The Tangle can deal with attacks pretty well.
Cryptocurrencies that rely on blockchain are sometimes thought to be invulnerable. It may be somewhat secure, but when you send cryptocurrency through blockchain, things aren’t as safe as you might think. Take Ethereum for example. In 2016, someone discovered a loophole in a smart contract called The DAO and was able to siphon from an investment of around $250 million. The money inside began draining at an alarming rate. This was a big lesson for the developers of Ethereum, making them update the software so that hackers were not able to withdraw the cryptocurrency ‘earned’ in users accounts.
Bitcoin has turned into an arms race – it’s network constantly relying on insane amounts of computing power. Miners are constantly upgrading their hardware. The most modern Bitcoin mining facilities are expensive and filled with specialized hardware. They’re even built in colder countries so as to gain cheaper electricity costs. As for attack’s, the threat of a “51%” attack may be looming ever closer.
IOTA has had it’s fair share of attacks too. IOTA is transferred through The Tange. It relies upon a similar heuristic technique for confirming transactions as Blockchain. The Tangle relies on a method which means that when a new transaction is formed has to reference two previous transactions in the network. So as more transactions enter the tangle the are indirectly referencing more and more transactions. A Random Walk Monte Carlo algorithm (referred by the IOTA team as a ‘tip-selection’ algorithm) is used to calculate whether or not a transaction should be confirmed.
During an interview with Arthur Falls on his podcast Ether Review (yes, I’m quoting this interview, again! It’s just too good though!) IOTA Founder David Sønstebø, explains IOTA and The Tangle that powers it. He recalls a time when The Tangle came under attack:
This actually happened two days ago that someone tried to attack the network with 300% hashing power and all that happened was the tangle absorbed it and the network got more secure and more efficient.
To those doubting the security and credibility of the network, David suggests that they read the white paper, take a look at the code, and play around with the system. Then they’ll understand what IOTA is trying to achieve. He agrees that when people first look at The Tangle and it’s abilities, there may be some ‘cognitive dissonance because it seems to good to be true but you’re still stuck in the blockchain mentality.’ However, once you understand IOTA you will understand how ‘simple’ it is.
Actually, we encourage spam on the network because it strengthens the network.
Whitepaper Link – https://iota.org/IOTA_Whitepaper.pdf