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Crypto Terms:  Letter S

What is Sybil Attack?

Meaning:
Sybil Attack - is a form of hacking that happens when an online network is weakened by creating numerous IDs.
easy
2 minutes

Let's find out Sybil Attack meaning, definition in crypto, what is Sybil Attack, and all other detailed facts.

Interestingly, the name “Sybil” itself came from a medical case study of a woman that had dissociative identity disorder. Sybil attacks take place by weakening an online network by creating numerous IDs, accounts, and nodes

Sybil attack is not that difficult because it is similar to creating replica accounts on social media. However, it can also be like managing several nodes on a blockchain system, which is a bit more difficult. The main purpose of both of these methods is to hold power and influence a network.

Creating a large number of identities on peer-to-peer networks might ultimately consolidate power over the network. This is the opposite of an eclipse attack, in which a hacker compromises only one node by controlling its activities.

Sybil attacks, on the other hand, employ a large number of nodes to modify data delivered or collected over a network. Given the particular dependence and interconnection of decentralized systems, this can be extremely successful.

Sybil attacks intend to centralize authority in decentralized networks such as:

  • Blockchain technology, which is especially vulnerable to these attacks since operations are frequently automated.
  • DAOs, which are typically tiny groups of engineers and developers.

Besides that, a malicious user in a blockchain system might also seek to destabilize the network's power structure by obtaining as many node IDs as possible.

Bitcoin's<\/a> symbol is BTC, whereas <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ether's is ETH. Then there's Dogecoin (DOGE) and Binance Coin (BNB). <\/strong>Furthermore, symbols can be used on the stock market for the largest and most popular public firms, such as Apple, which becomes APPL, and Facebook, which becomes FB.<\/p>\n<p>Because of the infinite number of hard forks, Bitcoin, Bitcoin SV, and Bitcoin Cash are only a handful of the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptocurrency/">cryptocurrencies with the word \"Bitcoin\" in their names. Furthermore, there is no specific amount of characters that should be in a symbol - it generally varies. <strong>Some may have only one character, while others may have four or even more.<\/strong><\/p>\n<h3>Why are Symbols Necessary?<\/h3>\n<p>To put it simply, symbols let investors identify between digital assets with identical names.<\/p>","definition":"is a shortened term for a crypto asset, token, or currency used in trade.","status":"published","meta_title":"What is Symbol? Definition & Meaning | Crypto Wiki","meta_description":"Symbol meaning: Symbol - is a shortened term for a crypto asset, token, or currency used in trade.","meta_keywords":null}" :prev-section="{"id":765,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Swing_trading","level":"medium","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-10-30T04:35:40.000000Z","slug":"what-is-swing-trading","title":"What is Swing Trading?","section":"S","keyword":"Swing Trading","content":"<p><strong>Swing Trading<\/strong> is a term used to describe a <strong>trading strategy where investors expect to profit from a certain financial instrument in a short period of time<\/strong>. In essence, investors buy and sell assets when indicators show an increase or decrease in price. They hold the said asset, usually between one day to two weeks, only to sell it for a profit.<\/p>\n<p><strong>Swing traders rely on short-term trends, price fluctuations, or &ldquo;swings&rdquo; within the market to make their investment decisions and maximize profit<\/strong>.