51% attack is not dangerous? About the MIT decision
It is difficult to imagine a more important branch of the crypto industry than digital security. The safety of the cryptocurrency guarantees safe, efficient interaction with your own account. However, today even the most popular coins are subject to serious vulnerabilities. Due to the use of the Blockchain built on the Proof of Work algorithm, Bitcoin and other market leaders may be exposed to a 51% attack. We have described this type of hacking a coin many times in previous articles. Then we said that this is a dangerous and effective way to spoil the cryptocurrency. Previously, similar attacks have been launched against large alternatives to Bitcoin. But now the threat of 51% has been overcome. Next, we will talk about the development of MIT, which should neutralize the possibility of carrying out this attack in the modern cryptoindustry.
Who is behind the development?
First of all, it is necessary to discuss the creators of the breakthrough solution. Today, developers of various levels, from amateurs to certified professionals, are undertaking the creation of solutions for the cryptoindustry. Including representatives of the Massachusetts Institute of Technology. Researchers and analysts at MIT have come to the conclusion that by using monitoring of running mining pools, as well as sites for renting capacity, it will be possible to prevent the possibility of a 51% attack. Of course, the method is still experimental in nature, but it is quite applicable in the modern market. Some skeptics believe that MIT’s development is not a solution to the problem. Maybe. It is really impossible to rewrite the Blockchain, so developers are forced to create solutions that circumvent and prevent the use of potential vulnerabilities in internal protocols.
MIT representatives emphasize the effectiveness of their own method. The creators of the analytical solution believe that it is better to prevent an attack. By showing hackers that their actions can be easily detected, large companies will strengthen the security of the crypto industry. The technology, the details of which we will discuss in the next section, is already planned to be introduced into trading platforms where mining equipment is leased. These marketplaces are very popular today because they help to save money on purchasing your own equipment. It is from such sites that hackers gain enough power to launch an attack, so it is logical that such platforms should be protected first. Let’s take a look at exactly how protection against a potential 51% attack occurs.
How MIT Technology Works
As already mentioned, the tool works to anticipate and prevent attacks. That is why the technical solution is based on a reliable proxy server. The equipment connects to the pools and starts analyzing their work. The task is to identify an unjustified increase in power, which may be a sign of an impending 51% attack. The researchers claim that their technology accurately detects block mismatches, as well as other parameters informing the preparation of an attack. At the moment, the solution is tentatively called Pool Detective. The tool is to be finalized, updated and maintained. In the future, for example, it is possible to create a system that will be delivered as a computer program. Everyone will be able to protect themselves and their savings from a 51% attack. This is a bright future, and it starts today.
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