How Does the 51% Attack Relate to the Ability to Execute a Blockchain Re-Org?
A 51% attack occurs when a single entity or coordinated group controls more than half (51%) of the network's total mining hash rate (Proof-of-Work) or staking power (Proof-of-Stake). This majority control allows the attacker to mine blocks faster than the rest of the network combined.
By mining blocks privately, they can create a longer chain, thus enabling them to force a re-org and rewrite history, which is the core mechanism for a successful attack.
Glossar
Mining Hash Rate
Hashrate ⎊ The aggregate computational power dedicated to validating transactions and securing a proof-of-work cryptocurrency network, it represents the rate at which a miner can solve complex cryptographic puzzles.
51% Attack
Dominance ⎊ The 51% attack, within cryptocurrency contexts, represents a scenario where a single entity or coalition controls more than half of a blockchain network's hashing power or stake.
Hash Power
Measurement ⎊ Hash power represents the total computational processing power dedicated to mining on a proof-of-work blockchain.
Staking Power
Mechanism ⎊ Staking Power, within cryptocurrency ecosystems, represents the computational weight a participant contributes to a proof-of-stake consensus mechanism, directly influencing their probability of validating blocks and earning rewards.
Majority Control
Control ⎊ Majority control in decentralized governance or security contexts refers to the threshold, typically over 50 percent of staked tokens or voting power, required to pass proposals or validate blocks on a proof-of-stake network.
Selfish Mining Strategy
Incentive ⎊ Selfish mining represents a strategic deviation from honest block propagation within Proof-of-Work cryptocurrency networks, prioritizing private chain construction for potential revenue gain.