Using Discreet Log Contracts To Attack Bitcoin Forks
Currently, various factors disincentivize attacks of minority chains; DLCs might create a workaround that returns the incentive to these attacks.Currently, there are many blockchains with miniscule amounts of hash power compared with Bitcoin’s, and yet, they rarely see attacks. I believe that this is because of external factors that prevent miners from taking advantage of this potential revenue stream. Discreet Log Contracts (DLCs) are a method to mitigate these external factors so that miners have the ability to attack minority blockchains. The Problem If one wanted to attack a minority....
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Discussing Discreet Log Contracts, a type of smart contract that can be leveraged for many financial instruments on Bitcoin.
Under sustained attack, Ethereum has announced two hard forks to rectify the issue. Ethereum is still in trouble, the much-celebrated blockchain platform has been suffering from a sustained attack for weeks now. Under attack, the cryptocurrency based smart contracts platform is now looking at not one but two consecutive hard forks. According to a recent announcement on Ethereum’s official blog, these “very crafty” attackers have been uncovering one vulnerability after another in Ethereum client implementations and protocol specifications to hinder the performance of the network. The attack....
Discreet log contracts even the odds for peer-to-peer sports betting on Bitcoin. Bettors have a fairer chance when sportsbooks lose their advantage.
Bitcoin Core, an “open source software project that is a direct descendant of the original Bitcoin implementation”, released a statement late last week on its website. The main focus was how Bitcoin consensus rules were changed, which is typically through soft forks and hard forks. Hard forks and soft forks do virtually the same thing, so Bitcoin Core argues that soft forks are to be preferred as they do not cause the amount of harm on the Bitcoin network as a hard fork can potentially do since users can choose to upgrade to new features when they want to, or remain or the current Bitcoin....
Ethereum Classic is all set to get a hard fork of its own soon to counter the sustained DOS attack. Ethereum Classic is on its way to get a hard fork in the next two days. Ethereum recently split into two blockchains following a hard fork introduced by the Ethereum development team a few months ago. The hard fork resulted in two versions — Ethereum (ETH) and Ethereum Classic (ETC). While Ethereum continued to operate on the new fork, a portion of the cryptocurrency community decided to continue with the original Ethereum blockchain, calling it Ethereum Classic. Ethereum recently came under....