Rogue Mining Attack And It's Disadvantages On The Blockchain Network

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INTRODUCTION

Rogue mining attack, is one of the many forms of threats and risk to the security and smooth operation of the blockchain network, taking advantage of some of the specific vulnerabilities in the blockchain network, the rogue mining attack have proven to be a significant threat to blockchain networks, it is propagated when miners gain major control over the network's hash power and decide to use it for their personal gains.

These miners with their newly found power and control over the network, manipulate the normal functioning and operations of blockchain networks, delay or alter the transaction confirmation process, the block creation process and so on and so forth, compromising the security of the blockchain network and diminishing or damaging its reputation.

Therefore to fully understand the rouge mining attack, it is important to learn its disadvantages so, pay attention to this post as I will be explaining and discussing some of the disadvantages of the rogue mining attack on the blockchain network, further, highlighting the negative impacts on security and trust.

• IT COMPROMISES SECURITY

The rogue mining attack just like every other attack takes advantage of the specific vulnerabilities in the security protocol and algorithm of the blockchain network and by successfully executing the attack, it undermines the networks promise and offer to provide and ensure security.

When miners who are being incentivized to ensure the security of the blockchain networks by processing transactions and creating new blocks and so on, abandon these tasks and focus on taking advantage of the power they have being given in the network for their own selfish interests further reduces the security of the blockchain network.

This one attack known as rogue mining attack can facilitate other attacks on the blockchain network, attacks like double spending and so on, and when these miners go rogue they represent the blockchain network and it security protocols as not advanced, trustworthy and robust as a result the networs adoption will drop and prices of cryptocurrency will be affected.

• IT LEADS TO CENTRALIZATION

Decentralization is one the basic and fundamental features or principle on which blockchain networks were built on, and in the instance and case of a successfully launched rogue mining attack the decentralized nature of the blockchain network is specifically targeted and taken advantage of, leading to centralization which has very drastic effects and consequences on the functioning of blockchain networks.

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Additionally, the miners or attackers who propagate this rogue mining attack by gaining or achieving majority of the control of the hashing power of the network and therefore eliminating the concept of decentralization which will be very damaging to the reputation of blockchain network.

• FACILITATES A DOUBLE SPENDING ATTACK

The rogue mining attack leaves blockchain network so deteriorated that it becomes more susceptible and prone to other cryptographic attacks one of these attacks being the double spending attack,

a double spending attack can be facilitated by rogue miners through the process of them using their control over the network to reverse transactions after they have already been confirmed by the network and therefore allowing them to spend the same cryptocurrency or asset over and over again.

Additionally, owing to the fact that double spending is a kind of illegal or malicious attack that not only compromises the security, ooerations and integrity of blockchain networks but also defrauds the participants and users in the network and has the potential to cause and lead to significant financial losses to the users be it merchants or business who use the cryptocurrency network as a means of facilitating payments.

• INCREASES COSTS OF USING THE BLOCKCHAIN NETWORK

The rogue mining attack can cause and lead to an indirect disadvantage to all the users of the blockchain networks, indirect in the sense that when the blockchain network decides to take actions to rebuild and fortify the integrity and robustness of the security protocols of the blockchain network, it will di so at the expense of the users.

It will request higher transaction processing fees for any transactions in which users and participants will want to do on the network, they will do this to meet up with the funds and financial cost required to adopt and implement more advanced and robust security measures that are capable of withstanding the attempts of a rogue mining attack on blockchain networks.

Moreover, not forgetting that the remaining miners, the honest ones who would have been putting great effort and computational power and resources to keep the network functional to a degree and mitigate tha selfish and malicious actions of the rogue miners will have to be incentivized and compensated this will also lead to increased transactional cost.

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CONCLUSION

In conclusion, I would like to use this opportunity to just say a very big thank to everyone and anyone who will be making the effort to read and go through this post which I have made, and submitted in this great community and I hope that you have been able to learn something new from what I was able to explain about the disadvantages of the rogue mining attack on the blockchain network.