Melbourne-based Monash University is stepping up its security against crypto attacks, making the recoding of blockchain data much more difficult and resource intensive.
The Australian university has developed a blockchain system that has the power to safeguard against cyberattacks, especially those attempting to hack Bitcoin information. The institution’s RepuCoin system adds what is called “reputation” to blockchain, which is said to have the ability to make the implementation of blockchain recoding extremely challenging and costly for would-be attackers.
Dr. Jiangshan Yu, an assistant professor at Monash University, remarked, “When RepuCoin has operated for a year, attacking the system with 68 percent of its total mining power would take at least six months and would be at least 5,760 times as expensive as conducting the same attack on Bitcoin.”
A statement issued by the university reads,
RepuCoin is different as it defines a miner’s power by its ‘reputation’, as a function of its work integrated over the time of the entire blockchain, rather than through instantaneous computing power which can be obtained quickly.
When a crypto transaction is made, a miner’s job is to ensure and verify the authenticity of information, as well as update the blockchain with the transaction.
Professor Paulo Esteves-Verissimo of the University of Luxembourg said, “RepuCoin provides an elegant solution to a problem that many thought was insoluble.”
The university’s move was in response to the government’s Digital Transformation Agency’s advice to employ an alternative technology, saying blockchain has yet to fully mature.
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