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IOTA to Prevent Sybil Attacks on Its Chain Using Mana-Based System

ByBit
  • Yuri Molchan
    📰 News

    The IOTA team plans to introduce a new system of using mana for the prevention of so-called Sybil attacks against its network

IOTA to Prevent Sybil Attacks on Its Chain Using Mana-Based System
Cover image via www.123rf.com
Contents

The name of Sybil attacks originates from the name of Sybil Dorsett, a US artist, who suffered from dissociative identity disorder and was known to have 16 different identities.

A sort of a hackers’ attack when cyber criminals emulate multiple identities, therefore, is called a Sybil attack. Now the IOTA Foundation has found a way of preventing them.

A new way of preventing Sybil attacks

The term was introduces by John Douceur, a researcher from Microsoft as he suggested that the emulation of multiple identities can also happen in blockchain systems.

On the IOTA chain, a distributed computing environment consists of nodes. Identities on IOTA are assigned to those nodes to give them votes or allow access to the network. Thus, nodes on IOTA become vulnerable to Sybil attacks.

Previously, IT engineers stood up to those using resource testing, which implied using either the proof-of-work consensus mechanism or the proof-of-stake one. Now, the Coordicide team has introduced a new tool – mana.

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A shadow of IOTA tokens

The scheme shown in the Medium article shows that mana is a shadow of tokens which get moved between points A and B by a certain node. The node that transfers the tokens is liable to obtain an amount of mana equal to the number of tokens in the transaction.

Mana cannot be traded and it is linked to the nodes, whose ‘shadow’ it is. It can be used in several ways: consensus protocol, auto peering and rate control.

More details can be found in the Mana whitepaper provided by the Coordicide team.

Mana will soon be introduced on GoShimmer.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX

ByBit
  • Alex Dovbnya
    📰 News

    A massive amount of long positions gets liquidated on the BitMEX exchange after the Bitcoin price tanked all the way down to $7,350

Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

$179.3 mln worth of longs has been liquidated on BitMEX, the leading derivatives exchange, after the Bitcoin price shockingly dropped to $7,350 (compared to spot exchanges where BTC didn't go below $7,500). Considering that the average leverage is 25x, Bitcoin bulls collectively netted a loss of around $6.4 mln.         

One of the top traders on BitMEX, who felt "long and strong" at the $8,000 level, most probably regrets his recent tweet.     

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This string of bloody-red candles opens a possibility for a further drop to below $7,000, which has been the pipe dream of Bitcoin bears ever since the BTC price blasted past this level back in May.   

At the time of writing, the top coin by market capitalization is sitting at $7,581 with no sings of buying pressure, CoinStats data shows.  

Trader "The Wolf of Wall Street" says that the retail interest in Bitcoin has been slowing down in November (based on the number of addresses with balances less than 0.1 BTC). Hence, it is unlikely that the average Joe will start FOMOing in anytime soon.      

Dutch analyst "Plan B" didn't cave in to bearish sentiment. He says that the positive difficulty adjustment prevented the much-feared miner capitulation, and the BTC price could increase from that point. 

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As reported by U.Today, the Bitcoin price could still nose-dive by 40 percent based on the BitMEX funding rate

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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