Cryptocurrency and Blockchain Dictionary
A complete list of crypto definitions
Cryptocurrency and blockchain glossary
Commonly used terms in the world of blockchain and cryptocurrency
Terms commonly used in the world of blockchain and cryptocurrency
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51% Attack
A ‘51% attack’ refers to a possible attack on a blockchain by a group of ‘miners’ who hold more than 50% of the hash rate. In such a situation the ‘miners’ have the possibility to deliberately not confirm transactions or to issue transactions twice.
It can be an individual or an organization that has more control over the crypto network. Hence, they can interfere with the working of a particular transaction by reverting it or alter the information. A 51% attack can also cause double-spending situations, not to mention there are many possible threats tailored with a majority attack.
Generating new crypto tokens easily, preventing the network to communicate effectively with blocks, stealing crypto assets, and increasing the block rewards limit are some of the possible problems that can result due to a 51% attack.
A ‘51% attack’ refers to a possible attack on a blockchain by a group of ‘miners’ who hold more than 50% of the hash rate. In...
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