Welcome to Reality Check, a series of quick explainers on cryptocurrency fundamentals.
Today, we’re talking about 51% attacks. A 51% attack is when a single miner or group of miners control more than half of the hash rate of a blockchain network. This gives them the power to prevent new transactions from being confirmed and to reverse transactions that have already been completed.
While a 51% attack is a powerful tool and can be used to disrupt the network, it is also an indication that a blockchain is healthy and secure. This is because the more miners there are on the network, the harder it is for any one miner to gain control of the majority of the hash rate.
In other words, the fact that a 51% attack is possible on a blockchain is a sign that there are enough miners participating in the network to make it secure.
So, while 51% attacks are a serious threat, they are also a sign that the blockchain is functioning properly.
Thanks for watching. This has been Reality Check.
