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About blockchain security

Posted: December 17th, 2017, 9:19 am
by michDo
The Bitcoin network is based on the blockchain technology: the distributed ledger provides great security and independence from an authorized center.
Is the blockchain technology perfect and provides the highest level of security? What do you think about the blockchain technology?
Bonus question: what will the data networks of the future look like?

Re: About blockchain security

Posted: February 16th, 2018, 11:37 am
by Drosan
I think the main problem of blockchain storage is data verification. PoW takes too much energy, PoS is far from perfect at large scale, PoI is still experimental.

Re: About blockchain security

Posted: April 5th, 2018, 10:32 am
by jitenrajput
Though blockchain is considered secured, there is one problem where “Lie becomes Truth”. Also known as 51% problem.
If a large group or an organization holds majority of the network mining power, their decision to approve or disapprove a transaction plays a major in its verification. They can enable double spending of their money.
It isn’t 100% anonymous. If your public address is known to someone, they can view the transactions with the address and calculate the balance.

Re: About blockchain security

Posted: July 24th, 2018, 11:17 am
by JerryPlayer
There is a problem because if blockchain is scalable, it is less secure and conversely. I already heard about projects like Nebula Network - decentralized storage cloud, where this problem seems to be solved. There is a emission mechanism tied to the supply in form of computational power and disc space.