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How to Attack Proof of Stake Chains

Learn, Security

Bitcoin uses Proof of Work () to secure its blockchain and prevent double spending. PoW protocols deliberately “waste” electricity to make it economically and physically impossible to attack the chain.

Newer coins such as use Proof of Stake () to secure their chains – this is good because it does not “waste” electricity but it allows costless attacks. Therefore the only is the efficiency of the code. This is a concern when state actors with huge computing power and massive human resources could decide to attack a chain.

Evangelos Deirmentzogloue gives a good introduction to attacks on PoS in this Medium post.

Author

James Bayley

Ex-physicist, professional project manager and cryptocurrency enthusiast.

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