51% Attack means “51% attack” in the cryptocurrency market. This means that attacks on any blockchain by a single person or an organization controlling most of the hash rates are likely to cause network disruption. In other words, 51% attack constructor can change the order of operations according to their own will or access enough mining power to eliminate these operations.
WHAT IS 51% ATTACK?
The 51% Attack is seen as a flaw in open blockchain networks. The majority of the network; 51% under the management of a single person means that the network is manipulated or taken over.
Although 51% of a network can not take over an entire system means that the person who takes over some operations by not approving the work of the system can block or complicate.
51% attack, however, is not a case of creating a coin, reversing long-term transactions, stealing money from other people’s virtual wallets. This is made possible by the decentralization of the blockchain’s data creation and verification processes in Bitcoin’s infrastructure.
The Dangers Of 51% Attack Operations
51% Attack is a situation no one wants to be exposed to. In this way, if a person makes an attack, the first thing they can do is to stop the network from moving forward. Only the blocks they produce can be considered valid, so the remaining 49% of the population can reject all actions.
Second, they can delete existing operations and reverse the network. By doing so, they would have made a double expenditure.
Third, they can cause bifurcation in the network. Of course, the most dangerous of these three can be done is double spending. Because in this way, the attacker sees and approves the transfer sent to you during the last purchase, and then immediately uses the power of the network to invalidate the last blocks produced.
In the meantime, all transactions from those blocks become invalid. In this way, the attacker regains his old balance and is in possession of the product sent by the seller. So you suffer double losses.
51% Chance Of Attack
Because the Blockchain network is maintained by distributed nodes, collaboration of all participants is required to reach agreement. This makes blockchain networks secure. As the network grows, protection from intruders and data corruption decreases.
So 51% Attack pek on big networks like Bitcoin is unlikely. Even if they are very successful, they can only make changes to a few recently added blocks on big networks like Bitcoin. But in smaller cryptocurrencies, the probability is increasing.
