Blockchain technology has revolutionized the way we approach security in the digital world. Jumbochain, a blockchain platform that offers a range of innovative features, is no exception to this.
Jumbochain’s decentralized architecture and immutable ledger provide its customers with a high level of security. In this article, we will look at some of the unique security aspects that make Jumbochain a safe platform for both enterprises and people.
Understanding the security aspects of Jumbochain will help you make informed decisions about your digital assets, whether you are new to blockchain technology or a seasoned user.
Security Risks in Blockchain Ecosystem
The blockchain faces two major security threats: Byzantine Fault Default and Cartelization. Let us see Byzantine Fault Default.
Byzantine Fault is a circumstance in which some nodes in a network display random and contradicting behavior, potentially resulting in network failure. A Byzantine Fault can happen in a blockchain when some nodes in the network act maliciously or can’t do their jobs. This makes the network unstable or breaks it down.
A Byzantine Fault can jeopardize the integrity and security of a blockchain network by causing several versions of the blockchain to be created, resulting in double-spending, data discrepancies, and other sorts of assaults.
Cartelization occurs when a group of persons or organizations work together to influence a market or industry to their advantage. Cartelization in blockchain can jeopardize the network’s decentralization and security.
One of the most important characteristics of blockchain technology is its decentralized structure, so no single entity controls the network. But, if a cartel gains control of a large amount of the network’s computer power, they may manipulate the blockchain to their advantage.
Censoring transactions or even overturning previously confirmed transactions are examples of this type of transactions.
A cartel could utilize its authority to influence the blockchain’s consensus mechanism, such as proof of work or proof of stake, to ensure that only cartel members can validate transactions and gain rewards. This would jeopardize the network’s security and fairness and could lead to centralization.
Let’s talk about Jumbochain’s unique characteristics and how the highest level of security is guaranteed.
They automatically cycle the participating nodes out of the pool and select new nodes every 15 minutes. This eliminates the risk of cartelization because the participating nodes cannot predict which validator node would be chosen because of Extreme randomization that occurs automatically.
Jumbochain has adopted Merkle Tree along with the concept of Dynamic Sharding to maintain the integrity of the data on the chain.
What is the Merkle Tree approach?
A Merkle tree, which is also called a hash tree, is a type of data structure used in computer science and cryptography to quickly check the integrity and authenticity of large amounts of data.
It is made by hashing pairs of data (or hashes of data) over and over again until a single root hash is made, which is a representation of the complete set of data. Each level of the tree is made by hashing together two hashes from the level below it, until the hash at the top is reached.
The resulting tree has the property that if the data is changed, the root hash will also change. This makes it possible to find and find out who changed the original data. Merkle trees can check the integrity of large data sets in systems with many nodes, like blockchain networks, because of this.
What is Dynamic Sharding?
Dynamic shading in blockchain is adjusting the level of access or visibility of specific data or transactions on a blockchain network. It allows users to control who can view and access their data and transactions, based on various criteria such as permission levels, geographical location, or time of access.
This feature is useful in situations where users want to protect sensitive data or transactions from unauthorized access, while still allowing selective access to specific parties. Dynamic sharding can be achieved through various techniques, such as encryption, permissioned blockchains, and smart contracts, among others.
Jumbochain gives protection from various kinds of attacks like Sybil attack, Eclipse Attack, Long range attacks on PoS, Cartelization.
Protection From Sybil Attack
In blockchain, a Sybil attack is a type of attack in which a single entity creates multiple fake identities or nodes in a network and uses them to take control of the network. They created a lot of fake accounts that all appeared to be real and independent but were actually controlled by a single person or group.
The goal of a Sybil attack is to take control of a blockchain network by taking over a large amount of the network’s computing power or voting power. By taking control of multiple nodes, an attacker can change the way the network decides, which lets them do bad things or stop good things from happening.
Jumbochain rotates the verifier nodes from a pool of nodes. Reducing the chance of hackers to take control of the fifty percent nodes of the chain which are picked for a transaction approval.
Protection from Eclipse Attack
In blockchain, an Eclipse attack is a type of attack where an attacker isolates a victim node by controlling all of its incoming and outgoing connections to the network. The goal of the attacker is to prevent the victim node from receiving valid transactions or blocks from other nodes in the network, effectively cutting it off from the rest of the network.
Once the victim node is isolated, the attacker can manipulate the information received by the victim node, such as by sending it invalid transactions or blocks, or by withholding valid ones. This can lead to a variety of undesirable outcomes, such as double-spending, transaction censorship, or even a complete breakdown of the network’s consensus mechanism.
Jumbochain uses the verification process when a validator node is chosen. It gave the node that wants to join the validator pool a form.
Parameters are used to choose even the nodes that will be in charge of validating a transaction. They will also put the node to sleep after some time. This will make it much harder for someone to break into the network node.
Protection from Long range attack on PoS networks
A Long Range Attack takes advantage of the fact that the stakers’ identities are tied to their private keys, which can be reused even after a long period of inactivity or after switching to a different blockchain.
The attacker can get an old copy of the blockchain and use it to create a new fork of the network, to achieve a majority stake in the network and carry out fraudulent transactions.
This type of attack is possible because PoS networks do not rely on a fixed block height for determining the main chain, as in Proof-of-Work (PoW) networks.
Instead, PoS networks rely on the longest chain of blocks that has been validated by most stakers. This makes it possible for an attacker with a large stake to create a new fork in the network and overtake the main chain.
Jumbochain, in its consensus mechanism, uses PoS just as one parameter in combination with other parameters, such as elapsed time and utilization.
This kind of attack happens when two or more nodes agree to validate a transaction that isn’t correct. In its consensus mechanism,
Jumbochain changes the validator nodes after a set amount of time. This makes cartelization less likely.
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