| Title | Effective Scheme against 51% Attack on Proof-of-Work Blockchain with History Weighted Information |
| Publication Type | Conference Paper |
| Year of Publication | 2019 |
| Authors | Yang, Xinle, Chen, Yang, Chen, Xiaohu |
| Conference Name | 2019 IEEE International Conference on Blockchain (Blockchain) |
| Keywords | 51% Attack, blockchain, blockchain security, blockchain systems, cryptocurrencies, cryptographic protocols, cryptography, data mining, Double spending attack, double-spending attack, double-spending problems, hash power, History, history weighted information, mining, Peer-to-peer computing, PoW blockchains, proof-of-work blockchain, Protocols, pubcrawl, Resiliency, Scalability, security of data, Switches |
| Abstract | Proof-of-Work (PoW) is a popular protocol used in Blockchain systems to resolve double-spending problems. However, if an attacker has access to calculation hash power greater than half of the total hash power, this attacker can create a double-spending attack or 51% attack. The cost of creating a 51% attack is surprisingly low if hash power is abundantly available. That posts a great threat to lots of PoW blockchains. We propose a technique to combine history weighted information of miners with the total calculation difficulty to alleviate the 51% attack problem. Analysis indicates that with the new technique, the cost of a traditional attack is increased by two orders of magnitude. |
| DOI | 10.1109/Blockchain.2019.00041 |
| Citation Key | yang_effective_2019 |
Effective Scheme against 51% Attack on Proof-of-Work Blockchain with History Weighted Information