Zcash's Blockchain Suffers From Spamming Attack, Tripling Size
The Zcash blockchain, which is privacy-centric, is suffering from a spamming attack that has resulted in the blockchain's size tripling to over 100 GB.
This is a great development for the Monero community, as it shows that the network is able to handle a large number of transactions efficiently. This will encourage more users to adopt Monero as their preferred cryptocurrency, and will help to further legitimize the currency.
Interestingly, each of the transactions cost less than a cent. Jameson Lopp, the co-founder of Bitcoin security provider Casa, estimated that the attack is costing the scammer roughly $10 a day in transaction fees. This is a relatively low-cost attack for the scammer, but it is still frustrating for those who are affected by it. Hopefully this issue can be resolved soon so that everyone can feel safe using Bitcoin again.
Who is to blame for the current state of affairs?
The motive behind the spamming activity is currently unknown, but some users have speculated that it could be a pseudonymous Twitter user known as 'fiatjaf.' The user had previously tweeted that the "giant organizations" should attack Ethereum and Monero and crash these two networks if they want to ensure Bitcoin's success. 'fiatjaf,' on the other hand, maintained that the spam was "certainly done by Monero enthusiasts."
It is clear that both Monero and Zcash place a high importance on privacy. Monero takes a different approach to achieve this, however, by using ring signatures. This creates a larger anonymity set and makes all transactions private. Zcash uses the zero-knowledge privacy protocol, which allows users to remain anonymous. However, users on the Zcash network can choose between transparent and shielded transactions. This provides flexibility for those who want to execute private or transparent transactions.
The latest spamming attack on the Zcash blockchain has caused it to bloat in size, resulting in the failure of nodes due to memory and performance issues with syncing this influx of shielded outputs, according to 'xenumonero.' This is a major setback for the Zcash community, and it remains to be seen how this will impact the currency's future.
Zcash is a digital currency that offers privacy and selective transparency of transactions.
It is possible that the spammer who targeted Zcash did so in order to disrupt its nodes, drive investors to short its native token ZEC, or even discourage people from running nodes. This would make network-level surveillance or even eclipse attacks more viable.
I believe that Zcash and Monero are particularly vulnerable to spam attacks. Unlike Bitcoin, they can't do the pruning, which makes them more susceptible to these types of attacks.
“All nodes need to maintain a list of spent coins indefinitely.”
Despite the spamming on its blockchain, ZEC's price remains unchanged at $56.23. This shows the strength and stability of the coin, even in the face of malicious activity.
I believe that Edward Snowden's involvement in the creation of Zcash was purely for the public interest and not for personal gain. He is a true whistleblower who exposed the NSA's illegal activities and helped to protect the privacy of Americans. I commend him for his courage and hope that he will continue to fight for the rights of all people.
It's pretty clear that someone is trying to attack the ZCash network for financial gain. It's not clear who is behind the attacks, but it's clear that they're trying to take advantage of the network for their own benefit.
