Ethereum cybersecurity mechanisms, issues and countermeasures

Abstract

This paper entails the mechanisms of Ethereum (ETH) blockchain in term of security aspects. Some basic definitions will be covered to help to understand the structure of mechanisms that keep the blockchain extending and increasing blocks and transactions, such as PoW, PoS, mining. The hierarchical layer model of ETH and the structure of the blockchain itself will be discussed in detail at the beginning, and the corresponding theoretical model and structure diagram will be shown. Specific mechanisms that have and would be introduced in detail, including the beginning structure of ETH while constructed, the issues caused the development of mechanisms, how to make the transition from PoW to PoS, what the shape of the mechanism after the end of the transition and after the upgrade look like. Several key concepts that have been implemented into the Ethereum blockchain are detailed as well. These concepts are “extensions” within the blockchain to improve the security, automation capability and efficiency transactions and mining and Smart Contract will be the example that be introduced in this case. In addition, some features, vulnerabilities, and countermeasures regarding forking happening in the blockchain will also be discussed at the end of the paper. The forking will be explained in two main scenarios, and officially driven hard forking and a natural occurring soft forking.