Are you new to the cryptocurrency world and feeling a bit lost? Don't worry, you are not alone. The cryptocurrency space can be daunting for newcomers, with its many terms, abbreviations and definitions that can be difficult to understand.
ATAIX crypto glossary will help make sense of some of the most common cryptocurrency terms and definitions. Armed with this information, you'll be ready to start participating in this exciting and innovative new economy!
A 51% attack denotes a malicious actor (or group acting together) governing over 50% of the entire mining power of the blockchain network. This can disrupt the integrity of the blockchain by modifying the order of transactions, preventing transactions from being confirmed, or double-spending.
The jeopardy of a 51% attack is higher for blockchains with less hashing power, as it is easier for a mischievous actor to procure the required majority computing power. The more miners and resources spent mining a blockchain, the safer the blockchain is.
The Bitcoin network is recognized as the safest blockchain in existence as it has an immense amount of hashing power mining it.
An example of a 51% attack happened in January 2019 on the Ethereum Classic blockchain. This was when a bad actor who controlled the majority of the hashing or mining power managed to form the majority in the consensus mechanism and disrupt the integrity of the blockchain.