BlockchainPedia #1 | 51% ATTACK

For years, countries in the world fought for independence in different eras of time, and people of the republic challenged the right for democracy. After every certain period, depending on a country, the citizens are allowed to influence the governance of a country with their decisions; this is called elections. Elections allow people to participate in the next way forward for a nation by heading to polling stations and making their votes on ballot papers. The candidate with the largest percentage of votes wins the elections and has the right to perform his or her manifesto for a set period of years.

In Blockchain, there have been a number of questions on security. Unfortunately, nothing is 100% secure. Just like general elections, with the network’s mining hash rate representing the number of votes, when a group of miners come together and control more than 50% of the network’s mining hash rate, they are able to corrupt the Blockchain with their own manifesto which can be, preventing new transactions, halting payments, or reversing completed transactions to make it appear as though they still have the coins they just spent (double spending). The corrupt miners try to add blocks to their chain in a bid to be the legitimate chain which is the longest chain. This is called 51% Attack.

Krypton and Shift, two small sized clones of Ethereum received a visit from 51% Crew in August 2016.

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