NEO Blockchain Transaction Fees Solution to Spam Boils down to Priority
NEO Plans To Solve Spam Attack Problem
As with many breaking stories in the world of cryptocurrencies, social media has been the first to reveal yet another major news item relating to NEO.
A Reddit post a few days ago outlined that there have been several claims and reports of spam attacks on the NEO blockchain, but that the blockchain’s developers have offered a potential solution to the problem. While news runs quick and fake news is prevalent on Reddit, this particular story continues to turn heads among the security-minded professions on the blockchain.
The original post came from Wingchan91, a Redditor and developer who goes by the name @wy when on GitHub. A part of the esteemed HappyNodes developer project, Wingchan91 commented that the spam attacks plaguing the NEO blockchain have been fixed by adding a prioritization precedent for transactions that have associated fees.
Additionally, he commented that the network is supposed to improve in functionality very soon, likely in the coming days and weeks. This is good news for participants in the NEO blockchain, as the spam attacks have been a major cause for concern for many.
A Spam Sector Problem
The NEO blockchain has been searching for a way to respond to the spam problem for a while now. According to most analysis, the spam attacks are enabled by the fact that NEO doesn’t have any mandatory transaction fees associated with transactions on the blockchain. While this is certainly a major selling point that continues to draw people to the technology, it could also foster a unique susceptibility to concerted spamming efforts.
This is exactly what happened. In the current system, the spam attacks originate from a single address, which distributes a very, very small fragment of GAS to thousands of separate wallet addresses.
Then, each of these addresses will send back these tiny fragments to the account from which they originated. Naturally, this caused congestion on the system, taking up valuable space and computational power. It only takes one malicious attacker to take advantage and harm the entire NEO community, according to Wingchan91.
Transaction Fees To Solve Spam
In response to this major threat to the legitimacy of the NEO blockchain, developers have simply added a very insignificant transaction fee to each exchange on the network. As it stands today, the price per transaction is so small that it shouldn’t bother most legitimate traders on the network, hovering in the fractions of a United States cent. But for a spammer who is conducting tens of thousands of different transactions continually, the fee would be debilitating.
Additionally, users who are concerned about this new introduction of fees on the NEO network should remember that each user is able to conduct 500 free transactions. Though this new system will prioritize the fee transactions over the free ones, users will still be able to trade without fees for a relatively significant amount of time.
This new solution is simple, but it seems to be an effective way to prevent this method of spam from continuing to negatively effect the NEO blockchain network. Moving forward, the community will likely continue to probe into the security and anti-spam measures being implemented by developers on the network.