by providing a means to execute and carryout secure and transparent transactions.

However, as we all know that to every good thing or to every advantage there is a disadvantage the same is true too for any and every technological innovation, offering any advantages, there will be disadvantages and in this case one such disadvantage is that the block chain technology is prone or vulnerable to the threat of race attack.

Race attack is an attack or security threat which occurs when an attacker thinks he or she can take advantage of the time delay between transaction submission and confirmation to spend one cryptocurrency twice and then attempts to do it or manipulate the system.

HOW TO PREVENT RACE ATTACK

In this post of mine I am going to be discussing some strategies to implement so as to prevent or eliminate the threat of race attacks on the block chain network.

• EMPLOYING DOUBLE SPENDING DETECTING PROTOCOLS

Owing to the very fact that the main aim and purpose of a race attack is to carry out a double spend or to spend the same cryptocurrency twice therefore I propose that inorder to eliminate the threat of race attacks we should make this illegal venture to be fruitless by employing detection systems are designed to identify and prevent attempts to spend the same cryptocurrency more than once.

Once, these systems are installed and implemented their function is basically to monitor the block chain's network for conflicting and suspicious transactions and alert nodes or users when a potential double spend attack is detected.

Therefore, by incorporating and implementing complex and advanced algorithms coupled with real time monitoring algorithms the block chain network can have the opportunity to quickly identify race attacks and prevent them from being successful, hence maintaining the integrity of the block chain network.

• REDUCE BLOCK TIME

Another strategy to implement so as to prevent or eliminate the threat of race attacks is to reduce the block time owing to the fact that the main and primary vulnerability that makes the block chain basically prone to race attacks is the delay that always occurs in between the submission of a transaction and its inclusion in a block.

Therefore, by reducing the block time, this means that transactions will be confirmed faster, reducing the potential of an attacker successfully attempting a double spending attack or manipulate transaction, we are basically landing a heavy punch perhaps a knock out to the threat of race attack.

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Take for example the case of the ethereum network which had been able to attain and achieve a significantly shorter block times compared to Bitcoin or other cryptocurrencies, meaning that it is a step ahead in battling the threat of race attacks in its block chain network.

• FORTIFYING THE BLOCK CHAINS CONSENSUS MECHANISM

It is no new news that the consensus algorithms and mechanisms are the backbone and foundation of the block chain security, with this knowledge lies our next strategy in preventing any security attacks including race attacks, therefore by strengthening these algorithms, the block chain can become more resilient to race attacks.

Some examples of the consensus mechanisms and algorithms we would want to improve and strenghten is the Proof of Stake (PoS) or Delegated Proof of Stake (DPoS), these mentioned consensus mechanisms are less susceptible to certain types of attacks compared to Proof of Work (PoW).

The proof of stake reduces the chances of race attacks owing to the fact that by requiring validators to stake their cryptocurrency, this mode of operation basically provides validators with the incentive to seek the continued security of the network by not unknowningly facilitating race attacks in any way.

• IMPROVING NETWORK PROCESSING SPEED

Another strategy for preventing and reducing the risk of race attacks is to increase and enhance the speed at which transactions are being processed and executed through the network owing to the fact that faster processing speed reduces the time frame for attackers to exploit the block chain network.

To significantly increase and enhance transaction processing speed we can implement and apply techniques such as improving and upgrading the block chain's network infrastructure and optimize node communication protocols.

Additionally, what will be the result of employing these changes? Well the Bitcoin network which has made this changes and has successfully employed advanced technologies like the Compact Block Relay and FIBRE (Fast Internet Bitcoin Relay Engine), can now facilitate the rapid execution of transactions.

CONCLUSION

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To simply put, the aim of preventing and eliminating the threat of race attacks on the block chain requires a multifaceted approach that practically involves reducing block time, implementing transaction locking mechanisms, employing double spend detection systems and strengthening consensus algorithms.

Each of these strategies once implemented will support and contribute to the creation and maintenance of a more secure and resilient block chain network which has the capability of hedging and laying off any security threats from malicious attackers.