51% attack

A 51% Attack is a term related to the cryptocurrency market, which refers to a potential threat in networks based on blockchain technology. In the case of cryptocurrencies such as Bitcoin or Ethereum, transactions are confirmed through a process called mining, in which computers perform complex calculations to authenticate transaction blocks. A 51% Attack occurs when a single entity or group controls more than half of the computational power in the blockchain network, creating the possibility of manipulating transactions.

How does a 51% Attack work?

An individual or group controlling over 51% of the computational power can introduce false transactions into the blockchain, verify them as legitimate, and confirm them. As a result, this can lead to double-spending of cryptocurrencies or censoring transactions, posing a serious threat to the security and integrity of the blockchain network.

Why is a 51% Attack dangerous?How to defend against a 51% Attack?

To safeguard the blockchain network against a 51% Attack, it is essential to implement appropriate security mechanisms. One solution is to decentralize network nodes so that no entity can gain control over the majority of computational power. Furthermore, continuous monitoring of the network and responding to any suspicious activities are crucial.

Summary

A 51% Attack poses a significant threat to blockchain networks and cryptocurrencies, hence continuous improvement of technology and raising awareness within the cryptocurrency community regarding protection against such attacks are essential. Preventive measures and prompt responses upon detecting potential 51% Attacks are key to ensuring the security and stability of the cryptocurrency market.