Cardano Network Faces Sophisticated DDoS Attack
On June 25, 2024, the Cardano network was targeted by a sophisticated DDoS attack at block 10,487,530. The attacker aimed to disrupt the network by sending transactions that executed 194 smart contracts labeled “REWARD,” each costing just 0.9 ADA.
The objective was to overload the network's processing capabilities and steal staked ADA from the system. Raul Antonio, CTO of Fluid Tokens, detected the attack's impact early on, while Philip Disarro, CEO of Anastasia Labs, quickly identified the strategy and proposed a countermeasure on social media.
This countermeasure involved deregistering the stake credentials used by the attacker, which would force them to spend additional ADA to restart their operations. The attack was ultimately halted, but not before developers had already begun reclaiming the stolen funds.
The Cardano network, despite the attack, remained secure and operational, experiencing only minor impacts on transaction timings and chain density. Some stake pool operators did face higher loads and minor disruptions due to block height battles, but the overall network functionality was preserved.
The attacker’s strategy, although disruptive, led to a financial loss due to the incurred transaction fees. Additionally, the attacker inadvertently contributed funds to the open-source smart contract development at Anastasia Labs and Midgard. Intersect, a Cardano membership group, highlighted the effective response by the developer community and the minimal impact on the network's overall functionality.
Cardano Announces New Governance Model
In a significant move to further decentralize its ecosystem, the Cardano Foundation announced a new governance model. This model incorporates delegate representatives (DReps), stake pool operators (SPOs), and a constitutional committee to ensure inclusivity and a balance of power. During the transitional phase between Chang 1 and Chang 2 upgrades, governance actions will be limited to parameter changes, hard fork initiations, and informational actions.
The Interim Constitutional Committee (ICC) will play a crucial role in this new governance structure, independently approving protocol parameter changes and, in conjunction with SPOs, initiating necessary hard forks. The ICC will interpret the Cardano Constitution, review governance actions, ensure transparency, and support initial governance structures.
The Cardano Foundation’s participation in the ICC election, with 20 million ADA tokens, underscored its commitment to transparency and governance principles. Candidates were meticulously assessed based on their dedication to the Cardano community, adherence to constitutional principles, transparency, and technical expertise. Top-ranked candidates included the Cardano Atlantic Council, Eastern Cardano Council, Lloyd Duhon, Johnny Kelly, Cardano Japan, and Joshua Stone.
The entire electoral process and fund allocation were meticulously tracked through platforms like pool.pm to ensure openness and build trust within the community. The Cardano Foundation's active involvement emphasized its dedication to fostering a robust and transparent governance framework. This new model aims to decentralize the ecosystem further and enhance community engagement, marking a significant step forward in Cardano’s evolution.
Conclusion
Cardano's resilience in the face of a DDoS attack and its introduction of a new governance model demonstrate the network's adaptability and commitment to decentralization. These developments highlight Cardano's ongoing evolution, emphasizing community engagement, transparency, and robust security measures as key pillars of its ecosystem's growth and stability.
FAQs
1. What was the nature of the DDoS attack on Cardano?
The attack occurred on June 25, 2024, at block 10,487,530, targeting the Cardano network. It involved executing 194 smart contracts labeled "REWARD," each costing 0.9 ADA, with the aim of overloading the network's processing capabilities and stealing staked ADA. The attacker's strategy was disruptive but ultimately led to financial loss due to transaction fees.
2. How did Cardano respond to the DDoS attack?
Cardano's developer community quickly identified the attack and proposed countermeasures, including deregistering the attacker's stake credentials. The network remained secure and operational, experiencing only minor impacts on transaction timings and chain density. Developers also began reclaiming stolen funds, demonstrating the network's resilience and effective response mechanisms.
3. What are the key components of Cardano's new governance model?
The new model incorporates delegate representatives (DReps), stake pool operators (SPOs), and a constitutional committee. It includes an Interim Constitutional Committee (ICC) that approves protocol parameter changes, initiates hard forks with SPOs, and interprets the Cardano Constitution. The model aims to further decentralize the ecosystem and enhance community engagement.
4. How did the Cardano Foundation participate in the ICC election?
The Cardano Foundation participated by allocating 20 million ADA tokens to the election process. They assessed candidates based on dedication to the Cardano community, adherence to constitutional principles, transparency, and technical expertise. The process was tracked through platforms like pool.pm to ensure openness and build trust within the community.
This article has been refined and enhanced by ChatGPT.
