Altcoin News: 1,000,000,000,000 EOS, Which Is Approximately $3.66 Trillion — Pending Transaction

March 12, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

An unknown user created a “pending transaction” in the EOS blockchain for 1 trillion coins, which is about $3.66 trillion at the current rate.

This morning in the popular Twitter channel of the user Whale Alert, which is known for constantly publishing data on large transfers of cryptocurrencies in public blockchains, a rather contradictory message appeared. According to published information, a transaction in the EOS network was carried out in the amount of 1,000,000,000,000 coins, which is approximately $3.66 trillion.

A few hours later, account holders in the comments to this post reported that in fact there was no such transfer.

“An EOS user named “fuckhacker.x” figured out how to create a large fake transaction, but it seems EOS was able to detect it. Unfortunately, the transaction was broadcasted before it was removed. We have built in an extra check to prevent it from happening again.”

As it turned out later, it was possible to deceive the algorithm thanks to the “pending transaction”. Its essence lies in the fact that the sender undertakes to make a transfer in the future, but at the same time, it does not impose any obligations on the proof of ownership of the required amount.

“ This was a deferred transaction.” writes the manufacturer of EOS New York blocks on Twitter.— “The trx that creates the deferred trx can only determine whether the create request was submitted successfully or whether it failed. Once broadcast it is subject to normal validity checks.”

Despite the fairly wide publicity in the community, there should be no reason for panic in connection with this transaction. The transaction validation system in the EOS blockchain differs significantly from the classical mining scheme. The closest analogy for such a “pending transaction” can be considered a raw transaction in the Bitcoin network sent out by one of the wallets. If a transaction violates the protocol rules (that is, it is not based on inputs confirmed in the blockchain), it will not be accepted by most of the nodes and in any case, will not be processed by the miners. As it turned out, in the EOS network, such a transaction can still be distributed over the network to many nodes, however, it will also not receive confirmation from the “block creators” — miners in the EOS network and, therefore, will not be recorded in the blockchain.

Note that in November last year there was a similar incident in the Stellar blockchain. An unknown sender tried to translate 99,999,999,999 XLM, which is five times higher than the total XLM emission. Then a bug was used for this purpose, which was found back in April 2018 and was not fixed at the time of the incident.

Author: Marko Vidrih