| Interactive Workshop
In early 2018, hackers compromised Bitcoin Gold—a fork of the original Bitcoin blockchain—by using superior computing power to falsify the currency’s ledger and make off with at least $18 million worth of cryptocurrency from online exchanges.
The incident proved that so called “51% attacks” on blockchains are not simply theoretical concerns. With evidence of blockchain technology gaining steam in a multitude of industries across the globe, from finance to application hosting, the need to address security pitfalls increases exponentially. Consensus mechanisms that function like Proof-of-Work are especially susceptible to this type of attack vector.
In a system where decentralization and distribution of power are important to securing the network, companies and developers must become hyper-aware of how they can protect their work and the inherent value of their blockchains from unwarranted concentrations of mining or validating power.
In this workshop we will dive into the mechanisms behind a 51% attack and uncover the potential implications for Bitcoin and other blockchains that are secured using the Proof of Work Consensus algorithm.
| Audience:
This workshop is designed for people who are developers or architects who understand the basics of how blockchains work, and how they can be used in practical applications.
| Key Takeaways:
- Understand how proof-of-work consensus secures a blockchain network
- Understand what orphan blocks are
- Understand the different requirements for executing a 51% attack, and how to prevent it
- Understand the process & implications of a 51% attack on the Bitcoin network
| About The Instructors:
Elliot Friedman has been deeply involved in blockchain & cryptocurrencies since 2014. He focuses on developing solutions that tap directly into blockchain’s disruptive potential for existing industries. Elliot has a background in Software Engineering, and brings with him a depth of knowledge from deconstructing blockchain concepts down to the byte-level. He spends his time researching and testing new smart contracts and privacy oriented protocols, with a focus on protecting user privacy and selectively granting access to different types of information. He has developed blockchains in C, Python, and Javascript, and is currently reviewing source code from a new DAG that allows users to create smart contracts on top of a completely private chain.
Dr. Muhammad Al-Abdullah specializes in the interaction between knowledge, social structures, and technical systems as constituents of an information system, and how to better anticipate the emerging complexities and uncertainties in an organization. His research focuses on the adapting the principles of security, privacy, and identity to the domains of Blockchain, Social Media, Anti-Money Laundering and Financial Fraud.
In addition to his published works, Dr. Al-Abdullah has worked as the Director of Research and Development at Dispatch Labs LLC (a blockchain protocol company that facilitates decentralized storage), technical support and a personal computer advisor for United Business Machines (an IBM agent in Jordan) and a project associate for Virginia Information Technology Agency on the Commonwealth Project Governance Assessment (CGPA).
| What Should I Bring?
Please bring your laptop or tablet to the workshop for maximum productivity.
Please arrive early! Event begins promptly at the start time.
Learn more about our community and education www.theden.io. Join the conversation on our telegram at t.me/dennexus!
| Interactive Workshop
In early 2018, hackers compromised Bitcoin Gold—a fork of the original Bitcoin blockchain—by using superior computing power to falsify the currency’s ledger and make off with at least $18 million worth of cryptocurrency from online exchanges.
The incident proved that so called “51% attacks” on blockchains are not simply theoretical concerns. With evidence of blockchain technology gaining steam in a multitude of industries across the globe, from finance to application hosting, the need to address security pitfalls increases exponentially. Consensus mechanisms that function like Proof-of-Work are especially susceptible to this type of attack vector.
In a system where decentralization and distribution of power are important to securing the network, companies and developers must become hyper-aware of how they can protect their work and the inherent value of their blockchains from unwarranted concentrations of mining or validating power.
In this workshop we will dive into the mechanisms behind a 51% attack and uncover the potential implications for Bitcoin and other blockchains that are secured using the Proof of Work Consensus algorithm.
| Audience:
This workshop is designed for people who are developers or architects who understand the basics of how blockchains work, and how they can be used in practical applications.
| Key Takeaways:
- Understand how proof-of-work consensus secures a blockchain network
- Understand what orphan blocks are
- Understand the different requirements for executing a 51% attack, and how to prevent it
- Understand the process & implications of a 51% attack on the Bitcoin network
| About The Instructors:
Elliot Friedman has been deeply involved in blockchain & cryptocurrencies since 2014. He focuses on developing solutions that tap directly into blockchain’s disruptive potential for existing industries. Elliot has a background in Software Engineering, and brings with him a depth of knowledge from deconstructing blockchain concepts down to the byte-level. He spends his time researching and testing new smart contracts and privacy oriented protocols, with a focus on protecting user privacy and selectively granting access to different types of information. He has developed blockchains in C, Python, and Javascript, and is currently reviewing source code from a new DAG that allows users to create smart contracts on top of a completely private chain.
Dr. Muhammad Al-Abdullah specializes in the interaction between knowledge, social structures, and technical systems as constituents of an information system, and how to better anticipate the emerging complexities and uncertainties in an organization. His research focuses on the adapting the principles of security, privacy, and identity to the domains of Blockchain, Social Media, Anti-Money Laundering and Financial Fraud.
In addition to his published works, Dr. Al-Abdullah has worked as the Director of Research and Development at Dispatch Labs LLC (a blockchain protocol company that facilitates decentralized storage), technical support and a personal computer advisor for United Business Machines (an IBM agent in Jordan) and a project associate for Virginia Information Technology Agency on the Commonwealth Project Governance Assessment (CGPA).
| What Should I Bring?
Please bring your laptop or tablet to the workshop for maximum productivity.
Please arrive early! Event begins promptly at the start time.
Learn more about our community and education www.theden.io. Join the conversation on our telegram at t.me/dennexus!
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Date/Times:
1535 Mission Steret, San Francisco, CA 94103
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