51% Attack

A 51% attack is a type of attack that can occur on a blockchain network. In this type of attack, a single entity or group of entities takes control of more than 50% of the network's computing power. This gives them the ability to manipulate the network in a number of ways, including the ability to double-spend coins, reverse transactions, and prevent new transactions from being verified.

Examples of 51% Attacks

One of the earliest and most well-known examples of a 51% attack occurred on the Bitcoin Gold network. In May 2018, an attacker was able to take control of over 51% of the network's computing power. This allowed them to reverse transactions and double-spend coins, resulting in the loss of over $18 million worth of Bitcoin Gold.

Another notable example of a 51% attack occurred on the ETC (Ethereum Classic) network in January 2019. In this attack, an unknown entity was able to take control of over 51% of the network's computing power, allowing them to double-spend coins and reorganize the blockchain. This resulted in the loss of over $1 million worth of ETC.

These examples demonstrate the potential impact of a 51% attack on a blockchain network. It is important for blockchain developers and users to be aware of this threat and take steps to prevent and mitigate such attacks.

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