In the last few years, the blockchain network has become one of the most interesting technologies and so many traders or people have turned to this network that there are generally three categories of people who are involved in the cryptocurrency market as well as the blockchain network. The first group of them are those who create the projects and the next group are the people who invest in these projects, and finally there are the people who hack these projects. Let’s give you an understanding of it.
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What is Hack Finney?
To answer the question, what is Finny Attack! It is better to know that the Finney hack or the Finney attack was the first known attack discovered by Hal Finney that happened to Bitcoin. Finney hack is generally a type of special double attack that affects Bitcoin and any digital currency it depends on. What happens when a person accepts an unconfirmed transaction on the blockchain network, Finney explained, is that a trader has the ability to create a block in which the transaction belongs to address A to address b, and of course both. . After that, make another payment with the same token and send from address a to address b that belongs to another person. You can also refer to this page to find out how to extract bitcoins.
Therefore, if the user confirms it without the permission of the network, the other party can release the block that was added in the first transaction. This action invalidates the transaction made with the other party and makes the other party able to perform the hacking action; If another transaction is possible with the same cost. Now that we have answered the question of what is Finny Attack, we want to discuss how to implement Finny hack.
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How does Finney hack work?
It is not easy to carry out this type of double attack, because it indicates that the attacker is a miner who has the power to extract the block and the individual’s transaction is validated in it. Note that to accept a transaction with zero confirmation from the network, a trader is also required, and having these two conditions is a very difficult task. But despite having 51% user power, this is possible. Finney hacking takes place in three general steps, which we will tell you in order.
Finney hack (first step)
In this method, the attacker starts a transaction that sends his coins to the address under his control. After doing this, it starts extracting a valid block in which the said transactions are placed.
Finney hack (second stage)
When it succeeds in extracting the block containing the transaction, it does not transmit it to the network. Because he buys with the same amount of coins he used in the first transaction. So he wants to pay for a product with the same money circuit.
Finney hack (third stage)
After the transaction is accepted by the merchant as unconfirmed, the attacker transmits the mined block to the network. By doing this, it will make the network consider the block as valid and consider the merchant’s transaction as invalid. When the hacker or the attacker does such an act, he has executed a finny attack or hack. Of course, the strength of the hash miner is that if it is less, the chance of executing it is also less, and also if the time interval between completing the block and not providing it to the network is long, another block will be created in the network, which will cause the hacker to fail.
Accordingly, in order to succeed in doing this, hackers need to be precise and patient in their work. Because he has to wait a long time to find a unique block according to the number of intermediates and the difficulty of the network, and even a hacker should be able to buy some currency or pay for a service within a few moments. You can also refer to this page for digital currency hacking training.
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Who is Finney exposed to?
If the person or merchant who accepts these unverified transaction payments is exposed to this attack. To better understand it, we will give an example; For example, consider a store with Onlite services, where it supports digital currency to pay for video games, and users can also download them immediately, which may be exposed to these attacks.
Protect yourself from finney hacking
To prevent this from happening, it is recommended to wait until 6 confirmations have been made on the Bitcoin network before accepting it to consider the transaction secure and irreversible. Even value the number of confirmations according to the amount you want to trade. That is, if the amount of entering your transaction is too high, you should wait for more confirmations to make your transaction more secure. If new blocks are created in Bitcoin transactions, the transactions will be irreversible. If you want to know how to mine bitcoins, read the bitcoin mining training article.
To introduce the Finney hack, it targets traders who do not wait for transaction confirmation before offering goods. In 2011, one of the famous Bitcoin users named Hal Finney was the first person who suggested hacking Finney in Bitcoin and this attack was also taken from his name. To do that, hackers need to execute their own nodes, which means to execute transactions between their own wallets in blocks that they have created. In essence, these tokens are used twice, with the tricked seller sending the ordered digital asset, after which new blocks enter the network.