January3 Head Samson Mo has dismissed a Pentagon-backed report that has questioned the decentralization and security of the bitcoin network.
The Trail of Bits report has made several erroneous claims that have been parroted without criticism by certain sections of the media, including other crypto outlets.
to dig deep, Happen[in]crypto Caught up with Moe as he prepared to address attendees at upcoming crypto conferences in Panama and Mexico, and asked the JAN3 chief for his perspective on the Pentagon’s latest research project.
clear mining pool illusion
One of the key theories of the report is that mining pools can be thought of as centralized entities, and that controlling only a handful of mining pools allows a malicious actor to control the entire bitcoin network.
This argument may immediately arouse suspicion among crypto-literates, but the report nevertheless treats these mining pools as weak monoliths. Maw explained why attempting to hijack these mining pools is not as simple as Trail of Bits would suggest.
Important nuances in understanding bitcoin security
“Reports like these often highlight the nuances needed to form an accurate opinion on the security of bitcoin,” Mo said. Happen[in]crypto,
“While it is true that four or five mining pools may comprise up to 51% of the bitcoin network hashrate, an important point is that miners can change pools in an instant. Controlling four pools and without pool operators and miners noticing. The feasibility of increasing the attack of K is close to zero.
“Any attack would require a sustained and prolonged initiative, during which the miners would not be paid. Good luck with that. It didn’t matter if the pool operator was reckless and took over, or The miners would quickly withdraw if the attack was carried out maliciously and with collusion.”
After providing some much-needed clarity on the security of the bitcoin network, Happen[in]crypto Tried to figure out what Maui’s plans were for the rest of the year.
Mow created JAN3 in April, a company focused on accelerating “hyperbitcoinization” — promoting bitcoin adoption, and who you ask, bitcoin dominance.
Since then, the former Blockstream individual has been working in El Salvador to help develop the country’s bitcoin strategy. Despite work continuing in El Salvador, Moe is moving on to adoption elsewhere.
Arriving in Panama today, the CEO plans to address the attendees here Blockchain Summit Latam, From there, Mouw will go to the Talent Land conference in Mexico.
as Happen[in]crypto As previously reported, the race for nation state bitcoin adoption is just beginning. We now learn that Panama and Mexico will feature prominently in Maui’s efforts in the coming year.
after the bitcrumbs
Report Are Blockchains Decentralized? Trail of Bits was written by a team of employees and was commissioned by the US Department of Defense, the research arm of the Defense Advanced Research Projects Agency (DARPA).
Trail of Bits is a security firm based in New York City that aims to provide “high-end security research with a real-world attacker mindset.”