Home Interviews Most recent BSV Node releases safety features enable much better fraud response: Steve Shadders

Steve Shadders sat lower with Connor Murray of Murray Distributed Technologies and discussed his background and journey into BSV, the most recent BSV node software program release (v. 1.0.9), the block reorg attack attempts that occurred in the summertime of 2021, and block prize mining generally.

How BSV discovered Steve

Shadders is not not used to mining, and his earlier experiences focusing on pool software program and blockchain libraries prepared him to spearhead the Bitcoin SV infrastructure group.

In my own earlier times, I wrote pool software program and contributed too much to Bitcoin. I somehow ran into Craig on the web, and he discovered a little more about my history. I has been living in Australia at that time, and I had been doing some work with nChain also it wasnt too much time before I met a few of the nChain individuals on a small business trip to Japan. Soon after that, the discussion began around me shifting to London, Shadders stated.

I wasnt designed to shift over there to get the work that Im sort of doing [now], it had been another role, but I type of found myself inside a technical strategy and leadership role rapidly which definitely pushed me out of my safe place. It was no more than 2-3 months when i relocated to London that it grew to become apparent that we experienced a hash war forthcoming, [and] my expertise was a natural suit to lead the forming of the Bitcoin SV teamthats approximately the story [of how I found BSV and got to where I am today], he mentioned.

Murray and Shadders continued and discussed the most recent release from the infrastructure group,node software program 1.0.9and why most of the features within that latest release had been created.

Block reorg attacks and Node Software program 1.0.9

Most of the fresh features added to the most recent version of the node software enhance the security of theBitcoin SVnetwork. Shadders informed Murray that the implementations are usually meant to mitigate the consequences of an strike on the BSV system and decrease the probability an attacker will undoubtedly be successful. Almost all of the freshly added features can be found in reaction to theattempted block reorg attacksthat we noticed happen on the BSV system between June and August 2021.

I assume the double-spend top features of the new release are usually targeting the current events that occurred on [Bitcoin] SV with the reorgs. Theres plenty of misconception that the reorgs didnt contain double-spend transactions when my knowing is they contained huge amount of money worth of double-spends. And my 2nd question, will be this proof that selfish mining is really a real thing? Many people are contacting this a selfish mining assault, Murray questioned.

To which Shadders replied, I wouldnt contact it the selfish mining attack as the goal of selfish mining would be to manipulate difficulty and the proportion of blocks discovered by different miners to be able to benefit the selfish miner. I dont believe thats that which was happening right here. Another theory had been that the attacks had been via somebody trying to develop a press incident to trigger reputational harm, nonetheless it seems like lots of money to invest to achieve that.

The price of the attack may be the hash strength cost to create these blocks, the initial couple of instances the attacker attempted this, these were short chains, 4 or 5 blocks. And thats not just a significant cost. But the attacker returned later and experienced to mine significantly more time chains because exchanges acquired shifted their confirmation limits upward, so we are discussing chains of blocks which were 80+, therefore the hashing cost of these is $100,000 or even more and that appears like lots of money to invest for a mass media stunt.

Once that lengthy chain of blocks got orphaned, they attempted again right away and failed another time, and from then on, they havent attempted it again; this indicates to me that the substantial economic loss they suffered was more than enough to make them believe twice about any of it. Maybe this will be something that had to occur on Bitcoin once in order that individuals could find what the possible outcome was to make potential attackers think twice about any of it, Shadders explained.

Various other key insights

Through the entire conversation, Shadders provided various insights which will be helpful to anyone thinking about blockchain technology or even BSV. He described implementations that enable nodes to effectively and quickly talk to one another to attain finality.

Bitcoin SV, when configured properly, is really a small-world network that may provide you finality in an exceedingly short time, within two system hops.

Shadders also discussed what end-users or software program developers must do if they are usually having difficulty with the soft-caps that lots of miners have set up.

All it certainly takes is a discussion with the miners that is much even more effective when compared to a tweet, he stated.

Lastly, he talked about the approach people and enterprises should get with regards to creating options on the BSV blockchain.

I love to say Bitcoin has been made to solve real troubles, not non-complications and made-up complications. Its really easy to spell it out a situation where you imagine Bitcoin might not are you would want to buy to be, nevertheless, you always want to consider, would this realistically happen in real life and what would the standard mitigation be in the event that you were achieving this with cash.

For more information about Bitcoin SV Nodes and the Bitcoin System, you can watch the entire discussion between Shadders and Murray on theMurray Distributed Systems YouTube Channel.

Watch: CoinGeek NY demonstration, BSV Technical Update

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