&nbsp;<\/p>\n<p>When looking at each individual investment it may seem that, at first glance, profits aren&rsquo;t substantial, however, stable and small gains can add up to a large return on investment each year.<\/p>\n<p>Investors that choose this technique generally look for trading opportunities by utilizing <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-technical-analysis-trend-analysis-ta/">technical analysis<\/strong><\/a> which brings charted <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-technical-indicators/">technical indicators<\/strong><\/a>. Although, it&rsquo;s worth keeping in mind that technical analysis has been critiqued for lack of accuracy. Either way, swing trading can be risky and is often compared to being somewhere in the middle of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-day-trading/">day trading<\/strong><\/a> and trend trading.&nbsp;<\/p>\n<p>There are many techniques within swing trading such as buying the pullback, playing the uptrend, and many more.<\/p>\n<p>Success greatly depends on constant monitoring of the market.&nbsp;<\/p>\n<p>Just like all investors, swing traders start by choosing an appropriate financial instrument such as a security, a stock, or an asset.<\/p>\n<p>Companies with a market capitalization value of over $10 billion, also known as large-cap, are appealing to all investors. Swing traders are no different.&nbsp;<\/p>\n<p>Large-cap company stocks within an active market usually experience price fluctuations that reach extreme highs and lows. Swing traders change which side of the market they&rsquo;re in based on how the stocks change direction.<\/p>\n<p>Swing trading is between <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-bull/">bulls and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-bear/">bears.&nbsp;Generally speaking, stocks will move in one direction for a long period of time not depending on whether it&rsquo;s a bull or bear market. This means that implementing a long-term strategy can bring the most success.&nbsp;<\/p>\n<p>When it comes to the crypto sector, swing traders utilize countertrend techniques. Price reversals allow them to maximize their gains close to the trading range&rsquo;s edge.&nbsp;<\/p>\n<p><strong>Support and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-resistance-line-level/">resistance levels<\/strong> are what swing traders should have a full grasp on as they <strong>can be the deciding factor of success<\/strong>. In order to succeed, swing traders must search for opportunities on the daily and 4-hour charts, only then will they be able to identify an accurate entry point by looking through 1-hour and 15-minute charts.&nbsp;<\/p>","definition":"is a type of short-term strategy when traders invest in financial instruments in order to profit after a price change.","status":"published","meta_title":"What is Swing Trading? Definition & Meaning | Crypto Wiki","meta_description":"Swing Trading meaning: Swing Trading - is a type of short-term strategy when traders invest in financial instruments in order to profit after a price change.","meta_keywords":null}" :model="{"id":757,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Sybil_attack","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-10-30T04:38:26.000000Z","slug":"what-is-sybil-attack","title":"What is Sybil Attack?","section":"S","keyword":"Sybil Attack","content":"<p>Interestingly, the name &ldquo;Sybil&rdquo; itself <strong>came from a medical case study of a woman that had dissociative identity disorder<\/strong>. Sybil attacks take place by weakening an online network by creating numerous IDs, accounts, and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-node/">nodes.&nbsp;/n

