Homework Answers Security and Immutability

Blockchain and Bitcoin 101
#1

Continuing the discussion from Homework on Security & Immutability - Questions:

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#2

You are correct, but can you please next time answer the question in the same thread instead of creating a new one. Its easier for us to track them :slight_smile:

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#3

  1. It runs on a math protocol that can’t be hacked. Everyone is using the same infrastructure to build their applications on and everyone can check it.
    Once a transaction happens on the network, it stays there forever and can’t be taken off.

  2. Because there is a potential of corruption, data can be hacked, manipulated and sold to the third parties.

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#4
  1. A decentralized network is creating a network based on absolute trust. This accomplished by putting the trust of the network into math and protocol and not any individual party.
  2. If a central authority is needed to trust the security of a network, it would be difficult to spot mistrust or misuse from that central authority, rather it be accidental or malicious, because it is required to trust them.
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#5
  1. A decentralized network is more secure because it is based on the trust of maths and protocols as opposed to a centralized network which is based on the trust of the organisation or business.
  2. It is dangerous to trust a central authority for security because they could change/remove data without any independent governance.
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#6
  1. It prevents hackers from penetrating the system because there are too many others in the network. The system itself creates the security.
  2. In a centralized system, there is one route of attack and once penetrated, the stored information is subject to theft etc.
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#7

1 because everyone can fight the hacker the system becomes imuun
2 because the central authority lacks sometimes proper controle

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#8

Homework on Security & Immutability - Questions

  1. How does a decentralized network increase security?

It almost impossible (and I say this because, only in movies it appears to be possible) to attack a mathematical algorithm protocol of a blockchain network of several thousand nodes in a simultaneous way,… with synchronicity in to the rest of the world in a global scale, since blockchain data is hash into multiple networks that are part of the global network. Blockchain cannot be edited or modified due to its immutable mathematical design and restrictions requires lots of more gas to spread and corrupt simultaneous so many nodes. The interoperability of the system will block it.

  1. Why is it dangerous to trust a central authority for security?

Central authority can be corrupted because of the human nature of conflict of interest by Cybercriminals, these individual opt to attack centralized authority because it is simple for them, get it through the gate ways of WiFi,… public networks, phishing ignorant naïve victims of vital information like seed phrases passwords and more, and can be lurking for ways to intercept cookies, they are always looking for new ways to access people’s data, Cyber hackers can be at the gateway of these central authority to get vital information to steal their assets or tokens.

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#9

After reading the posts here, I agree with Ivans post and some posts.

  1. Creates a network of trust in protocol and math rather than one person or an organization.
  2. Well, I guess it’s impossible to tell if the central authority is lying or changing data to suit it’s agenda. In other words, they like ripping off the common person.
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#10

  1. A copy of the ledger is held by all the nodes in a decentralized system. One node cannot change a transaction as verification of any transaction is done by many. Hence a decentralized network increases security.

  2. In a centralized system the owner holds the ledger. The owner can change transactions and records at will without the knowledge of the public. So it is dangerous to trust a centralized DB for security.

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#11

  1. A decentralized network increases security by distributing risk across many nodes that all work to secure the network. As the number of diverse nodes increases, the chance that any person or group can act maliciously within that decentralized network decreases. In a centralized network internal and external threats have a much higher likelihood of successfully compromising security and doing harm.

  2. It is dangerous to trust a central authority because the points of failure are many and because you have to trust the central authority rather that being able to verify the authenticity of the data directly.

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#12
  1. How does a decentralized network increase security?

The blockchain is immutable. You’re trusting math and the protocol. You’re trusting the network not the organization.

  1. Why is it dangerous to trust a central authority for security?

There are intermediaries that can manipulate data.

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#13
  1. Decentralized network provides security by storing the information in mathematical protocol not a organization. Ultimately we trust that network.
  2. Central authority can store the data the wrong way and it can also easily break the trust and sell our sensitive information to the third party.
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#14

How do you do that? Answer in the same thread?

#15

Go to the link that is posted in the homework lecture.

#16