Colleagues, crypto time
warp attacks occur when miners collude to report incorrect timestamps that are farther
apart, messing with the rate at which blocks can be mined. Incorrect timestamps
are do occur and can be innocuous. Chain Analysis reports that timestamp errors have steadily
decline since 2018. However, specific manipulation by miners who bends the
rules with the goal of creating illegitimate tokens is cybercrime … pure and
simple. Bitcoin (along with Litecoin) are most susceptible to time warp
attacks. However, some argue that the same Blockchain bug which allows these
attacks have favorable unintended positive side effects … faster transaction speeds and attraction of
more users. By contrast, if the
difficulty of creating a new block is low, a cyber-criminal can mine many fast
coins, or in the case of a small chain, a criminal with 51% hash power could reduce the difficulty to one and mine a new fork from the original block.
The debate continues within the Bitcoin developer community. While consensus
will be hard to reach, the community needs to reach at least a majority vote or
risk a division, which split BTC into Bitcoin and Bitcoin Cash in 2017. Post a comment today! Lawrence – Cryptocurrency
Academy (https://cryptocurrencyacademy.blogspot.com/)
Our mission is to provide Training and Certification programs to enable Cryptocurrency, Blockchain and FinTech traders and investors worldwide to achieve their career goals.
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Colleagues, crypto time warp attacks occur when miners collude to report incorrect timestamps that are farther apart, messing with the ...
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