Many of us know about cryptocurrencies and how to invest in them. However, very few have an understanding of the technology and real-world behavior associated with it. Cyber attacks and hacks can impact supply and demand, acceptance and usage, efficiency, infrastructure development, price stability, and market valuation.
Blockchains can withstand traditional cyber attacks quite well, but hackers are developing new methods for attacking blockchain technology. Let’s have a look at the most common attack vectors on the blockchain.
Attacks on the Blockchain
A blockchain network is made up of nodes that validate transactions and provide other services. These attacks took advantage of the process by which transactions are added to the blockchain’s distributed ledger. They exploit vulnerabilities in the working of nodes or miners.
DDos Attack
In computing, a Distributed Denial-of-Service (DDOS) attack is one in which an attacker attempts to make a network resource inaccessible to its users. It is executed by flooding the network with a large number of requests to overload the system. It is an attack that may affect any internet service, not only blockchains.
In the context of blockchains, DDoS attacks target the protocol layer, with transaction flooding being the most dangerous to blockchains. Attackers can launch DDoS attacks from within the blockchain ecosystem. A DDOS attack is far more difficult to counter since it requires distinguishing between legitimate and fraudulent requests.
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