Sybil attack is not that difficult because it is similar to creating replica accounts on social media. However, it can also be like managing several nodes on a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-blockchain/">blockchain system, which is a bit more difficult. The main purpose of both of these methods is to hold power and influence a network.<\/p>\n<p>Creating a large number of identities on <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-peer-to-peer-p2p/">peer-to-peer networks<\/strong><\/a> might ultimately consolidate power over the network. This&nbsp;is the opposite of an eclipse attack, in which a hacker <strong>compromises only one node<\/strong> by controlling its activities.<\/p>\n<p>Sybil attacks, on the other hand, employ a large number of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-node/">nodes to modify data delivered or collected over a network. Given the particular dependence and interconnection of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-decentralization/">decentralized systems<\/strong><\/a>, this can be extremely successful.<\/p>\n<p>Sybil attacks intend to centralize authority <strong>in decentralized networks<\/strong> such as:<\/p>\n<ul>\n<li>Blockchain technology, which is especially vulnerable to these attacks since operations are frequently automated.<\/li>\n<li><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-decentralized-autonomous-organizations-dao/">DAOs, which are typically tiny groups of engineers and developers.<\/li>\n<\/ul>\n<p>Besides that, a malicious user in a blockchain system might also seek to destabilize the network's power structure by obtaining <strong>as many node IDs as possible<\/strong>.<\/p>","definition":"is a form of hacking that happens when an online network is weakened by creating numerous IDs.","status":"published","meta_title":"What is Sybil Attack? 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He&rsquo;s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain &amp; Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}" :chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? The Pros & Cons","status":"published","modified_content":null},{"chapter_id":2,"order":4,"slug":"coin-vs-token","title":"Coin VS Token: How Do They Differ?","status":"published","modified_content":null},{"chapter_id":2,"order":5,"slug":"what-are-stablecoins","title":"What are Stablecoins, Altcoins & Wrapped Coins?","status":"published","modified_content":null},{"chapter_id":2,"order":6,"slug":"what-is-a-bitcoin","title":"Bitcoin: the Pioneer of the Crypto World","status":"published","modified_content":null},{"chapter_id":2,"order":7,"slug":"what-is-ethereum","title":"The Ultimate Blockchain for dApp Creation: Ethereum","status":"published","modified_content":null},{"chapter_id":2,"order":8,"slug":"what-is-cardano-in-crypto","title":"What is Cardano and What is It Used For?","status":"published","modified_content":null},{"chapter_id":2,"order":9,"slug":"what-is-shiba-inu-coin","title":"Shiba Inu: the Dogecoin 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Standards","status":"published","modified_content":null},{"chapter_id":3,"order":5,"slug":"how-to-buy-crypto","title":"From Fiat to Crypto: How to Buy Crypto for the First Time","status":"published","modified_content":null},{"chapter_id":3,"order":6,"slug":"fiat-to-crypto","title":"Taking Profits: Turning Crypto Into Fiat","status":"published","modified_content":null},{"chapter_id":3,"order":7,"slug":"how-to-use-crypto","title":"You\u2019ve Got Crypto: What Can You Do With It?","status":"published","modified_content":null}]},{"id":4,"title":"Crypto Wallets","slug":"crypto-wallets","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-wallets.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-wallets-101.jpg","rating":80,"sections":[{"chapter_id":4,"order":1,"slug":"what-is-a-crypto-wallet","title":"What is a Crypto Wallet?","status":"published","modified_content":null},{"chapter_id":4,"order":2,"slug":"hot-wallet-vs-cold-wallet","title":"Hot Wallet VS Cold Wallet: Which One to Pick?","status":"published","modified_content":null},{"chapter_id":4,"order":3,"slug":"non-custodial-wallet","title":"What are Non-Custodial Crypto Wallets?","status":"published","modified_content":null},{"chapter_id":4,"order":4,"slug":"what-is-metamask","title":"Metamask: The Leading Non-Custodial Wallet","status":"published","modified_content":null},{"chapter_id":4,"order":37,"slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","status":"published","modified_content":null}]},{"id":5,"title":"NFTs","slug":"nfts","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-nfts.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/nfts-101.jpg","rating":100,"sections":[{"chapter_id":5,"order":2,"slug":"how-to-trade-nfts","title":"NFT Trading: The Ins and Outs","status":"published","modified_content":null},{"chapter_id":5,"order":3,"slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","status":"published","modified_content":null},{"chapter_id":5,"order":4,"slug":"how-to-store-nft","title":"How to Store NFTs: Best Practices","status":"published","modified_content":null},{"chapter_id":5,"order":5,"slug":"how-to-create-an-nft","title":"How to Create Your Own NFTs?","status":"published","modified_content":null},{"chapter_id":5,"order":6,"slug":"how-to-make-passive-money-with-nft","title":"Making Passive Money with NFTs","status":"published","modified_content":null}]},{"id":6,"title":"dApps & Defi","slug":"dapps-and-defi","updated":true,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-dapps.