Quick Definition

A 51% attack refers to a situation where a single entity or group gains control of more than half of the computing power on a blockchain network, allowing them to manipulate transactions and potentially double-spend coins.

Examples

• 1A group of miners colluding to gain majority control over Bitcoin’s network to reverse transactions.
• 2An organization using powerful computing resources to dominate a smaller cryptocurrency like Ethereum Classic, leading to reversed transactions and lost funds.
• 3A scenario where a single miner gains 51% control of a blockchain network, enabling them to prevent new transactions from gaining confirmations, effectively halting the network.
• 4A large mining pool accidentally gaining over 50% of the mining power in a blockchain, raising concerns about potential security risks.

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