NEO Network Under Spam Attacks - NEO News and Price Chart. Monday, August 27
Important NEO Cryptocurrency News
NEO Network Under Spam Attacks
One of the main features of NEO are very fast, and most importantly very cheap transactions. While many users benefit from such opportunities, there are people who recently have tried to use it to destabilize the platform.
Two days ago, on Friday August 25th NEO users experienced wallet outages, slow transactions and issues with GAS claims. It has been quickly revealed that the network was under a "spam attack". By providing cheap transactions developers expected that it could be used to overload the network quite easily, that's why they introduced a 20 free transaction limit in blocks. Malicious people who want to clog the network, won't be able to fill the blocks fully. Meanwhile, other users can enter the blocks by adding a small priority fee. This bypasses the 20 free transaction limit and allows a transaction to enter a block regardless of the quantity of spam.
However, this time three minor bugs were found, which allowed the attacker to slow down the network. One of the users on NEO's subreddit - wingchan91, explains how the attacks work and what could be done to prevent them: "The current Spam attack works by starting with one address and distributing tiny 0.00005 fragments of GAS to thousands of addresses. These then all send back to the starting address, causing a build-up of transactions." You can read the full post regarding NEO spam attacks and improvements here.
Today, there has been voices among NEO's community that they may be experiencing another attack, however it hasn't been confirmed and the network could have slowed down only because of the amount of regular and non-malicious transactions.
NEO Price Movement Analysis
NEO has rapidly jumped on August 22nd from $17.51 up to $19.31 only within an hour. However, the chart didn't use this opportunity to set off for a bull run. Instead it started falling, hitting the bottom at $16.24. The decrease was mostly caused by top cryptocurrencies price movements, with Bitcoin and especially Ethereum losing a lot of value. The next days seemed more stable and one could notice a positive uptrend, as the price has been slowly recovering testing new stable regions like $17.5, then even $18. NEO is currently trading around $18.36.
NEO/USD Price Chart, Monday August 27th:
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