Cryptos very vulnerable to something we don’t want!
Cryptos are vulnerable because they don’t appear to be so decentralized at all. This emerges from a study.
The report points to a handful of ‘unintended centralities’. It states that blockchain power can be concentrated in the hands of a few select individuals or groups. Researchers at the research firm Gonzo Pentagon have some reservations about the blockchain technology underlying Web3.
Cryptos vulnerable
There is a newly released report commissioned by the Defense Advanced Research Project (DARPA) titled “Are Blockchains Decentralized?”. It lists key vulnerabilities that could potentially compromise the supposed “decentralized” ethos of blockchain technology.
The report, conducted in conjunction with research firm Trail of Bits, specifically points to a handful of “unintended centralities.” The authors of which claim they could potentially concentrate blockchain power. Which could put this in the hands of a few select individuals or groups. Those unintended centralities range from powerful new cryptocurrency miners to aging computers vulnerable to attack. To a select cohort of Internet service providers responsible for handling Bitcoin traffic.
Weakness
Notably, the authors discover no exploits or weaknesses of blockchain’s acclaimed cryptography. They have actually been described as “fairly robust”. Instead, they dig up problems by “undermining the properties of a blockchain’s implementations”.
“We believe that the risks inherent in blockchains and cryptocurrencies have been poorly described. And this has often been ignored – or even mocked – by those seeking to cash in on this decade’s gold rush.” The authors said in a statement.
According to the report, nearly two-thirds (60%) of all Bitcoin traffic in the past five years has been handled through just three ISPs. In addition, about half of all Bitcoin traffic is reportedly redirected through Tor. As Trail of Bits CEO Dan Guido said in an interview with NPR, those providers could potentially have the opportunity to “rewrite history.” This by limiting certain transactions and preventing Bitcoin from changing hands altogether.
