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Popular Types of Blockchain Attacks
Several types of attacks can target blockchains, aiming to exploit vulnerabilities in the consensus mechanisms, network, or cryptographic protocols. Below is an overview of the most common and significant attacks that occur in blockchain environments: 1. 51% Attack (Majority Attack) 2. Sybil Attack 3. Double-Spend Attack 4. Eclipse Attack 5. DDoS Attack (Distributed Denial of…
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Network Time Protocol (NTP)
Network Time Protocol (NTP) is a protocol used to synchronize the clocks of computers and devices across a network. It ensures that the system clocks of multiple machines, regardless of geographic location, remain in sync with each other. This is critical for many applications, such as logging events, coordinating processes, or ensuring security mechanisms function…
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Shor’s Algorithm
Shor’s Algorithm is a quantum algorithm developed by mathematician Peter Shor in 1994 that efficiently solves two important problems in number theory: integer factorization and discrete logarithms. These problems form the basis of the security of many widely used cryptographic systems, such as RSA (for encryption) and Elliptic Curve Cryptography (ECC). On a sufficiently powerful…
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The Blockchain Trilemma
The Blockchain Trilemma refers to a concept in blockchain development that suggests there is a trade-off between three key properties: decentralization, scalability, and security. According to this trilemma, it is challenging for a blockchain to fully optimize all three of these properties simultaneously. Instead, developers often have to make compromises and prioritize two at the…
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Quantum-safe Algorithms
Quantum-safe algorithms (also known as post-quantum cryptographic algorithms) are cryptographic algorithms designed to be secure against attacks by quantum computers. These algorithms aim to protect data from the potential threats posed by the powerful computational abilities of quantum computers, which could break many of the cryptographic systems used today. Quantum computers leverage the principles of…
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Hash-Based Encryption Algorithms
A hash-based encryption algorithm refers to a cryptographic technique that uses hash functions in conjunction with encryption processes. While hash functions themselves do not perform encryption (since they are one-way functions), they are often used as part of encryption systems to ensure data integrity, verify identities, or create cryptographic keys. In cryptography, hash functions are…
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Vote-Based Consensus Method
A vote-based consensus method is a type of consensus algorithm used in distributed systems or blockchains, where nodes in the network participate by voting to agree on a common decision. Each node has a “vote” that it casts in favor of a particular block or transaction, and the network reaches consensus when a certain number…
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Practical Byzantine Fault Tolerance (PBFT)
Byzantine Fault Tolerance (BFT) Byzantine Fault Tolerance (BFT) is a property of distributed systems that allows them to reach consensus even if some participants (nodes) are acting maliciously or failing to function properly. This concept is derived from the Byzantine Generals Problem, which illustrates the challenge of achieving agreement among participants when some may send…
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Hot & Cold Storage
Hot storage and cold storage are terms used to describe different methods of storing cryptocurrencies, primarily based on whether the wallet is connected to the internet or not. Each has different security implications, with hot storage being more convenient but potentially riskier, and cold storage being much more secure but less accessible. Hot Storage Hot…
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Non-Custodial Wallet
A non-custodial wallet is a type of cryptocurrency wallet where the user has full control over their private keys and, therefore, complete ownership of their funds. Unlike a custodial wallet, where a third party holds and manages the private keys (such as an exchange or service provider), a non-custodial wallet puts the responsibility of security…
