The Multichain Technology is a platform that helps users with setting up specific Private Blockchains that can be utilized by the associations for monetary exchanges and other tools. A straightforward API and a CLI are what Multichain gives us, that assists with preserving and setting up the chain. Multichain solves the related problems of mining cost and eliminates the risk associated with openness through integrated management of user permissions by providing the privacy and control required.
Multichain is built with a comprehensive set of features that include permission management, native assets, data streams and simple per-chain configuration. These high-end features help enterprise applications in terms of scalability, confidentiality, integration and compliance.
RubiX Network provides its user multilevel security protection over any other blockchain that is currently in the market. There are multiple threats the current blockchain system is facing now, mostly due to the limitation in consensus algorithms they follow and also due to lack of support they provide for wallets where users store their tokens/coins.
Multichain is built with a comprehensive set of features that include permission management, native assets, data streams and simple per-chain configuration. These high-end features help enterprise applications in terms of scalability, confidentiality, integration and compliance.
RubiX Network provides its user multilevel security protection over any other blockchain that is currently in the market. There are multiple threats the current blockchain system is facing now, mostly due to the limitation in consensus algorithms they follow and also due to lack of support they provide for wallets where users store their tokens/coins.
RubiX avoids both of this issue by having a consensus algorithm called Proof-of-Pledge where validators in the network have to pledge their stake before validate and sign a transaction, validating an malicious token will cause the validator to lose their token which they pledged for validation, peers who have enough token in their wallet will only be able validate a transaction. RubiX network picks these validators or quorum randomly thus peers with most tokens are not the one always picked to validate a transaction in the network unlike other competitors do thus providing an actual decentralized and non-monopoly in validation.
The possibility of 51% attack is avoided as to perform a 51% attack in RubiX network the number of token that the user have to pledge will be enormous in count which causes a huge hole on the pocket for whomever planning an attack, thus a 51% attack is very much expensive in Rubix network and is not worth for the forged coins after the attack.
For readers who are not aware of this attack, 51% hashrate attack Also known as the majority attack, an attack on a blockchain network by a malicious miner who gains control of over 50 percent of the network’s hashrate. Taking over a blockchain network allows the bad actors to reverse transactions, halt payments, or prevent new transactions from confirming, which allows the bad actors to enable double-spending that impede and creates free money from the network and can be sold for other cryptocurrency or trade it for cash.To engage in double spending, the attacker will deposit coins on an exchange and into a personal wallet.
Once the exchange is accepted the deposited coin, the attacker will launder them for any cryptocurrency, which they then withdraw to personal wallet, the attacker continues this until the network’s developers realize that the network is under attack, inform exchanges to mitigate the attack and find a fix for the problem, 51 percent attacks should only be deployed on proof-of-work cryptocurrencies, i.e. on those blockchain networks that require miners to compute complex mathematical calculations to confirm transactions and to secure the network.
It’s quite hard to conduct 51% attack as the computation is required to acquire more than 50% of the network which is quite an impossible task, but we have seen it worked on bigger altcoin like the attack(in 2018). Verge(VXG) have been attacked like thrice, On April 4 2018, the Verge network faced it first attack, where a malicious miner was able to mine blocks with spoofed timestamps to trick into the network making it think it was mined an hour ago onto the blockchain while the next mined block was added to the network immediately. This allowed the attacker to mine one block per second and accumulate a reported 250,000 XVG.On May 22 2018, the Verge blockchain was hit with the same attack, which resulted in hackers being able to mine 25 blocks per minute, generating 8250 VXG (worth around $920) per minute. The total cost of the attack was 35 million XVG ($1.7 million). A suspected third attack on the Verge network was discovered on May 29, which suggests that the Verge developer team was never able to fully plug its vulnerability and that its mining network is not distributed enough to fend off future 51 percent attacks.
Bitcoin Gold was also attacked which allowed a malicious miner to disappear with $18.6 million. After the attacker managed to gain over 50 percent of BTG’s hashrate, they sent coins to an exchange while simultaneously sending the same coins to their personal wallet. Normally, the blockchain would prevent this from happening. However, as the attacker had control over the blockchain, they were able to reverse the transaction and double spend the coins, which led to the affected exchange losing almost $18.6 million during the attack. Following the attack Bittrex has planned to delist BitCoin Gold by mid-september 2018.While Bittrex has blamed BTG’s Proof-of-Work consensus as a factor that led to the double-spending attack, Bitcoin Gold claimed that their team “is not responsible for security policy within private entities like Bittrex,” adding that the exchanges “must manage the related risks and are ultimately responsible for their own security. With that, BTG developers acknowledged the risks taken by their own blockchain, subsequently posting an upcoming hard fork upgrade plan.The $18 million hack is not the first successful attack associated with the Bitcoin Gold cryptocurrency. In late 2017, a fake BTG wallet stole private keys worth $3.3 million in crypto. At press time, Bitcoin Gold market share amounts to $373 million, and the coin is trading at around $21.70 and ranked 30th by market cap, according to CoinMarketData data. Bitcoin Gold (BTG) counterattack of Jan/Feb2020, Vertcoin(VTC) faced a similar 51% attack in December 2019, Expanse (EXP) and litecoin(LCC) too faced the same attack in July 2019.
Phishing is another major threat we see in blockchain or any coins itself, almost everyone will be familiar with the term of phishing and there wouldn’t be anyone who hasn’t ever got any phishing mail. The general explanation on phishing is that it is a cybercrime in which a target or targets are contacted by email, telephone or text message by someone posing as a legitimate institution to lure individuals into providing sensitive data such as personally identifiable information, banking and credit card details, and passwords. The information is then used to access important accounts and can result in identity theft and financial loss.
80% of phishing attacks on crypto are based on wallet mimic one such example is that of Iota cryptocurrency where victims lost $4 million in a phishing scam that lasted several months. The attacker registered iotaseed.io, providing a working seed generator for an Iota wallet. The service worked as advertised and enabled victims to successfully create and use their wallets as expected, providing a false sense of security and trust. The attacker then waited, patiently taking advantage of the building trust. For six months, the attacker collected logs, which included secret seeds, and then began the attack. In January, using the information previously stolen, the attacker transferred all funds from the victims’ wallets.
Unlike other networks RubiX has its own wallet which any user can setup in their machine and the whole code is available as open-source so that anyone can update and increase the level of security they want providing maximum customization and control over their wallet which limit the possibility of wallet mimic, users are not limited to RubiX wallet they can use 3rd party wallet or add support to existing wallet just by following provided API in their github repo.
Sounds interesting right? To know more about the project and want to be part of the network, here is the link to their offical github repo
To install RubiX node on your local click on this link