thecoinrepublic.com
For the past few months, there have been continuous cyber attacks on cryptocurrency companies. The companies are facing a huge loss of crypto assets due to cyber attacks. Recently, the Zcash blockchain has been facing continuous attacks on transaction blocks.
In a press conference, the company stated that out of five blocks, at least two blocks keep attacking the secured transaction outputs that have a size of nearly two megabytes. According to the developers, attackers intend to erode users’ trust in Zcash. During the attack, the nodes failed due to their memory, performance, synchronization, and other technical issues.
In addition to that, the remaining potential node operators are faced with issues related to participating in the network. It led to the breakdown of blockchain surveillance. In other words, the company faced “Eclipse attacks.”
The Eclipse attack is a technique used by hackers to attack the blockchain by creating a fake ecosystem around the node or user to attack the affected node. The success rate of Eclipse attacks is mostly high when there is a disruption in the underlying blockchain technology.
But the company argued that both the Zcash developers and Electric conducted regular audits to maintain the security of the blockchain. Recently, in May, the company upgraded the old version of the Zcash blockchain into Network Upgrade 5, and introduced the latest version of the zero-knowledge system called Halo 2.
The Reason Behind The Attack
One of the developers from the community doubted that Monero was the one who carried out the attack. He stated that Monero was a rival to Zcash from the start. So the company is trying to discredit Zcash by carrying out these types of attacks.
“Zcash is Monero’s rival, so they are trying to weaken it. It is one of the reasons I don’t invest in Monero.”
Monero is a competitive crypto company to Zcash that utilizes a ring structure to provide security to the sender and receiver identities in transactions. While Zcash uses zk-SNARK to maintain the privacy of its users.
In ring structure, it combines the sender’s signature with another transaction signature that makes it difficult to identify the signature of the owner. zk-SNARK is a cryptographic proof that allows users to approve the transaction information without revealing the information.