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As I understand it, the problem with IOTA is that — in order to execute an attack — attackers just need to verify more transactions than all honest participants
by runeks 9y ago
As I understand it, the problem with IOTA is that — in order to execute an attack — attackers just need to verify more transactions than all honest participants combined.
So, in other words, honest participants have no incentive to verify more transactions than required (because they don’t profit from it) while attackers have an incentive to verify more transactions, in order to successfully double spend.
- sandGorgon 9y agoAnd to deal with this problem, they have "trusted supernodes", with a promise to turn them off when the network is self sustaining. It introduces a high degree of centralisation - and we don't know the how network shapes up as a consequence. And the second problem is obviously the unaudited,"quantum resistant" function.
- kbwt 9y ago> And the second problem is obviously the unaudited,"quantum resistant" function. Don't forget the ternary SHA-3.
- runeks 9y ago> And to deal with this problem, they have "trusted supernodes", with a promise to turn them off when the network is self sustaining. I don’t see how the network can ever become self-sustaining if attackers only need to create more transactions than everyone else combined. Sure, as usage increases, the number of transactions an attacker would need to produce increases as well, but so does the attacker’s potential reward — since there will be more IOTA users against which he can double spend.
- seanwilson 9y agoCould an attacker not create lots of transactions between wallets they own so the attacker is given more transactions to verify as well?
- Zarath 9y agoYes, but I think what parent was pointing out was that an honest network user has no reason to do so.
- seanwilson 9y agoYes, but attackers being able to create transactions that they themselves can verify would make the situation even worse. What defence does IOTA have against this? It seems an obvious exploit.