An analysis of Vulnerabilities found in Bitcoin and Ethereum Cryptocurrency

uzma shabbir

Abstract


Now a day’s technology has been advanced enough and virtual currency is being used by a new online communication protocol called Bitcoin which contains electronic transactions. Almost more than 92.5 million payments amongst 209 million accounts have been done via Bitcoin technology since its inception in 2009 (Nakamoto 2008). Likewise another technology of using smart contracts, in which there is no need of any external third trusted authority for the correct execution between mutually distrusting nodes, in a network. Smart contracts are actually computer programs that are used for the valid execution of payments, manage and transfer these assets. Main task at smart contract is to check whether the transfer of asset is correct or not because it is very vital for assuring that the transfer is secure and there is no chance of asset theft or tempering attack. This paper makes an analysis of different drawbacks in cryptocurrency area and security threats or attacks on bicoin and Ethereum smart contracts. This paper highlights different attacks that may permit attacker to make damage or steal money. Adequately big quantum computer developed by an attacker may cause damage even after the implementation protocols that are basically used today for financial transaction and internet security. Security threats in Bitcoin and ethereum are being analyzed in this paper.

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ISSN : 2251-1563