- When a malevolent user in a network gains control of a blockchain's mining capabilities, this is known as a 51 percent attack. It means that the attackers will have over 50% mining power and will be able to mine faster than everyone else.
- The attackers can prevent fresh transactions from being confirmed or ordered. Malicious actors can then modify sections of a blockchain and reverse transactions. The security procedures of the blockchain are frequently bypassed in a 51 percent attack. Depending on the attacker's mining power, the attack can have a slight or significant impact.
- In attacks, hash power is more important. If the attacker has a higher proportion, he or she is more likely to attack the system. The attack's consequences are also determined by the same element.
What is a 51% attack?
Asked 19-May-2022
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