September 18, 2020

Bitcoin blockchain attacked, PoW algorithm proved reliable

Bitcoin blockchain attacked, PoW algorithm proved reliable

Today, on Twitter, one of the users wrote that someone tried to transfer yesterday In the Bitcoin blockchain, a block with one "0". So he tried to trick the PoW protocol (Proof-of-Work).

“#Bitcoin is attacked: someone tried twice to transfer incorrect blocks that start only from scratch ...

Glad my node immediately rejected this joker! ”

The message says that an error has been detectedin a user node built on the Raspberry Pi and using a 500 GB SD card as storage so that there are no problems using it 24/7.

Bitcoin Blockchain Uses ConsistentPoW protocol (Proof-of-Work). This protocol is used to find a line of code that starts with a few zeros, around 19: these zeros reflect the complexity of the calculation and, as a consequence, the security of the transaction.

If a bitcoin transaction has only one 0 oreven a couple, as in this case, we can easily conclude that it took a little time to calculate the hash, and therefore there is a 99% chance that it was an attempt to attack bitcoin and push through an incorrect transaction.

Fortunately, the transaction was rejected by the specifiednode. This is a good example of how Bitcoin (BTC) and the PoW (Proof-of-Work) protocol proved to be resistant to any type of attack, even differing from the most famous 51% attack.