Attack on a blockchain?

A 51% attack is a potential attack on blockchain network where the single entity/ organisation is able to control the majority of hash rate where it might cause network disruption. In this scenario, the attacker would have adequate mining power to alter or even exclude the order of transactions happening in the blockchain. They can even reverse transactions that is made while the network disruption is on going — this leads to double spending problem.

Another attack — a majority attack will not allow attacker to reverse transactions from other users or prevent transactions from being created and broadcasted to the network. A successful majority attack only allows attacker to prevent some or even all transactions from being confirmed — transaction denial of service or prevent some or all other miners from mining — this results in mining monopoly.

It cannot change block rewards, create coins out of nowhere or steal coins that doesn’t belong to the attacker so it is safe to say any attacks on blockchain or cryptos are still under control.


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