51% Attack
| A 51% attack is a type of cryptographic attack where a malicious actor gains control of more than 50% of the network's mining power, and as a result, is able to violate the blockchain's technology. This can allow the attacker to double-spend coins, prevent other miners from completing blocks, and reverse transactions. 51% attacks are a major threat to any blockchain-based cryptocurrency, as they can lead to serious financial losses and damage the reputation of the network. There are a few ways to prevent 51% attacks from happening. One is to have a large and decentralized mining network so that no one person or organization can control more than 50% of the hash power. Another is to use proof-of-work algorithms that are resistant to ASICs, which are specialized mining hardware that is designed to be more efficient at mining than general-purpose hardware. Finally, some cryptocurrencies use proof-of-stake, which does not rely on mining power and is therefore not vulnerable to 51% attacks. Despite these measures, 51% attacks can still occur if an attacker is able to control a large amount of mining power. For this reason, it is important to be aware of the risks and to take steps to protect your funds if you are holding or trading a cryptocurrency that is vulnerable to this type of attack. |
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