- In a Sybil attack, an attacker creates a large number of accounts to trick a network into thinking that several individual accounts are participating in the network, when in fact they are all controlled by the attacker
- Sybil attackers can manipulate and abuse the resources of a network
- Decentralized network are particularly prone to Sybil attacks due to their permissionless nature
- The Block has mapped out some of the most popular Sybil resistance mechanisms employed by the top 50 cryptocurrencies by market capitalization
One of the biggest risks for decentralized networks is Sybil attacks. In a Sybil attack, an attacker creates a large number of accounts to trick a network into thinking that several individual accounts are participating in the network, when in fact they are all controlled by the attacker. The attacker then leverages these accounts to exert influence on the network in variety of ways: manipulating the reputation system of an e-commerce shop, obtaining a disproportionate share of a network’s resources, etc.
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