When it comes to the security and integrity of a Blockchain, nothing is quite as scary as the prospect of a 51% attack.
The lethality of such an attack is so well known that it has even entered into public lexicon with popular shows such as HBO’s Silicon Valley which mentions it in one of their episodes.
What is a “51% Attack?”
Broadly speaking, a 51% attack is an attack on a proof-of-work cryptocurrency Blockchain whereby an organization or group is able to control the majority of the mining power (hashrate).
Why would they want to do this? A network such as Bitcoin is cryptographically secure precisely because of decentralisation. All of the nodes on the Bitcoin network have to agree on the state of the shared ledger in order for there to be trust in said ledger.
By Nic Puckrin
To read the full article please click here.