Blockchain isn’t as decentralized as you think: Defense agency report

June 22, 2022 Jeannine Cruz

The report aims to examine whether blockchains consisting of Bitcoin and Ethereum are genuinely decentralized, though the report appeared to focus mostly on Bitcoin. Among its crucial findings, the security firm found that outdated Bitcoin nodes, unencrypted blockchain mining swimming pools and a bulk of unencrypted Bitcoin network traffic traversing over just a minimal number of ISPs could leave space for various actors to garner excessive, centralized control over the network.Bitcoin nodesThe report stated that a subnetwork of Bitcoin nodes is mostly accountable for reaching agreement and interacting with miners and that a “vast majority of nodes do not meaningfully contribute to the health of the network.” It also found that 21% of Bitcoin nodes are running an older version of the Bitcoin Core client, which is known to have vulnerability issues such as consensus errors.

The report intends to examine whether blockchains consisting of Bitcoin and Ethereum are truly decentralized, though the report appeared to focus mostly on Bitcoin. Amongst its crucial findings, the security company discovered that outdated Bitcoin nodes, unencrypted blockchain mining swimming pools and a majority of unencrypted Bitcoin network traffic traversing over only a minimal number of ISPs might leave room for different stars to amass excessive, central control over the network.Bitcoin nodesThe report specified that a subnetwork of Bitcoin nodes is mainly accountable for reaching consensus and interacting with miners and that a “vast bulk of nodes do not meaningfully contribute to the health of the network.” It likewise discovered that 21% of Bitcoin nodes are running an older version of the Bitcoin Core customer, which is known to have vulnerability concerns such as agreement errors.

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Jeannine Cruz

Jeannine Cruz– Earnings I am known as Jeannine Cruz, I am a writer and an industrialist by profession. My age is 32 years. My aim is to gather the attention of the targeted audience without being boring and unexciting. I like to utilize the free time in writing my views and thoughts for my book lovers or readers. My most preferred articles are usually about finance and business; however, I have written various topics in my articles. I do not have a specific genre. I get very creative when I have to express myself, I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.