Bitcoin 51% attack is unrealistic, new study concludes
A Bitcoin 51% attack would be futile for attackers as it would require “significant expenditure” and “little financial returns,” according to a new study, which concluded that Bitcoin is secure. An electrical engineering professor at the Indian Institute of Technology in Bombay has published a new research paper titled "The Security of the Bitcoin Protocol".
The study, sponsored by Singapore based Zebpay, evaluated the vulnerability of the Bitcoin network to a 51% attack & examined the security framework of the Bitcoin network under 3 main points of inquiry:
*Stealing Bitcoin
*Tampering with confirmed and unconfirmed transactions
*The ease of disrupting the normal operations of the network protocol
Notably, the study did say a large “hostile nation-state” could theoretically succeed in a 51% attack. Zebpay CEO Ajeet Khurana said “This paper underlines the security of this revolutionary protocol at a time of wider cryptocurrency adoption. Zebpay... enabled this in-depth research that is a source of empowerment and education for the entire ecosystem including blockchain developers, governments, think tanks, academics, regulators, law enforcement, researchers, students and finance professionals."
The study, sponsored by Singapore based Zebpay, evaluated the vulnerability of the Bitcoin network to a 51% attack & examined the security framework of the Bitcoin network under 3 main points of inquiry:
*Stealing Bitcoin
*Tampering with confirmed and unconfirmed transactions
*The ease of disrupting the normal operations of the network protocol
Notably, the study did say a large “hostile nation-state” could theoretically succeed in a 51% attack. Zebpay CEO Ajeet Khurana said “This paper underlines the security of this revolutionary protocol at a time of wider cryptocurrency adoption. Zebpay... enabled this in-depth research that is a source of empowerment and education for the entire ecosystem including blockchain developers, governments, think tanks, academics, regulators, law enforcement, researchers, students and finance professionals."
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