Transaction Fees Solve NEO’s Cyber Attacks

Recent updates claim that NEO’s most recent attack vector is fixed. This solution focuses on prioritizing transaction fees and work towards improving the overall platform. This information has been confirmed by a GitHub user by the name of @wy, also known as Wingchan91, within the Reddit community. 


Plans to Prioritize Transactions  

Recently, a number of online cyber attacks and spams have been targeting the NEO network. Research has indicated that many of these attacks coincide with the fact that the platform doesn’t charge a fee for transactions. In addition, similar results occur with NEO smart contracts which are offered for free. According to statements released on Reddit by active user, Wingchan91, the targeted cyber attacks begin with issuing minute quantities of GAS, repeated to thousands of digital wallet addresses. In response, each address returns the funds back to the original sender creating a collection of transactions.  

In order to rectify the issue, NEO has determined a plan to include a small fee for all transactions which can be utilized by digital wallets and exchanges with a simple software update. 

As of now, a total of three bugs in the system have been identified, causing issues with transactions linked to the newly implemented fees. Together, NEO and Wingchan91 have joined forces to understand and rectify the issue and offer NEO’s network the best blockchain results once all the kinks in the system have been corrected. 

In regards to the partnership, Wingchan91 stated that with smaller fees per transaction will result in an increased transaction count per block. Essentially, high transaction projects such as Cryptogladiator and Switcheo will begin to experience NEO’s platform with positive results. Currently, those who wish to invest can purchase NEO for $18 USD with a market capital of $1.23B USD. 

2 years ago

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