Miners can do all kinds of things to generate what is called Miner-Extractable-Value (MEV). Now we have collusion in the form of timestamp manipulation:
By analyzing publicly available on-chain data, we can finally say that the answer to the long-standing question do miners attack the consensus layer of major cryptocurrencies? is a resounding yes!
Something to keep in mind when designing a new protocol like the Intercloud.
WOW, @Greg_Magarshak it’s an incredibly alarming observation not only for me but for millions of professionals as so many enterprises already rely on blockchain-based timestamping.
During the last 5 years I’ve been so amazed by the fact that with the help of blockchain technology, we have access to an immutable, anonymous, and decentralized public ledger where all information is cryptographically recorded and CAN’T be manipulated.
So, what now?
Hopefully, some scientists may create quantum-resistant encryption protocols that would mark the end of this “Need for trust” discussion.
As you’ve mentioned that it is …
I’ve added a full research paper “Uncle Maker: (Time)Stamping Out The Competition in Ethereum” document to our Unblockers shared drive for you.
Also, for anyone who is interested to read, here is a link to download it