What are 51% attacks in blockchain?

Can you explain what a 51% attack is in blockchain technology?

A 51% attack occurs when a single entity or group controls more than 50% of a blockchain's mining power, allowing them to manipulate the network.

What are some historical examples of 51% attacks?

One notable example is the attack on the Bitcoin Gold network in 2018, where attackers double-spent coins by controlling the majority of the hash rate.

How can blockchain networks protect against 51% attacks?

Networks can implement various strategies, such as increasing the difficulty of mining, using different consensus mechanisms, or promoting decentralization.

Are 51% attacks common in cryptocurrencies?

They are relatively rare in major cryptocurrencies like Bitcoin, but smaller or less secure networks are more vulnerable to such attacks.