Stephen Downes

Knowledge, Learning, Community

One of my colleagues, Andriy Drozdyuk, has been saying all along that there is only one real blockchain, Bitcoin, because the innovation is as much social as it is technical. It is the investment and number of distinct users that makes it secure, not the technology. The recent Ethereum Classic hack may be proving him right. In this hack, bad actors took over more than half of the nodes and then began to write 'double spend' transactions, effectively defrauding the system. Ths is th sort of attack blockchain technology - though not necessarily Bitcoin - is vulnerable to. A lesson worth noting.

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Stephen Downes Stephen Downes, Casselman, Canada
stephen@downes.ca

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Copyright 2021
Last Updated: Mar 30, 2021 10:49 p.m.