Blockchain was invented in order to minimize security threat that has been facing the digital system. However, blockchain too are vulnerable to attack showing that there are still some security challenges accompanying this new technology. There have been different reports of coin or token been hacked; different crypto mining attacks on different blockchains have risen since the invention especially in year 2018. Hackers has launched a number of successful attacks on blockchain in the past, which tells that there is need to tide up the security state of blockchain.
WHY SECURITY OF BLOCKCHAIN MUST BE A TOP PRIORITY?
One of the reasons why security of blockchain need to be increase is because a successful attack on the technology will reduced trust in the blockchain, affects the price of cryptocurrency, decreased the zeal of future investment in the project. Therefore, every blockchain project must take security as number one priority if they want to play safe.
TYPES OF ATTACKS ON BLOCKCHAIN
There are many attacks on blockchain but the known vulnerabilities of cryptocurrencies is the 51% double-spend attack and it is a catastrophic event in blockchain project. The 51% attack occurs when malicious hackers gain control of more than 50% of a blockchain network’s hashrate, forcefully make the rest of the network to erase their transactions i.e they use their majority power to spend coins or tokens more than once and then sell the counterfeit currency for profit.
HOW DO THEY ATTACK
The attacker gains control of a simple majority of a blockchain’s network, begins to secretly mine blocks on an alternate blockchain and transfers a sum of coins or tokens native to the blockchain he is attacking and continues to mine blocks on the private chain as fast as possible, announces the fraudulent chain to the rest of the nodes on the network and finally forced the network to conform to the chain on which his transaction from step three never took place, he is free to spend those funds again. The attacker sends the funds a second time, swaps for other coins, and then liquidates them.
This kind of attack mostly affects blockchains using a Proof of Work consensus mechanism.
SOLUTION
There are many security services in crypto sphere, but Komodo’s unique delayed Proof of Work (dPoW) security services has what it takes to protect blockchain and can help to prevent a successful 51% attack on any chain. The Komodo techniques will change it from Proof of Work (PoW) to delayed Proof of Work (dPoW).
SUQA PARTNERSHIP WITH KOMODO
The point that most Proof-of-Work blockchains are vulnerable to attack,
SUQA will partner with KOMODO to prevent 51% attacks in order to guaranteed security of its chain which will solve the challenges of future security of the blockchains. The SUQA partnership with KOMODO will prevent 51% Attacks 100% and transform from Power of Power to delay Power of Work to guarantee their chain from future attacks. So, SUQA Foundation sole aims of partnering with Komodo platform is to utilize a unique security mechanism to protect its own blockchain; using the hashpower of the Bitcoin network to protect the SUQA blockchain by storing backups of the SUQA blockchain into the Bitcoin ledger.
This idea is very cogent because there have been a lot of successful 51% Attacks within 2018 & 2019. Statistics shows there has been 10 successful 51% attacks over the last 10 months, adding up to more than $23 Million in losses.
The Komodo Platform’s delayed Proof of Work (dPoW) security mechanism protects chains with the power of the Bitcoin hash rate. The delay Power of Work mechanism takes a snapshot of every chain employing Komodo’s Blockchain Security Service, records the balance of every address for each and every chain and the snapshot is written into a block on the main KMD chain. Next step is that the delay Power of Work mechanism takes a snapshot of the KMD chain, which contains the snapshots of all the chains employing Komodo’s security services and makes a record of the balance in each address. Finally, all of this information is saved onto a block in the bitcoin blockchain. This process occurs every ten minutes and once it takes place, a hacker would need to overpower the bitcoin network before altering the backups.
This process occurs every ten minutes, making an attack to take place is impractically small. There shows that there won’t be enough time between notarizations to launch a successful 51% attack.
IN CONCLUSION
This is the best security measure to take and we must commend SUQA for this achievement. Imaging a situation whereas before someone could launch a successful attack SUQA blockchain, the attacker needs to an hashrate that is above 51% the Bitcoin network which is impossible to achieve.
The partnership with komodo is to restore the SUQA blockchain from any form of attack. The idea will not only add values to SUQA blockchain alone, but will bring more trust to blockchain technology for many to adopt.
OFFICIAL LINK OF SUQA
WEBSITE: https://suqa.org/
DISCORD: https://discord.gg/BvgTkd2
WHITEPAPER: https://suqa.org/file/2018/10/suqa-whitepaper.pdf
ANN Thread: https://bitcointalk.org/index.php?topic=5038269.0
FACEBOOK: https://facebook.com/SUQAFoundation
TWITTER: https://twitter.com/SUQAfoundation
TELEGRAM: https://t.me/Suqafoundation
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