Blockchain security and social media
The immutable promise of block chain seems to be independent from any human interfere. However, this idea remains implausible in reality, when people invest in mining equipments to manipulate the public ledger and perform 51% attack on bitcoin cash and ETC.
Most of “proof of work” consensus such as bitcoin claims that the longest chain is truth no matter how human engages. When “work” become an investable result, people can interfere under the hood of “truth”.
When social media comes around, there is a mini history established by your friends and groups to record what is happening each day and verified by many related people. Thesedays we gives social media more creditability on history and current than news paper.
This provides block chain a possiblility to use social media to lock in milestones or finality to prevent history reorganization by attackers. This is particularly useful for proof of stake and proof of transaction consensus. They all suffer “weak subjectivity” problem, when people fake history to launch history re-organization. These consensus are using on chain information rather than off-chain physical resource to determine the truth of next block generator. Social media is effective to lock down history and prevent people change it. We know when a news happened and distributed on facebook, no body can revert it, and all efforts trying to revert will actually be recorded and remembered by friends.
Taucoin foundation will use social media channels such as facebook, twitter and mWallet to constantly publish hash result of blocks. So that when history re-organzation happens, community is able to find out which chain has proven history. During the same time and spirit, community can publish and verify “transparent forging” in social media to prevent double spending and find secrete chain.
Social media, an decentralzied news channel, will become a great infrastructure for blockchain security.