Sybil Attack

Defenition: Sybil attacks are when networks are undermined by creating multiple IDs, accounts and/or nodes.

Sybil attacks are when networks are undermined by creating multiple IDs, accounts or nodes. This is done to disrupt the balance of the decentralisation of the network and to gain control. Sybil attacks are common and are simply used to sway the governance to their liking.

Similar Terms

Decentralized Science (DeSci)

Decentralized Science (DeSci) is a term for protocols that leverage blockchain technology to improve various aspects of scientific research...
DeFi term, Technology

DePIN

DePINs are networks that bridge the gap between physical infrastructure and blockchain technology...
DeFi term, Technology

Blockchain Ecosystem

A Blockchain Ecosystem refers to the decentralized applications hosted in a particular network...
DeFi term

Timestamp

A Timestamp represents the date and time on which a transaction took place...
DeFi term, Technology

Decentralized Finance (DeFi)

Decentralized Finance (DeFi) is a term used for services hosted on blockchains that allow users to interact without any intermediaries...
Crypto slang, DeFi term, Technology

Shielded Transaction

A Shielded Transaction is a transaction that was conducted between two shielded addresses...
DeFi term

Security Token

A Security Token is a digital form of traditional security such as stocks, bonds and/or ETFs...
DeFi term

Rank

Rank refers to the position of a cryptocurrency by market cap, volume, TVL etc...
Crypto slang, DeFi term

Narrative

A Crypto Narrative is a term used to discuss the current or future trending cryptocurrencies within a certain category...
Crypto slang, DeFi term

Mining Rig

A Mining Rig is a specialized computer used to mine cryptocurrencies...
DeFi term, Technology