The security of even the best-designed Blockchains can fail in places where robust cryptographic protocols have been used.
Any skilled hacker with the right tools can still penetrate the network and interfere with its integrity. Jax.Network developers have identified two ways to measure the security of Blockchains: as a percentage of the Blockchain’s hash rate and using factors that limit the 51% attacks.
The most common method is by measuring the security as a percentage of the blockchain’s hash rate. The latter measures the security of the blockchain using factors limiting or reducing the likelihood of the blockchain getting compromised by a single shard attack or 51% attack.
To prevent malicious cyberattacks, Jax.Network implemented sharding and merge mining techniques. Working this way has helped the network optimize its decentralization and scalability while offering robust security features on the platform.
Jax.Network’s security solution
Jax.Network uses sharding to improve the scalability of the network. A shard is essentially a horizontal data partition that contains a subset of the total data set to serve a portion of the overall workload.
The idea is to distribute workload or data that cannot fit a single node onto a cluster of database nodes. These nodes participate in unlimited transactions simultaneously, as long as they have sufficient storage and hash rate to manage the trades—the peer-to-peer permission system of Jax.Network allows the system to remain completely decentralized.
The system can protect all shards from takeover threats through merged mining and the development of Jax.Network’s proprietary merged mining tree.
Furthermore, by leveraging the hashing power of Bitcoin on which it is anchored, the possibility of 51% attacks is potentially reduced, as new shards are opened responsibly with enough hashing power to prevent such attacks.
Jax.Network’s merged mining process does not lead to centralization because it leverages a unique Merkle tree. When used, the Merkle tree optimizes the efficiency of encoding the data in the blocks. Using this technology helps the network to retrieve the hash from the previous block headers faster.
Taking this theory one step further, anyone who has invested a lot of money into the Jax.Network system is unlikely to stage an attack because of the stake he/she has on the network – therefore minimizing the 51% attacks associated with PoW-enabled Blockchains such as Bitcoin.
Single shard attack prevention
An attacker would need to control approximately 25% of the hash rate on the Jax.Network system to successfully launch a single shard attack. Practically this is impossible because new shards get established only when a collection of nodes are available and can sustain it.
Jax.Network assumes that miners cannot open new shards to attack the system. Proving the hash rate is sufficient to protect the network from a single shard attack.
Security risk assessment
Security on Jax.Network is determined by the equation – security factor = (security budget/capitalization)
Jax.Network maintains a high-security factor by allocating a considerable amount of money to its security budget; this does not imply the system is less secure; it’s the opposite.
If you denominate the cost of an attack as a percentage of the hash rate, you will discover that Jax.Network has a higher level of security than other blockchains. In short, the increased spending on the security budget heightens the security factor of Jax.Network.
Jax.Network offers a higher level of security than other Blockchains because it leverages a higher security budget.
It also optimizes its scalability and decentralization while not compromising security. In the end, the security rating of Jax.Network is higher than single blockchain networks with similar or higher hash rates.