A recent academic study says Tezos is threatened by "Selfish mining," providing a valid threat model for other live and up-and-coming proof-of-stake cryptocurrencies.
That's the finding from Selfish Behavior in the Tezos Proof-of-Stake Protocol, published last November by then-Harvard researcher and current Google engineering intern Michael Neuder.
The paper from Neuder and other Harvard researchers shows the profitability - albeit small - of "Selfish endorsing" attacks in Tezos, a variant of selfish mining.
"It was a great research paper and we'd love to see more focus on economic and complex-system-interactions in cryptocurrency systems in academic and industrial research," Tezos Chief Security Officer Ryan Lackey told CoinDesk in an email.
As described and proven by the researchers, a Tezos baker can be rationally incentivized to create their own blocks and receive endorsements from other bakers not connected to the main chain, creating a secondary invalid chain.
The attack may be unlikely due to the high costs, but Tezos is still taking the issue seriously.
An ongoing election is expected to pass a network upgrade altering endorsement incentives, according to Adrian Brink of Tezos blockchain research firm Cryptium Labs."It's important to understand that most of these attacks are not short-term dangers but rather long-term dangers, since they are obvious if executed and only start to have a serious impact if executed over months to years," Brink said via email.
Network attack vectors such as selfish mining highlight Tezos' on-chain governance and the ability to address headaches before they become migraines.
Compared to other chains, Tezos has taken the unexplored path when it comes to large-cap coins requiring censorship-resistance and stability.
"I think Tezos has done well in that respect," Carter said.
Why Harvard Research on a Low-Profit Tezos Attack Matters for Proof-of-Stake
gepubliceerd op Jan 8, 2020
by Coindesk | gepubliceerd op Coinage
Vermeld in dit artikel
'Crucial' for Central Banks to Consider Digital Currencies: Bank of England Exec
The Bank of England's chief cashier, Sarah John, said it is "Crucial" central banks research digital currencies so they can strike a balance with private issuers.
Blockchain Can Help UK Savers Recover $48B in Unclaimed Pensions, Says R3
Distributed ledger tech provider R3 says it's providing pension firms with the technology to build new blockchain-based identity solutions that could help savers reclaim some of the $48 billion in lost U.K. pension pots.
How to Protect Bitcoin for Your Heirs With the Push of a 'Dead Man's Button'
If a "Dead man's button" isn't pressed one week, it is assumed the user is dead and the service automatically dispenses a "Secret," which heirs can use to retrieve the crypto.
SEC to Decide the Fate of Another Bitcoin ETF Proposal This Week
The SEC will have to approve or reject Wilshire Phoenix's bitcoin and U.S. Treasury ETF by Wednesday.