What is a 51% attack and how to detect it?
Cointelegraph
Published Nov 12, 2022 09:24AM ET
Updated Nov 12, 2022 11:00AM ET
Despite being underpinned by blockchain technology that promises security, immutability, and complete transparency, many cryptocurrencies like Bitcoin SV (BSV), Litecoin (LTC) and Ethereum Classic (ETC) have been subject to 51% attacks several times in the past. While there are many mechanisms by which malicious entities can and have exploited blockchains, a 51% attack, or a majority attack as it is also called, occurs when a group of miners or an entity controls more than 50% of the blockchain’s hashing power and then assumes control over it.
Arguably the most expensive and tedious method to compromise a blockchain, 51% of attacks have been largely successful with smaller networks that require lower hashing power to overcome the majority of nodes.
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Written By: Cointelegraph
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