Ethereum: threat landscape – understanding of 51% attack
The Ethereum network is based on a decentralized, open source blockchain, which allows anyone with a valid node or customer to participate in the validation process of transactions and new blocks. However, this decentralization has significant vulnerabilities, including the possibility that the attacker controls more than half of all computing capacity known as “51% hash power”.
In this article, we will go into what the attacker can do with 51% hash power and what they cannot, given the hypothetical scenario in which the organization X has given such control for one week.
What is 51% hash power?
Ethereum’s evidence of work consensus algorithm is created new blocks to deal with complex mathematical equations. The first miners to solve these equations is to create a new block and add it to the blockchain, earning the transaction fees and the barely chisel ether (ETH). In the blocking process, miners compete to control about 50% of the network computing power known as “hash speed”. This means that the attacker has to control at least 1.5 million mining platforms for 51% of Hash power.
What can an attacker with 51% hash power do?
With significant computing power and control over the network, the attacker with 51% hash power can:
* To prevent or delay the creation of blocks : By controlling the majority of network computing power, the attacker can manipulate the block validation process by preventing or delaying new blocks that are added to the blockchain.
* Stealing business fees and ether : The attacker can use their control over hash speed to steal a significant part of the transaction fee, as well as all the barely chiseled ETH.
* Modify smart contract behavior : With 51% mixer, the attacker could potentially manipulate a decentralized application (DAPP) behavior based on Ethereum by changing the terms of the contract or logic.
* Control the network consensus mechanism
: The attacker can hijack the network consensus process, allowing them to set their own rules and decisions.
What can’t be done by an attacker with 51% hash strength?
While the attacker with 51% hash power could potentially take these actions, there are several reasons why such actions would be highly undesirable:
* Network Integrity : The manipulation of the network consensus mechanism or theft of transaction fees would probably cause a significant reduction in network confidence and integrity.
* System Instability
: An attempt to prevent or delay locking, modify smart contract behavior, or controlling the network consensus mechanism can lead to system instability, possibly leading to constant harm or even the collapse of the network.
* Regulatory Test : The attacker with 51% faucet may attract considerable regulatory attention, potentially causing severe penalties and reputation damage.
Conclusion
The concept of the attacker, which has 51% of Hash power, is a major concern in the Ethereum ecosystem. While the attacker could potentially manipulate the network’s consensus mechanism or steal transaction fees, such actions are not only highly undesirable, but also potentially catastrophic networks and its users.
As the Ethereum community continues to develop and improve, it is important that we prioritize the decentralization, security and transparency of our architecture. This includes maintaining a healthy computing power balance between all network nodes, ensuring that the mechanism of consensus is still durable and secure, and promotes best practices for safe DAPP development and testing.
In conclusion, although the attacker with 51% of the faucet poses a major threat to the Ethereum ecosystem, it is important to focus on this topic and focus on the development of responsible and safe practices.