Is Delayed Proof of Work the Answer to 51% Attacks? [INTERVIEW]

Earlier in October, an ethical hacker who goes by the handle GeoCold on Twitter announced the live-streaming of a 51% attack.

The plan was to gain control of the network and expose vulnerabilities that exist in conventional proof-of-work blockchains which allow for double-spending attacks.

GeoCold switched the coin he attacked to Bitcoin Private after discovering Einsteinium's use of a security protocol called Komodo, which utilizes delayed proof of work to verify the correct chain.

"To put it really briefly, Komodo has a network of 64 community-elected nodes that notarize a blockhash onto the Bitcoin ledger every ten minutes. This creates a checkpoint, so to speak, and any transactions that have occurred prior to that notarization are protected with the power of the BTC network. The process takes place every 10 minutes so potential attackers don't have enough time to launch a successful attack."

In order to gain control over a network using dPoW, a hacker would have to fork a blockchain, mine enough blocks to convince the system it was the correct one, reintroduce that chain to the network they were attacking, then double-spend the currency they were attacking through an exchange in under ten minutes.

Between verifications, chains using dPoW have a conventional level of security, but the checkpoint hashes written to the Bitcoin network would need an immense amount of power to overcome, due to its high amount of hashing power.

Instances like GeoCold's attempt to stream an altcoin attack highlight ways that ethical hackers and the blockchain community can work hand in hand to advance the technology.

When I asked Pigeon what he thought of GeoCold's efforts, he said, "We welcome it with open arms, actually." The publicity around GeoCold's planned attack brought attention both to the vulnerabilities in conventional, small proof of work blockchains and the possible benefits of dPoW. Komodo's developers appreciated the spotlight.

GeoCold's planned attack on Bitcoin Private was cut off when two streaming platforms shut him down, but in an interview on the podcast The Bull Pen., he said he was able to "Do everything but hit the button." He thinks people have too much confidence that some chains can't be hacked, leaning on assurances from before people could rent hashing power from sites like Nicehash.

After raising money via donations, he planned to attack both Bitcoin Private and Einsteinium for a side-by-side security contrast.