Hello Guys.
if you are a crypto lover then you might have gone through this word-51% attack. but if you are a newbie in this field so today I wanna explain you what is the word and its technical in detail.
::MEANING::
A 51% attack is a potential attack on the bitcoin network whereby an organization is somehow able to control the majority of the network mining power (hashrate).
Bitcoin is secured by having all miners (computers processing the networks transactions) agree on a shared ledger called the blockchain. Bitcoin nodes look to each other to verify what they're working on is the valid blockchain. If the majority of miners are controlled by a single entity, they would have the power to (at least attempt to) decide which transactions get approved or not. This would allow them to prevent other transactions, and allow their own coins to be spent multiple times - a process called double spending.
Recently we have seen such attack on Verge And Bitcoin gold- do you know what did it cost?
Performing a 51% attack on Bitcoin for just one hour would cost $550,000, and an attack on Ethereum costs $360,000. This makes them the two most expensive cryptocurrencies to perform an attack on.
But there are also some coin which are extremely cheapest to attack-Bytecoin, as it only costs $557 for a one-hour 51% attack. It costs $778 for a one-hour hack on Bitcoin Private, also making it cheap.
Experts have found out some solution of such attacks too-
51% attacks are an attack on the decentralization of a coin, so the biggest deterrent is to distribute your blockchain and mining as much as possible. NiceHash only has access to 2% of Bitcoin’s network, so a 51% attack through them is impossible.
