Blockchain System That Uses Reputation to Help Prevent 51% Hacks
By Tyler Smith – Cryptocurrency Expert
A brand new blockchain system is being introduced by RepuCoin to fight off 51% attacks on computer systems. RepuCoin is bringing us ‘reputation’ in which attacking computer systems become more costly by a thousand-fold what it would take to compromise transactions for buying and selling Bitcoin.
This concept was incepted at the University of Luxembourg’s Interdisciplinary Centre for Security, Reliability, and Trust and has shown monumental promise for several sectors worldwide including energy, healthcare, financial technology (FinTech), food supply chains and upcoming 5G telecommunications networks.
Reputation Vs Bitcoin Proof-of-Work (PoW)
A big advantage of blockchain systems like Bitcoin is that data changes are analysed by an entire network before they are approved meaning they can either transact, buy or sell Bitcoin. This way, blockchain users don’t need to trust a single authority to handle their money.
But in order for this to be done, the computational power of a miner must be equated by existing systems to be able to mine new blocks with voting power. Then it can be decided which transaction blocks are to be incorporated to the ledger.
However, this creates a serious problem. By the time a miner gets 50% control of a system’s computational power, they control the voting power, thereby disallowing a system to be decentralized. As such, the miner can prevent blocks by other miners, reject chosen transactions from being included and replace pre-existing blocks or reversing a transaction to sell crypto.
So, to solve this matter RepuCoin tallies a miners’ ‘reputation,’ which is their voting power. What differentiates this from social reputation is that it accumulates honest and consistent mining over a long time, much like a credit rating.
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