What is a 51% attack?

A 51% attack is a very difficult and challenging task on a cryptocurrency with a large participation rate. In most cases, the group of attackers would need to be able to control the necessary 51% and have created an alternate blockchain that can be inserted at the right time. Then, they would need to out-hash the main network.

Can a 51% attack take place in a blockchain network?

As a blockchain network grows and acquires news mining nodes it makes the chances of a 51% attack taking place less likely. That is because the cost of performing a 51% attack rises in tandem with the network hashrate (the amount of computational power committed to the network).

What is a 51% attack on Ethereum?

After Ethereum's transition to proof-of-stake, a 51% attack on the Ethereum blockchain became even more expensive. To conduct this attack, a user or group would need to own 51% of the staked ETH on the network.

What is a 51% attack on Litecoin?

Since June 2019, the Michigan Institute for Technology's Digital Currency Initiative has detected, observed, or been notified of more than 40 51% attacks—also called chain reorganizations, or reorgs—on Bitcoin Gold, Litecoin, and other smaller cryptocurrencies. 4 What Is a 51% Attack?