What is a 51% attack and how to detect it? By Cointelegraph
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What is a 51% attack and how to detect it?Despite being underpinned by blockchain technology that promises security, immutability, and complete transparency, many cryptocurrencies like SV (BSV), (LTC) and (ETC) have been subject to 51% attacks several times in the past. While there are many mechanisms by which malicious entities can and have exploited blockchains, a 51% attack, or a majority attack as it is also called, occurs when a group of miners or an entity controls more than 50% of the blockchain’s hashing power and then assumes control over it.
Arguably the most expensive and tedious method to compromise a blockchain, 51% of attacks have been largely successful with smaller networks that require lower hashing power to overcome the majority of nodes.
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What is a 51% attack and how to detect it?Despite being underpinned by blockchain technology that promises security, immutability, and complete transparency, many cryptocurrencies like SV (BSV), (LTC) and (ETC) have been subject to 51% attacks several times in the past. While there are many mechanisms by which malicious entities can and have exploited blockchains, a 51% attack, or a majority attack as it is also called, occurs when a group of miners or an entity controls more than 50% of the blockchain’s hashing power and then assumes control over it.
Arguably the most expensive and tedious method to compromise a blockchain, 51% of attacks have been largely successful with smaller networks that require lower hashing power to overcome the majority of nodes.
Continue Reading on Coin Telegraph
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