51% Attack

A 51% attack occurs when an individual or group of miners control more than half of the mining power on a blockchain network. This majority control allows them to manipulate the network by double-spending coins, preventing transactions from being confirmed, or blocking other miners from mining new blocks.

In a 51% attack, the attacker can potentially reverse transactions they made while controlling the majority of the network. This can lead to significant financial losses for users and reduce trust in the affected cryptocurrency.

To carry out a 51% attack, the attacker would need to control a majority of the network’s hashing power, which can be expensive and resource-intensive. However, smaller or less secure blockchain networks are more vulnerable to such attacks.

Cryptocurrency networks with higher mining power distribution are less susceptible to 51% attacks, as it would be more difficult and costly for an attacker to control the majority of the network. Steps can be taken to mitigate the risk of 51% attacks, such as implementing stronger network security measures and increasing decentralization.