51% attack in simple words
Hi guys, many of us heard the multiple times ethereum classic (ETC) suffered multiple times from 51% attack.
https://www.coindesk.com/ethereum-classic-blockchain-subject-to-yet-another-51-attack
Here the article writes that ETC suffered 3 times during August 2020 from 51% attack
But how we can describe this term so simple that anyone could understand.In 51% attack the "bad" guys try to control more than 50% (for this reason the term 51%) of the network's mining power or hash rate.
But why is so catastrophic if "bad" guys control 51% of the network's mining power ??
Because they can block new transactions !!
What is the cost of this attack ?
In this link you can find the cost of such attack
https://www.crypto51.app/
At this series of articles Terminology for dummies i do not give more details like how can take place or how we can defend such an attack.
The photo was taken from https://bravenewcoin.com/insights/etc-51-attack-what-happened-and-how-it-was-stopped
