The 51% attack refers to the situation where individuals or groups with at least 51% of the hash rate in the blockchain can change and control the transactions on the blockchain according to their wishes.
A 51% attack is a person or group that has the majority of the hash rate in the blockchain system; It is a type of cyber attack that causes disruptions in the blockchain system to take control of the network.
What is the Purpose of the 51% Attack?
The users who organized the 51% attack aim to block the transactions of other miners on the blockchain and take control of the system. Double spending can occur if attackers reject other transactions on the blockchain.
What is the Probability of a 51% Attack?
Large networks are less likely to encounter a 51% attack than small networks. A 51% attack on blockchain networks like Bitcoin is almost impossible. The Bitcoin network has a technological infrastructure that can quickly protect itself against a 51% attack. On the other hand, in blockchain networks with low transaction volume, there is a 51% attack probability, although it is low.