Investing in security is one of the most expensive investments an entity can do if it hopes to sustain its operations. If not, a brilliant idea of preventing any form of criminality to manifest and victimize a target may be enough for perpetrators to discontinue their sinister plan, which, in the end, will only be an exercise in futility.Such was the genius of Satoshi Nakamoto to apply a democratic strategy to discourage a majority attack on his brainchild, Bitcoin. Nakamoto employed the Proof of Work consensus algorithm in validating transactions to secure the Blockchain with uncompromised integrity. It would also solve the issue of double-spending which is a concurring problem in a digital currency ecosystem. He threw the responsibility to miners or nodes that must be brutally honest to a fault to be able to control power over collusion of attacking nodes. Given the massive network Bitcoin has become, so was the resiliency that is keeping it immune to a 51% attack.The 51% AttackA 51% attack is a majority attack by an individual or a group which has gained control of 51% or more hash rate or computing power of a Proof of Work blockchain. The Proof of Work (PoW) consensus algorithm is a system of validating transactions and record them on an open or distributed ledger after verification. Confirmed transactions are then arranged in blocks in chronological order to eliminate double-spending.The MinersMiners act as auditors who confirm transactions and records these in chronological blocks owing to their immutability or irreversibility. Miners can do these if their computers are powerful enough to solve complex mathematical equations generated by the system. When miners are able to gain control of 51% or more of the computing power, they will be able to solve the difficult equations faster than other miners. This is\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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