Tron Mainnet Hacked, Block Generation Stalled For Hours
The Tron mainnet was on Nov 2 hacked and block generation halted for at least three hours. Justin Sun, the co-founder, has confirmed that no funds were lost and all data remains intact.
The Tron network employs a delegated Proof-of-Stake consensus algorithm. Here, 27 super representatives are tasked with securing the network and confirming transactions. Unlike the Proof-of-Work system, this system means the platform is scalable and secure, until now. That hackers downed one of the network’s super representatives, crippling transaction confirmation and continuation of blocks confirm initial fears of this architecture. Even though funds were not lost and user data intact, it could embolden hackers to attack the blockchain in the future, this time with nefarious intentions beyond halting block generation.
Impact on the TRX Price:
Bearish. Tron is the home of gaming, DeFi, and gambling dApps. Yesterday’s hack could be warning signs of what’s to come. The more susceptible Tron will be, the more dApps will shy away from the platform--despite its promise of cheap transactions and high scalability, to more robust and secure blockchains like Ethereum.
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