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PoS. Ethereum’s “Phase Zero” of the PoS specification was frozen on June 30, 2019, with the formal launch targeted for January 3, 2020.142 PoW is also vulnerable to attacks. PoW blockchains publish new blocks to the longest available chain. Although difficult to accomplish, a malicious actor could devote overwhelming computational resources to rewriting a blockchain—developing different transactions with different nonce and hash values. This is known as the “51% attack.” At a point where their chain is the longest, the malicious actor could publish the blockchain, and the system would accept it as the valid one. By rewriting the chain, the malicious actor would reestablish the distribution of resources (i.e., which accounts have Bitcoin and how much the account holds). This would require substantial energy consumption, space, equipment, and money, and would all have to be done covertly to avoid being caught. While this may appear to be difficult to execute, PoW algorithms are not invulnerable.143 Author Information Corrie E. Clark Heather L. Greenley Analyst in Energy Policy Analyst in Energy Policy Disclaimer This document was prepared by the Congressional Research Service (CRS). CRS serves as nonpartisan shared staff to congressional committees and Members of Congress. It operates solely at the behest of and under the direction of Congress. Information in a CRS Report should not be relied upon for purposes other than public understanding of information that has been provided by CRS to Members of Congress in connection with CRS’s institutional role. CRS Reports, as a work of the United States Government, are not subject to copyright protection in the United States. Any CRS Report may be reproduced and distributed in its entirety without permission from CRS. However, as a CRS Report may include copyrighted images or material from a third party, you may need to obtain the permission of the copyright holder if you wish to copy or otherwise use copyrighted material. Bitcoin, Blockchain, and the Energy Sector 142 William M. Peaster, “Future Is Here: Ethereum Community Freezes 2.0 Proof of Stake Spec,” BLOCKONOMI, July 2, 2019, https://blockonomi.com/ethereum-community-freezes-proof-of-stake-spec/. 143 Kai Sedgwick, “Verge Is Forced to Fork After Suffering a 51% Attack,” Bitcoin News, April 5, 2018, https://news.bitcoin.com/verge-is-forced-to-fork-after-suffering-a-51-attack/. Congressional Research Service R45863 · VERSION 1 · NEW 27PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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