Attack analysis – the simple parasite chain
Note: This blog post is intended for a reader with a basic understanding of the Tangle. In particular, we heavily rely on concepts like a random walk in the Tangle, a cumulative weight (and how it affects random walk), an α parameter and a parasite chain attack. We recommend reading the IOTA Whitepaper first (especially section 4), click here. It is also recommended to read Alon Gal’s blog post on the α parameter.
The problem: double spend
IOTA, unlike first-generation distributed ledgers, is not based on a blockchain, but rather on a directed acyclic graph (DAG). This novel architecture brings numerous advantages. The most emphasized of which are scalability and no mining fees. However, with a new approach to managing the ledger comes the fundamental question of security of the new solution. In this blog post, we partially answer this question, by providing a brief introduction…
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