IMO, the Steem attack is without doubt the most important event in the history of blockchains, yet most people have forgotten. I won't go into details, but here's what I learned:
1) Token distribution is critical in proof-of-stake networks - attack could have been avoided
1/4
1) Token distribution is critical in proof-of-stake networks - attack could have been avoided
1/4
2) All stake in CEXs is compromised and can be used for coordinate attacks
3) Inclusive accountability is also critical - this attack could have been avoided had there been a culture of non-block-producing users running nodes
4) Delegators are apathetic, they won't defend
2/4
3) Inclusive accountability is also critical - this attack could have been avoided had there been a culture of non-block-producing users running nodes
4) Delegators are apathetic, they won't defend
2/4
5) Stakeholders don't necessarily act in their own best interests
6) Social coordination works, but it comes at a steep cost
7) Newer protocols are more resilient, but a repeat of this is not impossible - particularly for chains with weaker economic security
3/4
6) Social coordination works, but it comes at a steep cost
7) Newer protocols are more resilient, but a repeat of this is not impossible - particularly for chains with weaker economic security
3/4
I have been greatly disappointed by the industry's wanton disregard for security & decentralization over the years, even by top influencers and researchers I had previously respected. I can only conclude - maybe I'm just paranoid, and this space is not for me.
4/4
4/4
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