Blockchain is an immutable and permanent record. It is a database that only allows writing. You can not modify or delete any of it, just add, and all this with consensus. Hence, it is considered as a maximum security leader.
In the words of Marc Andreessen, creator of Netscape and partner of one of the most important Venture Capital funds in Silicon Valley: “A chain of blocks is essentially just a record, a ledger of digital events that is” distributed “or shared between many different parts. “
It can only be updated based on the consensus of the majority of system participants and, once introduced, the information can never be erased. The Bitcoin blockchain contains an accurate and verifiable record of all the transactions that have been made in its history.
Why so sure?
In this way, security is an essential feature for all Blockchain. Satoshi Nakamoto, in the Bitcoin White Paper, explained that “the system is safe as honest nodes collectively control more processing power (CPU) than any group of cooperating attackers”. In this way, Bitcoin, by adding the largest processing power collectively controlled among all distributed accounting platforms, is emerging as the safest Blockchain in the ecosystem.
Recently, malicious miners attacked Bitcoin Gold, Verge and ZenCash, taking control of their networks and forcing other miners to double spend by imposing a chain of blocks that has been secretly mined to propagate, in such a way that a minibifurcation is created that invalidates previous transactions.
Meanwhile Bitcoin, the original Blockchain and therefore the oldest, has not been attacked under this type of modality, despite the fact that the condition for executing them is different. In the last 24 hours, three mining pools concentrate more than 50% of processing power (BTC.com with 23.4%, SlushPool with 14.8% and ViaBTC with 12.4%), of which only one of they are close to the percentage required for a block retention attack (BTC.com). However, attacking this Blockchain does not seem so easy or viable.
Currently, the highest processing rate is that of Bitcoin, with a hashrate of 35,683 PH / s for June 9, which has been increasing rapidly during the last weeks. Although its behavior has been high and low, it has also been rare when another Blockchain has reached its processing power, although Bitcoin Cash did it at some point with the alternative migration of miners between both networks due to the fluctuation Temporal in the value of the rewards for mining in the early times of existence of this altcoin that arose from a Bitcoin bifurcation.
In this sense, the processing power of Bitcoin is much greater than that of other Blockchain. Some of them also operate with the same SHA-256 mining algorithm or use the same ASIC hardware. Therefore, a miner who holds a fraction of the processing power in Bitcoin could take control of another Blockchain that mine with SHA-256, and thus execute 51% attacks or block retention. This reality encourages attacking smaller Blockchain instead of attacking Bitcoin.
An external attack against Bitcoin is practically impossible to execute, since it would require approximately 2,300 million dollars between electricity and mining equipment, while in the smaller Blockchain, these attacks would be more economical.
In this way, you could imagine that anyone with a lot of money will be able to buy a more powerful equipment and connect it to the network. In this way you will be the first to solve the next riddle and the other three nodes will have to accept your version of the last transactions made, including some false transaction that benefits you fraudulently.
This scenario is technically possible, but a similar activity has not yet been detected in the Bitcoin network (or any other known network) because there are other factors that imply negative consequences (loss of money) for those who try to carry out the attack. For example:
Evidence: In a similar case, for the community of the Bitcoin network it will be very easy to detect and verify that a modification in the actual course of the money has been carried out successfully and this would surely end in a bifurcation of the network. People would simply stop using that network and start using a new version of the Blockchain, in which the fraudulent registry is not included. Leaving the money of the thief, in a network that no one uses anymore.
Panic: Even if a bifurcation is not made, many people will start selling their Bitcoins because there is a fear of having their money in a network that seems to be insecure. This means that the market will have great supply and little demand, lowering the price of Bitcoin. Stolen Bitcoins will also begin to devalue, leaving the attacker who spent a considerable amount of money on the most powerful computer in the network with losses.
Identity: In the Bitcoin network, all addresses registered in the Blockchain are public domain. The whole community would find out which is the address that has a balance that does not belong to it. With the rapid spread of news on the Internet, this information would be in the hands of everyone in a matter of minutes and no one would want to buy Bitcoins from that address. The exchange companies would surely put her on the blacklist. I would be isolated.
From all these arguments it is clear that Bitcoin is not only the first of all block chains, nor is it only the one leading the market and the most adopted, but it is also the one that emerges as the most robust before this type of attacks.
Bitcoin has proven to be, until now, a secure system beyond having a centralized mining to some extent and from a certain point of view, guaranteeing the legitimacy of Blockchain as a trusted financial technology and destined to revolutionize finances. Bitcoin concentrates the largest collective processing power of all Blockchain, representing miners who have demonstrated their honesty and commitment to technology for almost ten years. In this way, Bitcoin appears as the safest Blockchain against internal or external attacks, presenting itself as the safest of all the Blockchain, responsible for protecting the history of Blockchain and its legitimacy as a technology.
Therefore, it can be considered at present as the leading technology in security in the Bitcoin ecosystem, allowing greater confidence in its investors.
Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and / or services. This press release is for informational purposes information does not constitute investment advice or an offer to invest.