Digital currencies don’t always have to be serious business. While there are concerns about the impact of Bitcoin mining on the environment, two researchers have come up with an innovative way of mining digital currency. The concept presented by Eric Wustrow and Benjamin VanderSloot, if implemented in real life, will turn into every cyber security expert’s nightmare.
The researchers participated in the recently concluded USENIX 2016 computer security symposium. At the event, they presented a paper on DDoSCoin, a theoretical cryptocurrency that uses what’s being called the “malicious proof of work” consensus protocol. As the name suggests, DDoSCoin is mined by participating in Distributed Denial of Service (DDoS) attacks.
The paper titled “DDoSCoin: Cryptocurrency with a Malicious Proof-of-Work” by the University of Colorado Boulder and University of Michigan researchers is an attempt to show the possibility of implementing alternative proof-of-work protocols for cryptocurrencies. The DDoSCoin algorithm allows people to prove that they have contributed to a DDoS attack against specific target servers. According to the paper, the protocol works by using cryptographic responses generated by making a large number of TLS connections to target servers as the proof-of-work.
The DDoS attacks are extensively used by cybercriminals and hacktivists to disrupt services. These
Read more ... source: NewsBTC USA
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