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Title: Verify transactions on a transaction to transcation basis through relay chains Post by: UnruffledST on March 23, 2019, 08:49:07 AM One of the main reason zero-confirmation transactions can’t be performed on the blockchain to date is because of a 51% attack in where a malicious miner can upload a malicious block through having obtained the majority of the hashing power on the network.
It is to note that a 51% attack mainly occurs because there is not order of events in which calls for the need of someone to upload a block in which others can verify to be true, still because of this method most/all miners move to this new malicious block in which once they find it to be a malicious block it would already be to late in which would then call for a hard/soft fork from the community. In order to combat a 51% attack Scroda is taking the approach of verifying transactions on a transaction to transaction basis instead of a block to block basis and in order to do so a order of event would need to be established and this can be done now thanks to the introduction of relay chains. Combating a 51% attack could provide for zero-confirmation transactions, read more below and let me know your thoughts and sorry ahead of time if there are errors in the writting it is currently 5am and I will edit it if needed after having obtained proper sleep. https://medium.com/@scroda/zero-confirmation-transactions-transaction-relay-verifications-and-relay-chains-all-providing-f071de2b9723 Let me know your thoughts. Title: Re: Verify transactions on a transaction to transcation basis through relay chains Post by: Red-Apple on March 23, 2019, 09:19:36 AM One of the main reason zero-confirmation transactions can’t be performed on the blockchain to date is because of a 51% attack in where a malicious miner can upload a malicious block through having obtained the majority of the hashing power on the network. that is wrong and i think you have misunderstood the meaning of 51% attack. first of all there is no "malicious block", it is all legitimate blocks and that happens only because in PoW we follow the chain with the most work. secondly zero-confirmation transactions have nothing to do with 51% attack because you are talking about a transaction that is not yet confirmed so how can 51% attack affect it when it is not yet even in a block!!! Title: Re: Verify transactions on a transaction to transcation basis through relay chains Post by: UnruffledST on March 23, 2019, 05:16:36 PM One of the main reason zero-confirmation transactions can’t be performed on the blockchain to date is because of a 51% attack in where a malicious miner can upload a malicious block through having obtained the majority of the hashing power on the network. that is wrong and i think you have misunderstood the meaning of 51% attack. first of all there is no "malicious block", it is all legitimate blocks and that happens only because in PoW we follow the chain with the most work. secondly zero-confirmation transactions have nothing to do with 51% attack because you are talking about a transaction that is not yet confirmed so how can 51% attack affect it when it is not yet even in a block!!! Ummm there are malicious blocks, this is due to the fact that each miner works on their own block. So a miner with the majority of the hash rate could upload their own malicous block on the network in which would then call for a fork. ??? ??? ??? and exactly in PoW we follow the chain with the most work which means that if a malicious user has the most work nodes will follow that chain. ??? ??? ??? why do I run into these types of replies on bitcointalk I don't get it. Secondly zero confirmation transactions have everything to do with a 51% attack because it is the main reason why confirmations are required... a 51% attack can affect it because since each miner chooses which block to upload the user cant be assured that their their transaction is valid until 6 blocks have been built on top of theirs ensuring that the block their transaction is in is the one the community is following. ??? ??? ??? so if a user isn't assured that their transaction can't be on the blockchain then of course they cant rely on zero confirmation transactions, it is common sense ............ that's why we are focusing on ensuring users that their transaction will be included in the block from the start thus allowing for zero confirmation transactions. Title: Re: Verify transactions on a transaction to transcation basis through relay chains Post by: UnruffledST on March 24, 2019, 09:30:25 PM I might officially have to move to Reddit to just get some decent discussions.
Title: Re: Verify transactions on a transaction to transcation basis through relay chains Post by: Bitcotalk on March 25, 2019, 06:00:34 AM I think we are seeing a 51% attack on networks that has few miners available, it is not possible to see a 51% attack on a blockchain that has lot of competitors already.
I think this is the main reason POS was introduced to solve the problem of 51% attack from miners, though the POS is still under test and also has it's on disadvantages, but I believe that with time a even more better method will be introduced to solve this problem and also the problem of scalability in the blockchain, the technology is still new and improving all the time. Title: Re: Verify transactions on a transaction to transcation basis through relay chains Post by: SwiggHeart on March 25, 2019, 06:11:43 AM 51% attack is possible for a coin which is very unpopular one and most of the 51% attack are held for the coins who is not be protected by the developer.
Title: Re: Verify transactions on a transaction to transcation basis through relay chains Post by: clonely on March 25, 2019, 07:44:15 AM One of the main reason zero-confirmation transactions can’t be performed on the blockchain to date is because of a 51% attack in where a malicious miner can upload a malicious block through having obtained the majority of the hashing power on the network. I think 51% of the incident is getting too serious. A blockade of a blockchain network of 51% is impossible to live. It is impossible for a person or group to attack 51% of the Bitcoin network. It'il be harder by the time. Title: Re: Verify transactions on a transaction to transcation basis through relay chains Post by: UnruffledST on March 31, 2019, 12:29:40 PM I think we are seeing a 51% attack on networks that has few miners available, it is not possible to see a 51% attack on a blockchain that has lot of competitors already. I think this is the main reason POS was introduced to solve the problem of 51% attack from miners, though the POS is still under test and also has it's on disadvantages, but I believe that with time a even more better method will be introduced to solve this problem and also the problem of scalability in the blockchain, the technology is still new and improving all the time. PoS is still volnurable to 51% attacks as early investors have a chance to gain more stake than others type of thing, mostly introduced to move away from the power compsumption seen in PoW still they are both just as bad in 51% attacks. a 51% attack is very well possible on bitcoin when we have seen pools control 50% of the network or more making it up to just 1-4 entities having control of most of bitcoins hash rate. as stated one of the main reasons we see such attacks is because we verify transactions on a block to block basis since when Satoshi Nakamoto released Bitcoin, Relay Chains werent introduced at the time, still with the introduction of relay chains it would very much so allow us to verify transactions on a transaction to transaction basis in order to prevent such attacks while also settimg a order of events on transactions. Title: Re: Verify transactions on a transaction to transcation basis through relay chains Post by: UnruffledST on May 13, 2019, 01:09:34 AM Would love to say hey feel free to discuss but I feel like I will just keep getting replies from people with minimal knowledge.
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