Topic: Can a blockchain system be destroyed? - page 6. (Read 1041 times)
If I put it this way, can bitcoin be destroyed? then I can say NO. Blockchain technology is not the mainstream technology that can be altered or destroyed. If it can, I believe hackers would have tried long time to disrupt cryptocurrency.
Decentralized medium cannot be controlled by anyone with the power, government or anyone. I see many people misunderstood the marketplace value and blockchain system in one hand comparision these are really need to check with the security side alone.
If you do then you will not get the doubt says blockchain destroyed.
If you do then you will not get the doubt says blockchain destroyed.
I'm sure that BTC is very secure and it's difficult to destroy it. In my opinion only powerful hackers can make problems and destroy it. But there are few chances
Well there are a few ways to destroy a blockchain. One of the ways is through double attack, where more than 51% of the hash power is controlled by a single person and he uses it maliciously to reject or accept blocks he wants.
A blockchain technology cannot be destroyed.It is decentralized and no one has control over it. Thus no matter how much anyone tried to, they can never be able to tamper with the system
Can a blockchain system be destroyed?
Right, just like Bitcoin Gold had someone execute a 50% attack recently and steal $17 million in BTC...
It's not magic. The system has its attack vectors as well.
Can a blockchain system be destroyed?
Blochain system are very stronger in this situation so we cannot destroy the system very easy why I'm saying this it had a lot of uses so they cannot make any losses for blockchain technology I hope Bitcoin will be the world currency soon.
Destroyed, how so? There are only a few types of destruction I can see for blockchain-powered systems, and probably the most damaging one would be destroying its integrity by means of tampering the chain, or the 51% attack that most people are aware of. Due to the nature of this attack, any record that a blockchain keeps up to a certain event, until a 'split' occurs in the network, is credible and trusty, but when a certain group reaches 51% control of the network, they will have the power to write whatever they want on the end of the chain and possibly rejecting whatever is submitted to them to be a part of a chain. When people find out about such an event, they will lose trust in the chain and eventually, in the system. There's also the Sybil attack in which a single entity can present themselves as multiple ones, potentially damaging the integrity of the chain by 'taking' data or 'adding' data that is meant to be done by a single entity. Because of this, a single entity creating multiple identities in order to submit his piece on the chain might cause problems in the future if people find it out in the future. Luckily though, most blockchain-powered systems by then would be centralized, and these scenarios I talked about usually happens in a P2P decentralized systems which are prone to such attacks since anyone can join in the party.
If you have control over 50% of the nodes then it can be hacked. But Blockchain is not centralized. The ledger is distributed across nodes all over the world. So practically it is impossible to hack blockchain. But I've heard that a quantum computer may hack the blockchain system. I have to study it more in order to understand the quantum computing process.
Blockchain can not be hacked but it can be 51% attack, you can not hack blocks itself but you can control the validation of blocks which means you can upload cheating blocks against the chain and double spend ect.. .. As for quantum computer they can not do anything to blocks but they are related to wallets and hacking ( private keys ) .
If you have control over 50% of the nodes then it can be hacked.
doesnt need 50% of nodes.
august 1st proved that the protocol can change without 95% of miner support and without 50% of node support.
simply mandating a date that blocks will be rejected on august 1st was enough to change the protocol even when pools did not even update their software. they were blindly told all they had to do was change a 'message' in a version number to act like compliance. and bam. the network changed even though the network was not at the time using the new rules.
for instance after 2 years of promoting segwit. and 10 months since the mandated date. BTCC pool is stil too afraid to put its block reward on segwit keys
https://blockchain.info/block/000000000000000000213def61fb6432460b24ac109f6c8c7276b3efab31c251
The blockchain is like a sneak with many heads. More than in tales that you read when you were younger.
I won't say it is impossible, but you would need a lot to do accomplish such thing.
I won't say it is impossible, but you would need a lot to do accomplish such thing.
A blockchain technology cannot be destroyed.It is decentralized and no one has control over it. Thus no matter how much anyone tried to, they can never be able to tamper with the system
Can a blockchain system be destroyed?
The only way i can see a blockchain being destroyed is if all mining stopped for long enough
for peoples computers to be so old they are replaced and that blockchain is long forgotten or
if the internet was permanently shut down.
Even if mining temporarily stopped as soon as it starts again block creation will resume from
where it stopped.
for peoples computers to be so old they are replaced and that blockchain is long forgotten or
if the internet was permanently shut down.
Even if mining temporarily stopped as soon as it starts again block creation will resume from
where it stopped.
Blockchain system can be destroyed? I think it is not! it is like a malware now infected all computers around the world and the only one thing that can stop it is the internet, if internet will shutdown then the blockchain also and that's not gonna happen.
Well there are a few ways to destroy a blockchain. One of the ways is through double attack, where more than 51% of the hash power is controlled by a single person and he uses it maliciously to reject or accept blocks he wants. Then there is the fear of quantum computers breaking the crypto.
How do you really mean by destroyed? Are you talking of hacking? Off course that is very possible but for destruction of blockchain and its data uttered, I don't think so.
If you ask for my oppinion, I think for bitcoin to gain global accpetance a few regulations has to be implemented by different governments. The government have always seen bitcoins has a threat to the global financial system, so therefore they won't rest until they succeed in regulating it.
A few "regulations" put forward by governments should be implemented in bitcoin?
This should not happen and will not happen.
Its a decentralized system where the ledger is distributed across the nodes around the world. If anyone want to hack the system he need to get access to the master nodes of the ledger but practically it is impossible.
The blockchain is an immutable database with many nodes. If someone wants to destroy the blockchain based system, he has to destroy all master node other than that it could be recovered from other remaining nodes. If some want to manipulate data in blockchain base system in as he wants, he wants a very powerful node that powerful than all power of the all other nodes.
I think it is practically impossible to destroy blockchain. If you cut out all the power supply from the world the miners wont be able to generate new blocks in the chain but the meshes will remain same. It will not function but still will be live.
If you ask for my oppinion, I think for bitcoin to gain global accpetance a few regulations has to be implemented by different governments. The government have always seen bitcoins has a threat to the global financial system, so therefore they won't rest until they succeed in regulating it.
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