James Lovejoy of the MIT Digital Currency Initiative (DCI) spoke at a Unitize Digital conference panel about proof-of-work or PoW attacks, saying the 51% attack might not be obvious, despite the public nature the blockchain.
Blockchains don’t always show 51% attacks at a glance, Lovejoy explained on the panel on July 9th.. “An active observer is required to monitor the network and to check whether an attack is taking place or not,” he said.
Lovejoy has a blockchain reorganization tracker
For his DCI master’s thesis, Lovejoy created a blockchain reorganization tracker or reorganization tracker that investigates 51% of the attacks, as he explained in detail in the panel.
The expert explained that recent research shows this 51% of the attacks are more plausible than previously thought. He described the feasibility of such reorganizations between assets in the crypto space given the different hash rates of these assets, the costs associated with the attacks, and other factors.
Victims receive the first hit from an attack
By the time the market detects a bad game in a blockchain without a tracker, people may have already suffered the effects. “So far we have relied on the victims to tell us if they were attacked,” said Lovejoy.
“As you can imagine, victims are often not very interested in uncovering when an attack occurred when it resulted in bankruptcy or loss of user resources.” added. Lovejoy also explained a number of other relevant information and findings during the panel.
Several 51% attacks have occurred in recent years, plaguing projects like Ethereum Classic and Bitcoin Gold, whose behavior is as infamous as it is impossible.