What Is a 51% Attack, and How To Detect It?
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What Is a 51% Attack, and How To Detect It?
The 51% Attack is also called the majority attack.
The 51% Attack is also called the majority attack.
51% Attack occurs when miners or a mining pool control more than 50% of the network’s mining hash.
These attackers control the network to reverse transactions and create double-spending.
Routine checks and delayed proof-of-work help detect and prevent 51% Attack.
The Michigan Institute for Technology’s Digital Currency Initiative detected and observed over forty 51% Attacks.
The attacks were conducted in networks such as Bitcoin Gold, Litecoin, and other smaller cryptocurrencies.
51% Attack is prevalent and successful in a cryptocurrency or blockchain protocol with a low participation rate. The more the participation rate of a cryptocurrency, the more difficult and risky it is for the attackers.