A member of MIT Digital Currency initiative James Lovejoy claimed that PoW attacks might not always be evident despite the public nature of blockchain. He made these claims while speaking at the Unitize digital conference panel.
Lovejoy was of the opinion that Blockchains do not always show the attacks in the first instance. “You need an active observer to be monitoring the network to check whether or not an attack occurs,” he said.
Lovejoy build up a tracker
Lovejoy had stitched a blockchain recorganisation tracker for his DCI Master’s thesis. It examines at least 51 per cent of the attacks he enlisted during the panel discussion.
According to a report in CoinTelegraph, he described the viability of such reorganizations across assets in the crypto space, given those assets’ various hash rates, the costs associated with attacks, and other factors.
People might face effect
By the time the market discovers foul play on a blockchain without a tracker, people may already have suffered effects. “Up until now we’ve been reliant on victims to tell us about whether they’ve been attacked,” Lovejoy said.
“As you can imagine, if this results in insolvency or a loss of user funds, victims are often not super interested in revealing when an attack has taken place,” he added. Lovejoy also detailed a plethora of other pertinent information and findings during the panel.