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Author Topic: 51% Attack - Meaning - Definition  (Read 4440 times)

Offline Mounty

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51% Attack - Meaning - Definition
« on: July 01, 2018, 11:57:48 AM »
A 51% attack is a situation where more than half of the computing power on a blockchain network is operated by a single entity or group, which gives them complete and total control over the network.

Things that an entity with 51% of the computing power can do:

Halting all mining.

Halting and manipulating all interpersonal transactions.

Double Spending using singular coins over and over (this simply means that they can spend same coin/token money twice by deleting transactions from the Blockchain records).



the cost for doing a 51% attack  on a specific blockchain is  based on calculation by site below on 1/7/2018:

Quote
Name    Symbol    Market Cap    Algorithm    Hash Rate    1h Attack Cost    NiceHash-able
Bitcoin    BTC    $109.65 B    SHA-256    38,259 PH/s    $483,816    1%
Ethereum    ETH    $45.83 B    Ethash    231 TH/s    $314,888    4%
Bitcoin Cash    BCH    $12.73 B    SHA-256    4,538 PH/s    $57,382    10%
Litecoin    LTC    $4.60 B    Scrypt    282 TH/s    $47,811    6%
Monero    XMR    $2.10 B    CryptoNightV7    484 MH/s    $16,599    14%
Dash    DASH    $1.91 B    X11    1 PH/s    $12,299    45%
Ethereum Classic    ETC    $1.65 B    Ethash    11 TH/s    $15,484    78%
Zcash    ZEC    $700.54 M    Equihash    570 MH/s    $47,236    12%
Bytecoin    BCN    $549.28 M    CryptoNight    489 MH/s    $574    113%
Bitcoin Gold    BTG    $457.08 M    Equihash    19 MH/s    $1,611    345%
Dogecoin    DOGE    $290.12 M    Scrypt    208 TH/s    $35,339    9%
Bitcoin Private    BTCP    $230.57 M    Equihash    6 MH/s    $464    1,199%
MonaCoin    MONA    $124.57 M    Lyra2REv2    2 TH/s    $2,096    318%
Electroneum    ETN    $76.00 M    CryptoNightV7    76 MH/s    $2,613    89%
ZenCash    ZEN    $73.68 M    Equihash    62 MH/s    $5,175    107%
GameCredits    GAME    $40.95 M    Scrypt    2 TH/s    $290    1,042%
Vertcoin    VTC    $38.64 M    Lyra2REv2    757 GH/s    $644    1,033%
Ubiq    UBQ    $34.66 M    Ethash    200 GH/s    $272    4,430%
ZClassic    ZCL    $32.39 M    Equihash    29 MH/s    $2,363    235%
Unobtanium    UNO    $32.35 M    SHA-256    4,459 PH/s    $56,384    10%
Bitcoin Interest    BCI    $31.34 M    Equihash    2 MH/s    $171    3,259%
Litecoin Cash    LCC    $28.83 M    SHA-256    18 PH/s    $222    2,603%
Gulden    NLG    $28.48 M    Scrypt    1 TH/s    $232    1,300%
Einsteinium    EMC2    $27.39 M    Scrypt    110 GH/s    $19    16,218%


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« Last Edit: July 01, 2018, 12:08:06 PM by Mounty »

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51% Attack - Meaning - Definition
« on: July 01, 2018, 11:57:48 AM »

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Offline backfirst77

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Re: 51% Attack - Meaning - Definition
« Reply #1 on: October 15, 2018, 11:05:41 AM »
Very good information in the field of mining. This will be very helpful for beginners about the term. So when mining has understood this situation. Thanks for the information.
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Offline Dprincebh

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Re: 51% Attack - Meaning - Definition
« Reply #2 on: October 30, 2018, 07:19:59 AM »
That's a good briefly detail. It will help out

Offline Munareal

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Re: 51% Attack - Meaning - Definition
« Reply #3 on: February 15, 2019, 09:16:57 AM »
Attackers can interfere with the process of recording new blocks.   They disrupt the network and render it insecure. The bad actor could reverse transactions so as to engage in the nefarious act of double-spending.

