How Immune Is Blockchain Against A 51% Attack

One of the worst things that can happen to a Blockchain is a 51% attack, it questions the credibility, immutability, and decentralization of that Blockchain. A 51% attack can be successfully carried out if one miner or a group of miners possesses more hashing power than other participating miners thus they have majority power over the network.

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What is Hashing Power?

“A hash power or hash rate is the unit of measure of the power the proof-of-work network or Blockchain has in a blockchain network….”

We know not everyone reading this article would understand the quote above, so don’t even bother if you don’t get it, here is a simpler explanation for non-technical readers:

Hashing power is the energy needed by miners (people who confirm transactions on the blockchain network) to carry out activities on a proof-of-work blockchain. This power is calculated or represented in percentages.

51% attack can disable any network for hours, days and permanently, causing the majority of other miners on the network not to participate in the consensus or block production while the miners who have 51% power or hash rate pool keep mining empty blocks to get mining rewards.

According to research, 50% of the Bitcoincash mining pool is controlled by BTC.Top and BTC.Com. these two mining pools were also involved in the 51% attack on BCH that happened recently. BTC.Com and BTC.Top made this move when they saw that an unknown miner was trying to reclaim some unspendable coins by moving them to a spendable address.

With the intention of causing no harm, BTC.Top and BTC.Com decided to re-organize things by themselves and successfully removed the two blocks (transactions are stored in blocks) involved and other transactions as they spent the same P2SH coins and replaced it with their own.

In January 2019, it was reported that Ethereum Classic through an exchange experienced same as the attacker reversed four transactions that resulted in a loss of 54,200 ETC. The exchange, however, promised to compensate all affected users and advised that other platforms desisted from using the 51% attack method /transactions initiated by the attacker’s address.

As earlier stated, 51% attacks on any Blockchain network are always likely to give the Blockchain a bad reputation. Therefore, it’s never considered as the best or profitable option to salvage situations.

We understand proof-of work coins suffer this kind of attack, so we ensure every transaction on CoinCola gets a good number of confirmations before funds are released. This is why we listed most trusted proof-of-work coins and not all proof-of-work coins available in the crypto space. So our users can be rest assured that every transaction carried out on our platform is safe and secured.  

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