(Time)Stamping Out The #Competition in #Ethereum

source: https://medium.com/@aviv.yaish/uncle-maker-time-stamping-out-the-competition-in-ethereum-d27c1cb62fef

Thus, a #miner who wishes to replace the last block on the #blockchain, can do so by #mining a new #block of its own which has a #timestamp which is low enough to increase the block’s mining difficulty. This can be useful, for example, in cases where this last block has high paying transactions, or in order to double-spend a transaction contained within the block. Another possibility is for an attacker to preemptively mine blocks with such false timestamps, in order to make sure they win in case of ties with other blocks which might be mined concurrently, or which might’ve been mined in the recent past but haven’t reached the attacker yet.

#scam #fail #software #attack #cybercrime #problem #money #finance #security #problem #news #bug #vulnerability