XUC (Exchange Union)
A 51% attack occurs when a single entity or group of individuals control over half of the mining power on a blockchain network. This allows them to manipulate transactions by double-spending coins, preventing confirmations of transactions, or rejecting blocks to gain control over the network.
With majority control, the attackers can rewrite the blockchain’s transaction history, leading to various fraudulent activities. This can undermine the security and integrity of the network, leading to decreased trust among users and potential financial losses.
To execute a 51% attack, the attackers need significant computing power and resources, making it a challenging and expensive task. Cryptocurrencies with high mining difficulty and decentralized mining pools are less vulnerable to such attacks. However, smaller or lesser-known cryptocurrencies are at a higher risk due to the limited number of miners.
Developers and community members continually monitor blockchain networks for any anomalies or signs of a 51% attack to safeguard the network’s security and maintain trust among users.
