Bitcoin's Security Model: A Deep Dive
This blog post about the security of Bitcoin is from Coindesk which is a news website with the best news on Bitcoin, blockchain and other cryptocurrencies. The most important thing people need to consider when discussing about consensus mechanisms of cryptocurrencies is the security model involved in keeping the ledger’s historical data.
These security models have been designed to prevent theoretical attacks from external forces but it is reasonable to know how these models actually work. There are 2 consequential parts for every model, these are; Assumptions and Guarantees. They both act interdependently in such a way that if the assumptions are true, then guarantees shouldn’t be a problem.
The blog post talks about different things readers should be interested in when learning about security models for cryptocurrencies especially Bitcoin. The post has been divided into different sections which talks about different security systems, some of them include;
1. Thermodynamic Security: Talks about a transaction completed but needs a reversal by an attacker with a substantial amount of energy involved. There are equations and calculations to support this information on the site.
2. Sybil Resistance: Impossibility with an attacker to create dishonest peers that provide wrong info in order to attack a single node.
3. Real-time consensus: A network-wide consensus when the node is at the peak of the blockchain.
There are other things you will learn on the site if you read carefully.
- Expository and easy to read
- Uses social media platform to share this information with other crypto users.
- Important links have been added as text.
- Too much information may reduce comprehensiveness.