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Leicester

๐Ÿ‘ค Speaker
729 total appearances
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Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

It's usually pretty quick because it's outbound, but they have an acknowledgement and that shows up in your wallet and then you're done.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

And then yours, if you were to look at that transaction hash, you'll see on the actual scan, you'll see that there's a number of confirmations that keeps happening.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

So it just keeps happening over time.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

And this all goes to the integrity of the process.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

in certain of these to make all this happen, to actually create the so-called network, to enable everything I just described, you have nodes.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

The nodes are the heart and soul of what make the thing run in simple form.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

And there's always multiple of them.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

Part of the problem I would argue with nodes is, and this lends to the Sybil attack,

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

Part of the problem and the flaw with nodes is the assumption that everybody has the best of intentions.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

As with any network, if your underlying servers, your routers, your computers, if you have a malicious actor powering this thing, it affects the network and drops its security and creates vulnerabilities.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

Now with something like blockchain,

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

It's not like it could infect your computer or any of that because it's not running locally on your device, generally speaking.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

But what it could do is it could compromise the value of your assets.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

If you connect your, your wallet to a D app that's been compromised, or that is attached to a node that is compromised or is attached itself to the chain, but the chain has been compromised at a point, then your assets could be drained.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

So depending on where that compromise is happening,

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

Your wallet could be affected.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

You, the physical, you would not be, but your assets, your stored assets could be recently.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

I talked about Monero and the 51% attack.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

The 51% attack is a type of Sybil attack.

Crypto Talk Radio: Basic Cryptonomics
Leicester on Sybil Attacks in Crypto

It simply means that an operator, a node operator is able to control at least 51% or more of the entirety of the network.