The security expert said that the transition from Proof of Work to Proof to Stake is vulnerable to cyber-attacks.
Highlights of the News
- As per the report, the Ethereum Merge of POW to POS would be theoretically a target of cyber hackers.
- Proof of Stake allows node validators to know about the event of block validation beforehand.
What is the Reason behind the Ethereum Merge?
According to security experts, Proof of Work (POW) consumes a significant amount of energy for the validation of a single block. It takes lots of electricity to add a block to the chain whenever a transaction happens, so it is not cost-effective.
In the POW mechanism, the miners or blockchain developers do not get what they do. It means incentivization regulation is not good. Only validators get rewards, and others waste their electricity without getting a penny.
On the other hand, in Proof of Stake (POS), every validator has a stake in participating and getting some incentive while validating a block of transactions.
Why Will Security Vulnerabilities from the Ethereum Merge Occur?
The anonymous security specialist, who is a layer 2 blockchain developer and security researcher, gave a statement. If the validators line up two consecutive blocks to validate, there is a chance that the post-merge Ethereum network will be tampered with.
” If you have two blocks, one is blocked N and the other is blocked N+1, you can start to exploit it in the first and finish it off in the second without any arbitrage bot introduced in and fixing the price that you can manipulate as per you in between.“
Although it is possible for miners to validate two blocks on the Proof of Work mechanism, they do not have much time to execute a tamper and manipulate in between.
What is the Solution to Sort Out Vulnerabilities in Ethereum Merge?
These challenges can be solved if Proof of Stake further enhances its security to prevent such attack routes. The security specialists somewhat talked over layer 2 of POS.
Second, the POS works on a consensus procedure and economically incentivizes each validator. If any of them does inaccurate incoming transaction validation, their stake will be slashed. It is similar to what Ethereum would do with its validators.
What is the Latest Throwback on Ethereum Network?
According to the Blockchain Native Ethereum Countdown, the Ethereum Merge will happen on September 15th at 2:30 am UTC. After switching to the POS, the Ethereum Network will be more scalable and energy-efficient and will provide an incentive to validators.