Bitcoin lead developer Greg Maxwell has criticized the "mystery of capture" that comes with the fear of a 51% attack on Bitcoin (BTC). He explained that this revealed a fundamental lack of understanding of cryptocurrency.
In a Reddit article on Oct. 5, Maxwell argued that any mechanism designed to mitigate the risk of a 51% attack still involves centralization. This is a much bigger threat to the integrity of Bitcoin. Bitcoin Core Focus
Cointelegraph reported a 51% attack on block strings using a proof of work (PoW) algorithm. Essentially, such an attack is to allow a user or group to take control of the majority of the mining power to have exclusive control of the network.
Attackers could use it to cancel transactions to cause duplicate expenses. This is achieved by exchanging crypto for cash and then canceling the transaction to recover the spent crypto. Moreover, you always get the fiduciary money in such a case.
When asked how to mitigate this risk, Maxwell emphasized that such measures would inevitably jeopardize the decentralization of the Bitcoin project.
He said that Bitcoin addresses the issue of consensus on a consistent history of transactions. This problem can be solved intuitively by determining the "primacy" of a particular transaction and invalidating duplicate transactions thereafter. Maxwell continued:
Logically, in a truly decentralized system, the former has no logical meaning. The order in which different parts perceive events is the inevitable result of relativity and depends on their relative position, whether their communication system is efficient or fast. " Countermeasures for 51% attacks "centralize system but hide centralization"
Maxwell criticized more centralized systems, citing Ripple, EOS and IOTA. He explained that they use only one party that determines their primacy and then assigns it to the rest of the network.
Bitcoin is fundamentally decentralized and is based on "voting" via the computing power of the mining industry without a central third being involved.
Maxwell argued that any mechanism that would "manipulate" this "vote"– by one or more parties –"would almost certainly completely replace mining". He explained:
"People have developed 1001 complicated systems and claim to be able to do it without centralization, but careful analysis continues to occur, they centralize the system and mask the centralization."
For Bitcoin, the risk is much greater than the reorganization of the transaction history, which could accompany 51% of attacks, as Maxwell noted:
"The public who uses Bitcoin will not understand this, will not care and will not protect the decentralization that makes it so valuable for centralized alternatives."
Cointelegraph announced that the January Gate.io crypto-exchange had promised to pay back users after discovering that there had been a 51% attack on the Ethereum Classic blockchain (ETC). Related...