Selfish Mining Attack

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Hello friends, good to have you back here. Welcome to my blog. Trust you're keeping well. I hope you're getting value from my post? Please feel free to always share your thoughts in the comment section.

Today we would be looking at another Interesting topic I've titled "Selfish Mining Attack". It might sound new to many of us here but as usual I will do my best to simplify this lesson, making it very comprehensive even to a complete novice. So guys let's get into it right away.

Introduction

Mining in the Blockchain system has been one of the foremost and the oldest way of keeping the chain running as miners work their fingers to the bone looking for how to solve some complex mathematical problem in order to mine a new block successfully and then get rewarded for it.

This successfully mined block is then broadcasted across the network.This is suppose to be the order for coordination on the blockchain but sadly there are some malicious folks who always seek to take advantage of any loop hole they spot and this is what gave birth to our topic of discussion,

Selfish Miners, miners that are literally out for their personal interest. Let's get to explore this topic and have a comprehensive knowledge of who these folks are, how they go about their selfish act and what they aim to achieve with it...let's get right into it guys!

What is selfish Mining Attack

Selfish Mining Attack is a dubious manipulation carried out by crypto miners or group of miners to intentionally alter the Blockchain mining process for their selfish interest. It's an attempt to get an undue advantage over other miners on the blockchain network.

They do this by refusing to announce the successful mining of a new block across the network which leaves other ignorant and unsuspecting miner with no choice than to continue mining.The information is withheld deliberately for their malicious intentions.

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Their aim is to continue to mine on their parallel /private hidden blocks which they've successfully mined so that it gets to increase or grow longer as more blocks are added to the chain.

Of course you know the rules, the longest blockchain becomes the authentic version of truth upon which subsequent block will be mined. This very act of theirs have already created a parallel chain which is unknown to other miners on the network until the plot is successfully carried out.

These bad actors know that disrupting the free flow and transparency of the Blockchain network, would give them that opportunity to successfully carry out this attack from start to finish.

The goal of selfish Mining attack

These selfish Miners already have their plan spelt out and it all for their selfish interest. Do not forget that it's not just an individual, two or more people could team up to attempt this plot and of course when it turns out successfully,they go home with the their rewards.

The first goal is to get their unhealthy reward from their hidden, parallel Blockchain which they would love to push till it gets bigger than the old public chain because as at this time, they already have their hidden private chain where they are carrying out their mining activities.

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If the chain outgrows the original, it is adopted as the true version chain and then subsequent block are mined on it which means they get all the rewards without going through the normal procedure of competing for who successfully mines a block...their dubious shortcut already paid out.

What happens to those who were mining innocently and ignorantly on the old chain, since they do not know new block have been mined somewhere...smiles. What they have mine would be rejected and then their reward will be gone. This then means they have wasted their time, resources and energy because of these selfish Miners.

Another malicious goal of these guys is the ultimate goal to highjack the Blockchain. If they could gain over 51% control over the blockchain then they could manipulate it completely. What started with selfish Miners of two or three could increase into many folks especially neutral miners who stumbles upon this idea and love it.

It's actually realistic but it possibility would depend on the Blockchain network where it's would be carried out. It would be a difficult successfully attempt this on the Bitcoin network.

Ways to prevent Selfish Mining Attack

• Randomization Technique: The word "Random" suggest something not specific or certain. Now in a case where we have different fork, I mean different true version of Blockchain on the networks including the ones that were deliberately created by these selfish miners, to clip their wing, we have to adopt an approach that leaves miners with the choice to choose which Blockchain they want to mine on rather than subjected to continue on the usual model of the longest chain which could have been achieved by these selfish miners.

• Timestamping: The need for this cannot be overemphasized, trust me it would solve a lot of headache on the Blockchain. When timestamp is assigned to every successfully mined block, it would be difficult to hide them only to reveal them at a later date for y
one's selfish gain because as at the time of that revelation, it would be seen that the block is stale when compared to the present.

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This means that the block would be rejected and the reward of these selfish folk would be gone...which serves them right. Real miners who followed due process would not have to lost their reward nor waste their resources because of this foul play by these miners.

Bottom Line

I believe by now we know what an a spear Selfish Mining Attack is and it negative contributions to the smooth running of a Blockchain network. I trust you've gotten so much from this piece. As my usual custom is, I would always encourage that you DYOR to be sure of every financial step you would want to take as I won't be liable for any form of loss encountered by you.

Feel free to share with me your thoughts in the comment section. Thanks for your time once again. Gracias!

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^{Disclaimer: This post is made as an education and not investment advice. Digital asset prices are subject to change. All forms of crypto investment have a high risk. I am not a financial advisor, before jumping to any conclusions in this matter please do your own research and consult a financial advisor.}

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Regards
@lhorgic♥️

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