#hot a threat to #xrp with its brilliant technology and the fastest transactions in the crypto world ? Let’s hope so
Posted Nov 9, 2018, 2:02 AM UTC
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One wishes... They are in different spaces.
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Why hope for something to be a threat ?
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Not a threat but competition
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Well said, yeah I no about it scalability but I was reading it’s transaction is instant aswell , I agree with what you say
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You might be conflating speed with scalability there. Holo fuel transactions will be relatively fast, but it will probably be recommended to wait a couple minutes for high-value transactions to make sure your counter-party isn't trying to double-spend (after a few minutes it will be obvious if they had tried to rewind their chain and initiate a fraudulent transaction).
What's unique about Holo fuel, however, is that it is inversely scalable (if I'm using that term correctly...), meaning it actually gets more efficient with more users rather than less. So it can handle Facebook scale applications, basically. No other crypto-tech is even close to that.
Can you expand on the double spending?
Sure, I'm working on a FAQ about it so I'll just copy paste it:
How do you prevent a double-spend / Finney attack of Holo fuel?
The gist:
A bad-actor who tries to double-spend would need to fork their own hash chain, which would be detected by peers and invalidate the fraudulent transaction. A few minutes’ delay protects vendors from losing goods to intentionally invalid transactions.
The nitty gritty:
Holo tracks the actions of agents, not the location of digital coins, so spending the same coin twice is not possible. A Holo equivalent would be a variation of a Finney attack, where an attacker spends once, rewinds their chain to revert to the previous account balance, then quickly initiates a transaction they know will be invalidated in exchange for something valuable.
The attacker knows the second transaction will be invalidated because rewinding their chain results in two entries that point to the same previous entry -- an illegal fork that peers will detect during the validation process. However, they could attempt to take advantage of a vendor who sells goods in exchange for Holo fuel by taking the goods before the vendor realizes that the transaction will fail. Holo fuel protects against this by introducing a time delay to transactions, adjusted for the value of the transaction. At most a few minutes would be needed to ensure no foul play.
Since the attacker signs each action with their private key, they conveniently leave their fingerprints all over the crime scene. Peers will gossip with each other automatically about the bad behaviour and blacklist the attacker from future transactions. Holo also has protections against the creation of fake accounts (i.e., a Sybil attack -- see related topics), preventing the attacker from striking again under a different name, or from overwhelming the peer validation process with an army of fake users.
Videos:
https://www.youtube.com/watch?v=_zcSgtQvSj0
Right, and this assumes that the exchange involves some kind of irreversible action, like buying a coffee and the purchaser finishing drinking it. I guess in the short term it's a problem but as more people see being a good actor in Holochain is way more beneficial than being a bad actor, this will be less likely to occur because getting caught would have significant consequences.