Blockchain and Security ...
Blockchain and Security ...

Blockchain and Security ...


 

Hello to my friends who love life and keep smiling despite all kinds of negativity. In this article I will talk about "Blockchain and Security". I want to raise awareness for the recent attacks on PancakeSwap and Cream Finance projects after WHALE.

What Are the Basic Security Features in Blockchains…?

Security has been shaped by the developments in cryptography and the design and implementation of Bitcoin. Security on the blockchain has been developed to provide a range of inherent security features such as Tamper resistance, Resistance to Distributed Denial of Service (DDoS) attack, Pseudonym and resistance to double-spend attack.

Let's take a brief look at these security features;

 

1 - Tamper resistance; It is the resistance of a system and / or product to deliberate tampering by its users or malicious actors who have accessed it. Tampering resistance in the blockchain is that any transaction information stored in the blockchain cannot be changed during and after block generation.

Two possible ways;

Miners intervene in transaction information (such as receiver, amount) sent by users, Signed by each transfer sender in Bitcoin using a secure signature algorithm such as ECDSA, sent to the entire network for verification and approval by mining, multiple miners in the network receive and process this transfer. If a miner changes any information about the transaction, it will show up in other miners' signature check. Because the miner cannot sign a valid signature on the information he has changed without the secret key of the transfer sender. The first kind of tamper resistance is guaranteed using inimitable secure signature algorithms.

When attackers change the information stored on the blockchain, It tries to change the historical data stored on the blockchain. To prevent this situation, Bitcoin takes advantage of two protection techniques. It is a network-wide support mechanism for both the storage and verification of the hash pointer implementation and blockchain.

 

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2 - Resistance to DDoS Attacks, Distributed Denial of Service Attack (DOS) is a type of cyber attack that disrupts Internet services by rendering the target machine or its services unavailable by its users. DoS attacks attempt to halt the execution of legitimate services, overload the host system or host network resource by overwhelming the host with unnecessary requests [McD13]. DDoS attack refers to a "distributed" DoS attack, meaning that requests to a victim may have originated from many different sources scattered across the Internet. A DDoS attacker can take over and use some personal computers to attack another computer by exploiting their vulnerabilities or weaknesses. Using a cluster of computers that it has captured in this way, a DDoS attacker can send large amounts of data to a website or send garbage messages to specific e-mail addresses [McD13]. This makes it very difficult to prevent the attack by blocking individual computers. The serious concern in a DDoS attack on a blockchain is the possibility that DDoS attackers will crash part or all of the blockchain, making the blockchain inaccessible. This possibility is avoided by the decentralized architecture and operation of blockchain systems and the use of a consensus protocol for block generation and inclusion of the generated block into the blockchain. Blockchain operations can continue even though several nodes are offline. For a cyber attacker to succeed in taking the blockchain offline, it must gather enough computing resources to compromise the overwhelming part of the nodes in the blockchain network.

Source By Blockchain

3 - Resistance to Double-Spend Attack, Points to a specific problem specific to Cryptocurrency transactions. The double-spend attack is considered a general security concern because digital information can be reproduced relatively easily. Specifically, in transactions that exchange digital tokens, such as electronic currency, there is a risk that the owner will duplicate the digital token and send the same token to multiple recipients. To prevent double spending, Bitcoin evaluates and verifies the accuracy of each transaction using transaction records on the blockchain with a consensus protocol. All transactions that take place are registered in the blockchain and are controlled by the network before the blocks are included in the global blockchain thanks to the consensus protocol.

 

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4 - Majority Resistance (51%) Consensus Attack, Refers to the risks of fraud in the consensus protocol. One such risk, especially in the context of double spending, is often referred to as (51%) attack. (51%) attack can occur in the presence of malicious miners. If a miner controls more than 50% of the computing power available in the blockchain, it can distort the accuracy of the network by making changes in transactions. Another example of (51%) attack can occur when a group of miners cooperate to conspire while counting votes in the verification phase. If a powerful user or a group of maliciously cooperating users controls the blockchain, various security and privacy attacks can be launched. For example; double spending, reversing original transactions as if they never happened, blocking some users' transactions.

Source By Blockchain

There is no single method to solve the security and privacy requests of the blockchain. Therefore, techniques should be chosen that fit the projects' security and privacy requirements and application context. Overall, the combination of multiple technologies is more effective than a single technology.

There is no technology that is flawless or perfect in every way. Adding new technologies to a complex system can cause other problems or new types of attacks. Therefore, attention should be paid to the pitfalls and potential damages that come with the integration of some security and privacy techniques into blockchains.

For the platforms we use, we need to do;

To follow social media channels (twitter,…)
It is always different from the way of use (being skeptical ...)
The link link is correct (I use the links in CoinMarketCap and CoinGecko. These sites are sensitive to security issues…)

 

With the development of blockchain technology, thousands of projects have entered our lives. You read an ICO announcement every day. Some of them have very good earning opportunities. Sample; ALICE sold for $ 0.125 in pre-sale. It is currently $ 30 on the Binance exchange. Research the project well. Examine not only the project but also the reliability of the platform you will participate in.

I wish all my friends lucrative days. Keep well with the cryptocurrencies you have earned ...

As I always said, listen to everyone, decide for yourself ...

I'm looking forward to your comments. Thanks to your comments, we can shape my next articles together. Let's stay in touch… Take care of yourself so that you and the people around you are happy…

 

If you want to buy and sell in Crypto Money, when you open a membership with the link you provide, you will get discounts from commissions.

If you are interested in research, love to share what you have learned and want to earn money in return, click here.

Source By Blockchain

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Photo by maitree rimthong from Pexels

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