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NEO spam attacks have a solution, fee transactions to be prioritized

Ajay Narayan



NEO spam attacks have a solution, fee transactions to be prioritized
Source: Pixabay

In a recent post on Reddit, there were claims that the spam attack vector on the NEO blockchain was fixed. Their agenda was to prioritize fee transactions and improve network throughput. Wingchan91, a Redditor, also known as @wy on GitHub is a CoZ Developer and a part of the NGD funded HappyNodes project. He had stated:

“the Spam attack vector has been fixed, transaction with fees will get prioritised, network throughput expected to improve very soon.”

Neo blockchain has been witnessing many spam attacks recently which target the fact that Neo does not charge any transaction fees. One of NEO’s best features includes free transactions and especially providing free smart contract innovation calls. Attackers have taken advantage of this feature and now a single attacker can cause a lot of damage to the entire community, says Wingchan91.

The current spam attack starts with one address, through which tiny fragments of GAS [0.00005] will be distributed to thousands of addresses. These addresses once again send back all the tiny fragments of GAS to the starting address which results in causing a build-up of all transactions.

The guidance from NEO and CoZ was to simply add a small transaction fee which is currently a fraction of a U.S cent and this feature could be used by exchanges and wallets only after updating their software. In spite of the guidance, many users reported that their fee transactions [priority transactions] were not going through, instead, they were stuck behind the free spam transactions.

There are currently three bugs which have been discovered, these bugs cause the expected behavior for prioritizing the transactions that form the next block to not work as planned. CoZ and NEO worked together to understand what was really happening with the expected behavior as designed by the NEO core team.

Given a set of 500 transactions, there are fee transactions and a limited set of free transactions. Consider, 500 transactions were ranked based on their Fee per Bytes score and the first preference is given to the fee transactions and then the free transactions. In reality, this was not happening and the free transactions were dominating the list. The reason being a bug in the Free per Bytes score resulting in rounding off the small fees to zero during the calculation and making it look like a free transaction.

Thus, free and fee transactions were treated the same and were randomly getting dropped based on the hash rate. Belane and Jseagrave21 found a way to make sure that this would not happen again and the fee transactions come before free transactions.

It was said that the consensus nodes will soon apply these fixes to their codes as a patch which results in people to see higher transaction counts in each block for a small transaction fee. According to Wingchan91, many projects like Switcheo, Cryptogladiator, and other high transaction projects will start testing NEO in a good way.

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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.


Binance Coin surges by 9% in 24-hours after DEX announcement; breaks out of ‘saucer bottom’ pattern




Binance Coin surges by 9% in 24-hours after DEX announcement; breaks out out of 'saucer bottom' pattern
Source: Unsplash

Binance Coin [BNB] is nothing short of becoming the best performing crypto asset of 2019, as it creates higher highs every day. In a recent surge, BNB went up by approximately 12% in 24-hours breaking out of the ‘saucer bottom’ pattern.

BNB has been on a bull run since December 2018, it has surged by approximately 470% since that point. In the last 24-hours, the price was up by approximately 12% from wick-to-wick.

Source: TradingView

Moreover, the rise in the price over the day can be attributed to the announcement by Binance DEX, that was launched recently. The tweet read:

The new update will convert the BNB, which is an ERC20token, into BEP2, it will be called the “mainnet swap”. Furthermore, users have to convert their ERC20 tokens on Binance, the details of which will be released in the near future.

In addition, Mithril, a cryptocurrency project has announced that it will be the first project to migrate to the Binance Chain. It tweeted:

“$MITH token holders on the new @Binance_DEX will be the first to experience increased speed, security, and user friendliness while maintaining full control over their funds.”

A Twitter user, @carlitosblvd123, commented:

“So , all BNB we have now like erc20 in binance exchange and on trust wallet will be converted to bep2 automatically or we have to do anything to happen?”

@jigneshon, another Twitter user commented:

“Crypto Revolution will happen on 23rd April when Binance Chain Genesis block will be created. 🔥”

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