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.

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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>\nBecause 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. Some may have only one character, while others may have four or even more.<\/strong><\/p>\n<h3>Why are Symbols Necessary?<\/h3>\nTo 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":"Swing Trading<\/strong> is a term used to describe a 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>\nSwing traders rely on short-term trends, price fluctuations, or “swings” within the market to make their investment decisions and maximize profit<\/strong>. <\/p>\nWhen looking at each individual investment it may seem that, at first glance, profits aren’t substantial, however, stable and small gains can add up to a large return on investment each year.<\/p>\nInvestors 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’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. <\/p>\nThere are many techniques within swing trading such as buying the pullback, playing the uptrend, and many more.<\/p>\nSuccess greatly depends on constant monitoring of the market. <\/p>\nJust like all investors, swing traders start by choosing an appropriate financial instrument such as a security, a stock, or an asset.<\/p>\nCompanies with a market capitalization value of over $10 billion, also known as large-cap, are appealing to all investors. Swing traders are no different. <\/p>\nLarge-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’re in based on how the stocks change direction.<\/p>\nSwing 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. Generally speaking, stocks will move in one direction for a long period of time not depending on whether it’s a bull or bear market. This means that implementing a long-term strategy can bring the most success. <\/p>\nWhen it comes to the crypto sector, swing traders utilize countertrend techniques. Price reversals allow them to maximize their gains close to the trading range’s edge. <\/p>\nSupport 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 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. <\/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":"Interestingly, the name “Sybil” itself 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. /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>\nCreating 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 is the opposite of an eclipse attack, in which a hacker compromises only one node<\/strong> by controlling its activities.<\/p>\nSybil 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>\nSybil attacks intend to centralize authority 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>\nBesides 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<\/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? Definition & Meaning | Crypto Wiki","meta_description":"Sybil Attack meaning: Sybil Attack - is a form of hacking that happens when an online network is weakened by creating numerous IDs.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\nWith close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’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>\nAaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\nAaron 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 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Tokens?","status":"published","modified_content":null},{"chapter_id":8,"order":5,"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","status":"published","modified_content":null},{"chapter_id":8,"order":46,"slug":"portfolio-diversification-definition","title":"Portfolio Diversification: The Whats, the Whys, and the Hows","status":"published","modified_content":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-mining.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-mining-101.jpg","rating":80,"sections":[{"chapter_id":9,"order":1,"slug":"what-is-crypto-mining","title":"Crypto Mining: What It is and How Does It Work?","status":"published","modified_content":null},{"chapter_id":9,"order":2,"slug":"what-is-a-mining-pool","title":"Mining Pools: Is Collective Mining Better Than Solo 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">

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