Offline Abiodun

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Re: 51% Attack - Meaning - Definition
« Reply #4 on: April 02, 2019, 04:16:54 PM »
A 51% attack is a situation where more than half of the computing power on a blockchain network is operated by a single entity or group, which gives them complete and total control over the network.

Things that an entity with 51% of the computing power can do:

Halting all mining.

Halting and manipulating all interpersonal transactions.

Double Spending using singular coins over and over (this simply means that they can spend same coin/token money twice by deleting transactions from the Blockchain records).



the cost for doing a 51% attack  on a specific blockchain is  based on calculation by site below on 1/7/2018:

Quote
Name    Symbol    Market Cap    Algorithm    Hash Rate    1h Attack Cost    NiceHash-able
Bitcoin    BTC    $109.65 B    SHA-256    38,259 PH/s    $483,816    1%
Ethereum    ETH    $45.83 B    Ethash    231 TH/s    $314,888    4%
Bitcoin Cash    BCH    $12.73 B    SHA-256    4,538 PH/s    $57,382    10%
Litecoin    LTC    $4.60 B    Scrypt    282 TH/s    $47,811    6%
Monero    XMR    $2.10 B    CryptoNightV7    484 MH/s    $16,599    14%
Dash    DASH    $1.91 B    X11    1 PH/s    $12,299    45%
Ethereum Classic    ETC    $1.65 B    Ethash    11 TH/s    $15,484    78%
Zcash    ZEC    $700.54 M    Equihash    570 MH/s    $47,236    12%
Bytecoin    BCN    $549.28 M    CryptoNight    489 MH/s    $574    113%
Bitcoin Gold    BTG    $457.08 M    Equihash    19 MH/s    $1,611    345%
Dogecoin    DOGE    $290.12 M    Scrypt    208 TH/s    $35,339    9%
Bitcoin Private    BTCP    $230.57 M    Equihash    6 MH/s    $464    1,199%
MonaCoin    MONA    $124.57 M    Lyra2REv2    2 TH/s    $2,096    318%
Electroneum    ETN    $76.00 M    CryptoNightV7    76 MH/s    $2,613    89%
ZenCash    ZEN    $73.68 M    Equihash    62 MH/s    $5,175    107%
GameCredits    GAME    $40.95 M    Scrypt    2 TH/s    $290    1,042%
Vertcoin    VTC    $38.64 M    Lyra2REv2    757 GH/s    $644    1,033%
Ubiq    UBQ    $34.66 M    Ethash    200 GH/s    $272    4,430%
ZClassic    ZCL    $32.39 M    Equihash    29 MH/s    $2,363    235%
Unobtanium    UNO    $32.35 M    SHA-256    4,459 PH/s    $56,384    10%
Bitcoin Interest    BCI    $31.34 M    Equihash    2 MH/s    $171    3,259%
Litecoin Cash    LCC    $28.83 M    SHA-256    18 PH/s    $222    2,603%
Gulden    NLG    $28.48 M    Scrypt    1 TH/s    $232    1,300%
Einsteinium    EMC2    $27.39 M    Scrypt    110 GH/s    $19    16,218%


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I love the detailed explanation you gave to this 51 attach you explained above know we all have an insight about this whole thing thanks for sharing this info with us kudos.
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Offline Raqeebzy

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Re: 51% Attack - Meaning - Definition
« Reply #5 on: February 10, 2021, 09:13:45 PM »
Great explanation and spot on.
The era of random 51% attack is far approaching its end. At least to bitcoin and lots of top altcoins. The costs to launch a successful 51% attack for BTC is much more higher than it was back in 2018 and now, it is almost not feasible anymore. And also most projects taking to PoS algorithm is a stumbling block to 51% attack. The network are much more secured.
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