34% Attack On The Blockchain And How It Can Be Avoided

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INTRODUCTION

The blockchain technology over the years has successfully led to the revolution and innovation of the way we think about security and decentralization especially when it comes to digital networks, the blockchain with its mind blowing innovative security protocols is not a hundred percent immune to security breaches and attacks.

As a matter of fact one of the attacks in which the blockchain technology and its network is prone to out of many is the 34% attack, these attacks basically takes advantage of little vulnerabilities and weakness they find in the blockchain's algorithm and in the case of the 34% attack, it occurs when a single entity controls 34% or more of the network's mining or hashing power and staking resources.

This attack can have very drastic consequences to the blockchain network and can even facilitate other different types of attacks against the network, in this post of mine I am going to be discussing and explaining some of the ways in which the risk of 34% attack can be prevented and mitigated in blockchain networks.

ENHANCING DECENTRALIZATION

For a 34% attack to be propagated it means that the decentralized nature of the blockchain network has been compromised therefore the significant and crucial way to prevent and mitigate the risk of a 34% attack is to enhance the decentralization of the network as a result making it so that no one single entity will have the chance or opportunity to gain more hashing power than what is normal.

One way to ensure and increase decentralization is basically by facilitating the effective and proper distribution of control of the blockchain networks's hashing, mining and staking power, therefore, by ensuring this effective distribution of control over the network it will be almost impossible for any one entity or party to attain major power or control.

Additionally, in the terms of blockchain networks who still operate on the proof of work consensus mechanism, the network should make use of different numbers of miners and mining applications so that the mining power will not be concentrated or centralized in one mining hardware or algorithm.

ENHANCING NETWORK TRANSPARENCY

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Transparency can basically be defined as been open and not hiding transactional records and details, transparency can be, serve as a very powerful and significant tool that can be used in preventing and mitigating any form of risk of malicious activities propagated in and against the blockchain network.

This basically because by ensuring that all network users and participants can easily access and verify transactional details, information and data attackers and malicious miners or validators will be discouraged and detered from carrying out fraudulent and malicious activities because they now there evidence to which they could be held accountable.

Additionally, this transparency helps to gain the trust of the users and participants of the network, transparency basically helps to facilitate accountability and streamlines the process of carrying out regular audits, detect any significant inconsistencies with the recorded transactional data in rhe blockchain network.

DEVELOP ROBUST CONSENSUS MECHANISM

Consensus mechanism, basically the tool and mechanism that allow miners or validators to be able to agree on the state of the blockchain network, it is basically the backbone of any blockchain network the more advance and robust a blockchain network's consensus mechanism is the more equipped the network is to prevent and mitigate the risk of a 34% attack.

Therefore it is very important and crucial that developers and cryptographers develop and apply in blockchain networks very robust consensus mechanisms that is not easily susceptible to attacks and can be able withstand attempts to manipulate the network, the hybrid consensus mechanism is one of the robust and advanced consensus mechanism that is in existence.

And as the name or term hybrid implies, it was designed and created by basically combining innovative features of different other consensus mechanism together, like the proof of work consensus and the proof of stake consensus mechanisms as a result, possessing the strengths of both systems, making it more difficult for an attacker to gain control over the network.

IMPLEMENTING REGULAR SECURITY AUDITS AND UPDATES

Performing regular security audits and working on the vulnerabilities the audits shows through regular updates as well can really go a long eay in mitigating the risk of any kind of digital or cryptographic attack as well as the 34% attack therefore ensuring that the integrity of the blockchain network is maintained and uncompromised.

Additionally, regular audits and updates of blockchain networks ensures that the network has the latest and most advanced tools and mechanisms as well as algorithms at its disposal and as such is able to effectively and efficiently respond to and eliminate emerging threats and attempts to compromise the security of the blockchain network.

CONCLUSION

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In conclusion, the 34% attack being a significant threat to blockchain networks can be mitigated and fought by taking certain steps and implementing the right protocols some of these steps and protocols includes; enhancing decentralization, promoting transparency, developing robust consensus mechanisms, and conducting regular security audits and updates in blockchain networks.