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cRYPTO Glossary
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51% Attack
A 51% attack occurs when a single person or group controls more than half of the computer power or mining hash rate on a blockchain network.
Explanation of Specific Terms:
- Computer power (or hash rate): The total computing power used to mine and process transactions on a blockchain.
- Blockchain network: A decentralized network of computers (nodes) that work together to maintain a digital ledger.
- Mining: The process of validating and adding new transactions to the blockchain.
Key Points for Beginners:
- Why it's important: Controlling more than 50% of the network's power allows the attacker to manipulate transactions, potentially leading to double-spending and other fraudulent activities.
- How it works: By gaining the majority of the network's computing power, the attacker can disrupt the normal operation of the blockchain, reversing transactions and preventing new transactions from being confirmed.
Valdis Zhvaginsh
Crypto Enthusiast, CWT Editor
Hello, I'm Valdis
When I began exploring cryptocurrencies, I had many questions. Over time, I've gathered some of the best resources that helped me, and I believe they can be useful to you as well.
I hope these resources assist you in starting your journey into the world of cryptocurrencies and provide useful tools for everyday tasks.
If you have any suggestions or corrections, please contact me
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