What Is the Difference between a 51% Attack and a Sybil Attack?
A 51% attack is specific to Proof-of-Work networks and involves controlling over half of the network's computational power (hash rate) to manipulate the ledger. A Sybil attack is a broader term where a single malicious entity creates and controls numerous fake identities or nodes on a decentralized network.
The goal of a Sybil attack is to gain a disproportionate influence on the network's governance or decision-making process, rather than directly manipulating the transaction history.
Glossar
Fake Identities
Deception ⎊ Fake Identities in decentralized governance systems pose a significant threat, allowing malicious actors to accrue voting power or influence proposals using non-genuine attestations of participation or stake.
Computational Power
Capacity ⎊ The computational power, within the context of cryptocurrency derivatives and options trading, fundamentally represents the aggregate processing capability available to execute complex calculations and simulations.
Sybil Attack
Architecture ⎊ The Sybil attack, within cryptocurrency, options trading, and financial derivatives, exploits the inherent design vulnerabilities of distributed systems reliant on identity-based consensus.