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All in all, anyone who accepts their transactions on unconfirmed blockchains may be at risk of finny hacking in cryptocurrencies. As an example, suppose an online video game store supports digital currencies, including Bitcoin, to pay for game downloads. The users of this store, as soon as they buy and download a game, are exposed to financial hacking in digital currency. Therefore, all people who pay their fees through digital currencies and make transactions in this space may be exposed to Finney hacking attacks.
Since Bitcoin blockchain transactions cannot be reversed, people should increase their accuracy in making transactions on this network. Especially if you plan to accept a transaction with an amount of less than $100 on the Bitcoin network, it is better not to pay attention to at least 6 confirmations. Because the cost of finny hacking in digital currency is usually higher than this transaction amount, and hackers prefer to attack larger amounts. Therefore, in transactions with a small amount, the probability of being attacked will decrease, and you should focus on the trust and security of larger transactions.
As mentioned, transactions on the Bitcoin network are completely irreversible. However, to prevent an attack on high-amount transactions, at least 6 confirmations are necessary for that transaction to make it almost impossible to attack. It is also important to check and ensure the security facilities of exchanges, and choosing exchanges that carry out the process of confirming transactions with high transparency and trust will help reduce finney hacking attacks. Finally, consider accepting unconfirmed transactions from another user to avoid dangerous situations.
In order to improve and launch the Polkadot system, the Parachain chain is used as a key element to continue planning and implementing various issues in the best possible way. If we want to liken the future of Polkadot to a grand celebration, the relay chain serves as a planning map for the execution of this grand celebration. Connecting parachains to the Relay Chain creates powerful security throughout the chain. Each active parachain in the blockchain, with its own mechanism, ensures that the entire system is continuously logged in and avoids the occurrence of problems and failures.
Validators, Nominators and Collators play the main role in the Relay Chain scenario. Validators are responsible for creating new blocks through the Relay Chain. Additionally, these validators communicate with pledgers or aggregators during the Proof of Stake (PoS) consensus algorithm. In order to encourage validators to continue their activity, they receive a bonus or award at the end of each responsibility.
Candidates play an important role in validating Polkadot; Their purpose is to put stakes in the flow of validations and create new blocks in the relay chain. To increase the motivation of candidates, in addition to dividends, a bonus is also considered. Aggregators are known as nodes and collect all transactions on the network and complete transaction proofs. By collecting network transactions, these nodes create transaction proof and complete the validation process.
Currently, the Polkadot blockchain network hosts several parachain relay chains from 2021 until now. The first parachain named Roco Prarchain testnet v1 was launched in late 2020 and the first test parachains were implemented by different teams. In this article, in addition to providing a complete definition of the Relay Chain network, the characteristics and parameters of this chain have been investigated.
Now it’s your turn to write us your opinion about this chain and its role in the Polkadot blockchain network. Do you think this structure can lead to an increase in investment in Polkadot or not? If you are a holder of DOT cryptocurrency, how does understanding the performance of the relay chain increase your motivation and improve your decisions?
