Can Internet Shutdowns Really Disrupt Cryptonets?
While some security issues exist, major internet outages like the one seen recently in the EU can't really threaten cryptocurrencies or their associated networks.
Analysis
In the early morning of October 18, several regions in Europe, America and Asia were left without internet due to the "cutting" of several undersea internet cables, causing a chain reaction of problems connectivity around the world. France, Italy and Spain in particular faced major outages, with many experts saying vandals were to blame for the same.
According to Jay Chaudhary, CEO of Zscaler, an American cloud security company, there is no doubt that nefarious third-party agents were to blame for the severed cables that led to packet data loss as well as a latency for various websites and apps, adding that despite their best efforts, authorities have been unable to identify those responsible for the attacks.
Also, it is worth mentioning that in the last couple of days, many internet cables have been cut in and around the UK. For example, on October 20, an undersea submarine cable was severed near the north coast of Scotland. While multiple reports have suggested foul play by rival government agencies - with the tense geopolitical situation in Europe amid the Russian-Ukrainian war - there is no hard evidence to support these claims.
>That being said, it is worth digging deeper into how events like these can potentially affect cryptocurrencies, particularly from a network resiliency and security perspective.< /p> Internet shutdowns and their effects on digital assets
To understand how internet outages, such as the one highlighted above, can affect cryptocurrencies, Cointelegraph reached out to Nikolay Angelov, head of blockchain for cryptocurrency lending institution Nexo.
He started by saying that the regions affected by the recent cable disruptions (mainly France) account for just over 3% of Bitcoin nodes globally and just under 3% of Ethereum validators, adding that the The decentralized nature of these two largest networked digital assets thwarts the effects of such attacks since the flow of str...
While some security issues exist, major internet outages like the one seen recently in the EU can't really threaten cryptocurrencies or their associated networks.
Analysis
In the early morning of October 18, several regions in Europe, America and Asia were left without internet due to the "cutting" of several undersea internet cables, causing a chain reaction of problems connectivity around the world. France, Italy and Spain in particular faced major outages, with many experts saying vandals were to blame for the same.
According to Jay Chaudhary, CEO of Zscaler, an American cloud security company, there is no doubt that nefarious third-party agents were to blame for the severed cables that led to packet data loss as well as a latency for various websites and apps, adding that despite their best efforts, authorities have been unable to identify those responsible for the attacks.
Also, it is worth mentioning that in the last couple of days, many internet cables have been cut in and around the UK. For example, on October 20, an undersea submarine cable was severed near the north coast of Scotland. While multiple reports have suggested foul play by rival government agencies - with the tense geopolitical situation in Europe amid the Russian-Ukrainian war - there is no hard evidence to support these claims.
>That being said, it is worth digging deeper into how events like these can potentially affect cryptocurrencies, particularly from a network resiliency and security perspective.< /p> Internet shutdowns and their effects on digital assets
To understand how internet outages, such as the one highlighted above, can affect cryptocurrencies, Cointelegraph reached out to Nikolay Angelov, head of blockchain for cryptocurrency lending institution Nexo.
He started by saying that the regions affected by the recent cable disruptions (mainly France) account for just over 3% of Bitcoin nodes globally and just under 3% of Ethereum validators, adding that the The decentralized nature of these two largest networked digital assets thwarts the effects of such attacks since the flow of str...
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