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IOTA Vulnerability: Large Weight Attack Performed in a Network

Vries, L.J.W. de (2019) IOTA Vulnerability: Large Weight Attack Performed in a Network.

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Abstract:IOTA is a public distributed ledger based on a Directed Acyclic Graph called the Tangle. It does not use blocks and a chain like usually used in cryptocurrencies, and con- sequently, no miners are needed. It has multiple advan- tages above other blockchains (Bitcoin), amongst others, it is more scalable and performing a transaction involves no costs apart from some computation power. This makes the IOTA revolutionary but there are also known vulnerabili- ties. One of these vulnerabilities is a large weight attack. In this attack, the attacker performs two fraudulent trans- actions in which its money is spent twice. One transaction will be validated by the network and the double spending transaction normally will not. However, the attacker just tries to validate this transaction by himself by creating a lot of transactions confirming the double spending trans- action. The goal of this research is to demonstrate this attack in a real network and to determine in which sce- narios a large weight attack can be successful.
Item Type:Essay (Bachelor)
Faculty:EEMCS: Electrical Engineering, Mathematics and Computer Science
Subject:54 computer science
Programme:Computer Science BSc (56964)
Link to this item:http://purl.utwente.nl/essays/77602
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