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Head Of Lightning Labs Predicts Rapid Increase Of 51% Attack Cases

22:00 24/09/2018

Elizabeth Stark, CEO of the American project Lightning Labs, has suggested that fraud cases using a double-spend scheme will increase next year, Forklog reports.


51% attack occurs when more than a half of the blockchain network is captured by hackers in order to fully control, change, or damage it for the reuse of digital assets. Such operations are expensive for Bitcoin and Ethereum blockchains, and the cost of the 51% attack on altcoins is lower by orders of magnitude.


Elizabeth Stark, CEO of the Lightning Labs


Source: lightning.engineering


During the conference Baltic Honeybadger 2018 in Latvia, Stark stated that she hoped to implement the Schnorr scheme in the digital currency protocol. In order to avoid double-spending, copying or falsification of a digital file, they often use a blind signature system.


In this case of verification, the signer imposes a cipher on the file contents, then the sender decodes it. Stark expects that the Schnorr signatures will be implemented into the Bitcoin protocol in the near future. The security of this authentication scheme is based on the hard-to-compute functions of discrete logarithms.


Source: lightning.engineering


The head of the project assumes that soon more customers of their platform will start using the Lightning Network and a payment protocol for bitcoin via smartphones.

As previously reported, Hanwha Insurance, a South Korean company, offers crypto exchanges insurance services against hacking.

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