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LayerZero Labs introduced a self-reporting mechanism to battle Sybil’s activity, May 17 is decided as an end date for reporting.
In the hope of controlling the side effects of excessive Sybil activity, LayerZero Labs introduced a new approach to self-reporting. Individuals reporting before May 17 will be offered 15% of the intended allocation.
LayerZero Labs, the developer of the cross-chain communication platform motives to distribute tokens to durable users.
LayerZero Labs Unveiled Self-Reporting Mechanism
LayerZero Labs is addressing the issue of Sybil attacks by presenting a self-reporting mechanism.
The company is encouraging users involved in such activities to come forward within a two-week window, promising them 15% of the tokens they would have otherwise received, with no further inquiry.
On May 3, LayerZero Labs took on X account to unveil the new reporting mechanism.
We believe it is in the protocol's best interest to distribute tokens to durable users — not sybil farmers.
— LayerZero Labs (@LayerZero_Labs) May 3, 2024
If you are a sybil, you have two options:
– Self-report sybil addresses for 15% of your intended allocation. No questions asked. The deadline to do so is May 17th.
– Do… pic.twitter.com/Kme9ZKckC7
“We believe it is in the protocol’s best interest to distribute tokens to durable users, not Sybil farmers,” the developer posted.
Sybil attacks in this context refer to the manipulation of airdrops by a user who creates numerous addresses to collect and quickly sell off the tokens. Sybil activity is a type of security threat in which hackers develop numerous fake identities to gain network control.
Whether LayerZero Labs’ strategy to incentivize honesty among Sybil attackers will be effective remains to be seen. May 17 is announced as the deadline for self-reporting.
In the same tweet, the company also offered a cautionary note, suggesting that those suspecting themselves of being Sybil attackers probably are. While the specifics of the rewards for using the network are not yet clear.
The announcement comes on the heels of LayerZero Labs’ previous indication of a token launch planned for the early part of 2024.
Io.net CEO, Ahmad Shadid’s View On The Sybil Attack
On April 29, Io.net CEO, Ahmad Shadid took on X to discuss the experience of a Sybil attack that tested the security of Io.net infrastructure. Crucial details regarding the incident as well as actions taken to degrade the damage and empower the platform’s security.
Postmortem on 4/27 Incident Report$IO Nation,
— SHADID | $IO™ (@shadid_io) April 28, 2024
Over the last 120 hours, we worked to expel sybil attackers from the network, roll out multiple security patches, and put in place a new security model to prevent future incidents. The network infrastructure is now fully…
According to the post, a Sybil attack manifested through vulnerability exploitation permitted attackers to spoof the availability of GPUs. Result of this, over 1.8 million fake GPUs attempted to connect to the network.
To safeguard the network from Sybil attacks, the company implemented a Proof-of-Work (PoW) system and took rapid response and proactive measures to safeguard the network.
About LayerZero Labs
LayerZero is an interoperability protocol that permits the connectivity of blockchains and permits developers to construct seamless omnichain applications. Founded by Bryan Pellegrino, the company raised $120 Million in a Series B funding round in April 2023.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
