Solution to a 51% attack?

[josephliton]

     resistance to a 51% attack.

[ghostlander]

0. The actual implementation of the code only acts on the 6th received block as that is what is necessary for a full confirmation.

To further clarify: if 5 blocks are sent by one peer, and another block is received by the same peer that has a timestamp within 10 minutes of the first block sent by that initial peer, the peer that sent those 6 blocks is banned.

1. Ip address is used for peer identification.

2. If there are many peers attacking the converging node will be banned and the network will be segmented for a few hours before repairing itself.

3. Faking timestamps is a whole other issue, but Bitcoin generally has resolved this by limiting how far in the future timestamps can be(+2h), thus while such an attack may work, it is fairly easy to counter by limiting the range of the timestamps/mode of determining the current time.

Don't blame us for this, blame the people who decided a non-accurate timestamp was A-OK.

I will look into a way around this inherent flaw in Bitcoin as it seems a hornets nest ready to unravel.

The defense makes no distinction between an attacker and someone who has > 51% of the hashpower... they are equally threatening.

4. Cryptocoin mining should be as distributed as possible, these mega-multi-pools only cause trouble by creating mass spikes of supply where its not wanted and the market no longer needs it.


With regards to the third point, I may decide to abandon the standard Bitcoin client entirely and come up with a new client from scratch and perhaps even a new blockchain (time and life allowing). There are many design decisions that were made by the Bitcoin team that I disagree heavily with. It's time-laxity being one of them.

Your cure is worse than the disease. Said enough I suppose. Good luck with your ambitious plans.

[akumaburn]

With regards to the third point, I may decide to abandon the standard Bitcoin client entirely and come up with a new client from scratch and perhaps even a new blockchain (time and life allowing).

Is it ur coin - https://bitcointalk.org/index.php?topic=303898.0?

Ofcourse, if I do come up with a new chain, I will likely transfer all existing coins to the new chain somehow.

Mastercoin and Nxt already showed the way.


Btw, Nxt creator claims that he solved 51% attack...

Nxt is proof of stake.. GoldCoin (GLD) is proof of work and I've never stolen anything.

This was 100% my idea and 100% my implementation. I will correct anything that is wrong with it and the full responsibility for its implications is mine.

4. Cryptocoin mining should be as distributed as possible, these mega-multi-pools only cause trouble by creating mass spikes of supply where its not wanted and the market no longer needs it.

Irony much?

What irony?

Your cure is worse than the disease. Said enough I suppose. Good luck with your ambitious plans.

Said enough of nothing, yes you've said enough  

[flound1129]

4. Cryptocoin mining should be as distributed as possible, these mega-multi-pools only cause trouble by creating mass spikes of supply where its not wanted and the market no longer needs it.

Irony much?

What irony?

It's not important, carry on...

[Mike270]

Hi,

I see a fundamental Problem in the current goldcoin solution: The target time of gldcoin 2mins, and it now does not allow more than 5 blocks in 10 mins.
Diff keeps declining so far that it is negligible.
Essentially, right now we just have a race for the one to first find a block after the 10mins are up.
Also, with the Client accepting blocks that are up to 45 secs into the future, he who sets his machine 45secs into the future(by manipulating GetAdjustedTime() for instance)  probably wins this race, even with only 1-2 decent GPUs mining.
Sorry, but this solution isn't.

Kind regards
Mike

[zirt]

Hello,
Do you know which alt currency provides the best security against attacks such as 51% attack? Unfortunately I am newbie and I don't understand yet all this discussion.
I am looking for this because I think it will be war if a day an e-currency is very high.
And some governments have unlimited power and money...!
Thanks

[BCNext]

Nxt does.

[greatuser]

PEERCOIN is shielded from 51% attack, and it encourages decentralization by giving minting incentives. It does not consume much electricity too because it uses a genius Proof of Stake system. (No one will be motivated to kill the network if they have 51% of the stake in it. It will be stupid to stab himself.)
Their design has successfully slowed down the blockchain size increase to 0.6GB after 5 years, compared to 110 GB for bitcoin.
Read the discussion here for more info on Peercoin:
https://talk.peercoin.net/t/suggestion-for-better-ppc-better-system-for-reward-less-transaction-fee-when-trading-one-that-will-make-ppc-better-than-bitcoin-for-sure/4504/6

Why risk our hard-earned money to some chance that 51% attack may/may not happen?
Everytime it happens, bitcoin value will drop, and we will lose value. Every time we have to move our money in and out of the bitcoin because of our fear. The financial brokers love to see that because every time we move our money, they get a percentage of our money. The implication of 51% attack is bad. Values will be lost over and over again. In the end we will be slaves to the biggest financial institutions: the banks.