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/dapps-defi-101.jpg","rating":80,"sections":[{"chapter_id":6,"order":1,"slug":"what-are-nfts","title":"What are Non-Fungible Tokens (NFTs)?","status":"published","modified_content":null},{"chapter_id":6,"order":1,"slug":"what-is-defi","title":"What is Decentralized Finance (DeFi)?","status":"published","modified_content":null},{"chapter_id":6,"order":2,"slug":"what-is-defi-2-0","title":"DeFi 2.0: The New Version of Decentralized Finance","status":"published","modified_content":null},{"chapter_id":6,"order":3,"slug":"what-are-dapps-in-crypto","title":"What Are dApps and How Do They Work?","status":"published","modified_content":null},{"chapter_id":6,"order":4,"slug":"defi-dapps","title":"Picking the Right dApps: Dos and Don'ts","status":"published","modified_content":null},{"chapter_id":6,"order":5,"slug":"what-is-web-3-0","title":"Web 3.0: The Future of the Internet","status":"published","modified_content":null},{"chapter_id":6,"order":6,"slug":"what-are-smart-contracts","title":"What is the Core Purpose of Smart Contracts?","status":"published","modified_content":null},{"chapter_id":6,"order":7,"slug":"what-is-a-dao-in-crypto","title":"The Notion of a Decentralized Autonomous Ogranization (DAO)","status":"published","modified_content":null},{"chapter_id":6,"order":8,"slug":"what-is-staking-in-crypto","title":"What is the Goal of Staking Crypto Assets?","status":"published","modified_content":null},{"chapter_id":6,"order":9,"slug":"what-is-liquidity-pool-in-crypto","title":"What is a Liquidity Pool and How Does It Work?","status":"published","modified_content":null},{"chapter_id":6,"order":10,"slug":"what-is-automated-market-maker","title":"Automated Market Maker: the Cornerstone of the Decentralized Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":6,"order":11,"slug":"what-is-yield-farming-in-crypto","title":"The Main Yield Farming 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Cryptocurrencies?","status":"published","modified_content":null},{"chapter_id":7,"order":2,"slug":"how-to-invest-in-crypto","title":"Investing in Crypto: What Investing Options Do You Have?","status":"published","modified_content":null},{"chapter_id":7,"order":3,"slug":"ico-vs-ido","title":"ICO vs IDO vs IEO: Which One is the One?","status":"published","modified_content":null},{"chapter_id":7,"order":4,"slug":"what-is-an-airdrop","title":"What are Crypto Airdrops and How to Get Them?","status":"published","modified_content":null},{"chapter_id":7,"order":5,"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","status":"published","modified_content":null},{"chapter_id":7,"order":6,"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","status":"published","modified_content":null},{"chapter_id":7,"order":7,"slug":"what-is-a-perpetual-contract","title":"Perpetual Contracts: Futures Contracts Without an Expiration Date","status":"published","modified_content":null},{"chapter_id":7,"order":8,"slug":"what-is-fud","title":"What is FUD: How to Use It to Your Advantage While Investing in Crypto?","status":"published","modified_content":null},{"chapter_id":7,"order":9,"slug":"investing-in-cryptocurrency","title":"Investing in Cryptocurrency: How to Manage Your Risks?","status":"published","modified_content":null},{"chapter_id":7,"order":10,"slug":"what-is-a-rug-pull-in-crypto","title":"What is a Rug Pull in Crypto?","status":"published","modified_content":null},{"chapter_id":7,"order":11,"slug":"how-to-avoid-rug-pulls-in-crypto","title":"How to Spot and Avoid Rug Pulls?","status":"published","modified_content":null},{"chapter_id":7,"order":12,"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto Taxes","status":"published","modified_content":null}]},{"id":8,"title":"Crypto Analysis","slug":"crypto-analysis","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-analysis.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-analysis-101.jpg","rating":100,"sections":[{"chapter_id":8,"order":1,"slug":"what-is-bullish-and-bearish","title":"Bearish and Bullish Markets: Do They Matter?","status":"published","modified_content":null},{"chapter_id":8,"order":2,"slug":"best-technical-analysis-indicators-for-crypto","title":"5 Best Crypto Technical Analysis Indicators You Must Know About","status":"published","modified_content":null},{"chapter_id":8,"order":3,"slug":"what-is-candlesticks","title":"Technical Analysis: What are Candlesticks, Trendlines, and Patterns?","status":"published","modified_content":null},{"chapter_id":8,"order":4,"slug":"how-to-track-new-crypto-coins","title":"Crypto Tracking: How to Track Your Favorite Coins & 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Mining?","status":"published","modified_content":null},{"chapter_id":9,"order":3,"slug":"what-is-staking-crypto","title":"An Advanced Look into What is Staking Crypto","status":"published","modified_content":null},{"chapter_id":9,"order":4,"slug":"what-is-proof-of-stake-vs-proof-of-work","title":"Proof-of-Work VS Proof-of-Stake: The Differences That Matter","status":"published","modified_content":null},{"chapter_id":9,"order":5,"slug":"what-is-crypto-mining-rig","title":"Crypto Mining Rig: What It is and How to Build One?","status":"published","modified_content":null}]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/crypto-101-glossary.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}]" current-chapter="S" current-section="what-is-sybil-attack">