Komodo Boosts Its New Proof of Work Security Mechanism with Delayed Notarizations
Komodo Has Boosted the Security of Its Proof of Work Mechanism
Komodo is a scalable and independent blockchain-powered platform that offers end-to-end infrastructure. It recently announced that it had boosted the security of the Proof of Work mechanism, which makes it possible to verify the security of any transaction.
Adjustments to the code have been made so that crypto exchanges are able to integrate the double-spend prevention without any major tweaks to the code. If an exchange monitors confirmations from Komodo daemon before approving the transaction, this feature will be easy to use. Komodo utilizes the delayed proof of work mechanism. This mechanism relies on the large hash rate of Bitcoin to protect small PoW networks from a 51% attack.
About The dPoW Confirmation
On some exchanges, the wait time is about 120 confirmations before KMD coins are traded. On others, the wait time is just 30. With this new feature, it will be possible to confirm a transaction by simply waiting for the confirmation to return a value larger than 1. They can then release the funds fast while preventing double spending. This will work for all networks built on Komodo.
There are also plans to add this feature to external networks that use the dPoW mechanisms. Thus far, only three other projects use the dPoW protection. These are GAME Credits, Bitcoin Hush, and Einsteinium. The Komodo team claims others are in the process of adopting dPoW.
The output will create one of three results; 0, 1 or a value larger than 1. Each of these values represents a different status of security. If the return is 0, then the transaction has not been confirmed. If the return is 1, the transaction is confirmed but has yet to be notarized to the BTC network using dPoW. If the value is larger than 1, it has been confirmed and notarized. This means that this transaction has BTC-level security protection.
The feature will make it easy to tell when a transaction has a high level of security. This will confirm that dPoW is aware and it will not go above 1 until notarization on the BTC network takes place. This system comes with a slight delay. However, it is worth it since it ensures that each transaction is immutable.
On October 7, a user on Reddit asked if anyone would be interested in watching him attempt a 51% attack on the testnet. This post got over 1.5K upvotes. His motives did not appear to have any malice; rather, he wanted to educate the masses. Initially, he was going to attack the Bitcoin testnet. However, he later switched to Einsteinium’s mainnet.
Later on, it became obvious to the Reddit user that Einsteinium used the Komodo security. As a result, the users decided to avoid EMC2 and went after another PoW blockchain whose hashrate was low.
This shows that Komodo’s security is powerful. Despite announcing to the public that he would attack the mainnet, the hacker backed off once he realized it was Komodo-level security in place. In fact, it is showed that the network is so powerful that it deters hackers from even thinking about it.