What is a 51% Attack?
51% Attack, also known as the majority attack, occurs when a group of miners controls over 50% of a blockchain's mining hash
Attackers with 51% of the hashing power can alter the blockchain, prevent new transactions, and reverse completed ones
Consensus mechanisms like proof-of-work were created to prevent double-spending in cryptocurrency
The prevalence of a 51% Attack is higher in low-participation blockchain protocols, making Bitcoin and Ethereum less susceptible
Ethereum's switch to proof-of-stake makes a 51% Attack costly and challenging, as attackers must own 51% of staked ETH
Conducting a 51% Attack is risky; the blockchain protocol can detect it and slash the attackers' staked ETH
Delayed proof-of-work helps verify correct chains within minutes, making it hard to execute a 51% Attack.