Bitcoin [BTC] 51% of attack is really difficult, says the main developer

At the beginning of this week, Ethereum Classic proved to be the most controversial cryptocurrency on the market. The main currency was under control of the community, while its blockchain yielded to a deep chain reorganization that included double spending. The 51% attack announcement was made for the first time by Coinbase, one of the main cryptocurrency trading platforms in the United States, claiming to have stopped all services for the currency in order to protect the funds of its customers.

However, after the announcement, the main point was the possibility that other Proof-of-Work would pass through a similar attack, especially on Bitcoin [BTC]. This is presented as a concern associated with the largest cryptocurrency that distributes the work trial [PoW] algorithm. In the whitepaper, Satoshi Nakamoto declared:

"If most of the CPU power is controlled by honest nodes, the honest chain will grow faster and higher than any competing chain.To change a past block, an attacker would have to repeat the block job test and all blocks after it and then recover and overcome the work of honest nodes. "

This means that the safety of the network depends on the fact that over 50% of miners follow the instructions indicated in the white paper. Furthermore, this does not apply only to Bitcoin; it is valid for all cryptocurrencies using the Proof of Work algorithm, including Ethereum [ETH]. The dependency on miners' honesty is often considered as the vulnerability of the Proof-of-Work mechanism.

Jimmy Song, a leading developer of Bitcoin, said on Twitter:

"The 51% attack on BTC is really difficult, not only do you have to get 51% of the hash power in terms of mining equipment, but you also need to have access to enough electricity to power those machines. time, this will be the hardest thing to get. "

Vitalik Buterin, the creator of Ethereum, stated that the reason why Ethereum has not yet been attacked is its large size, on its official Twitter handle.

"The big size of ETH is why it has not yet been attacked, this 51% attack shows that 51% of attacks are possible even on rather large chains, increasing the risk that in the future PoW is not safe even for us ".

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Priya is a full-time member of the AMBCrypto reporting team. He is a finance specialist with a one-year writing experience. You had no value in Bitcoin or other currencies.