Monthly Archives: June 2017

ICOs are the “Proof of work” of DDoS – Another reason Ethereum is broken

My initial criticism for ethereum smart contracts was the vulnerability to recursive attacks like that which was incorporated into the DAO, and saw over 1B$ in today’s money disappear.

But the new wave of ICO effectively incentivises speculation, users create otherwise “unnecessary” transactions, causing DoS on the network, the same way Bitcoin’s mining incentivises users to support the network via Proof of Work mining. Except sending transactions to a single contract/address does not benefit the network/platform on which the transaction is made.

So i’ll call it Proof of DoS.