What is a 51% attack and how do I detect it?

Despite the inordinate amount of resources required to design them, small cap cryptocurrencies are still 51% susceptible to attack.

Despite being backed by blockchain technology which promises security, immutability and full transparency, many cryptocurrencies such as Bitcoin SV (BSV), Litecoin (LTC) and Ethereum Classic (ETC) have come under scrutiny. 51% attacks several times in the past. . While there are many mechanisms by which malicious entities can and have exploited blockchains, a 51% attack, or majority attack as it is also called, occurs when a group of miners or entity controls more 50% of the hash power of the blockchain and then takes control of it.

Arguably the most expensive and time-consuming method of compromising a blockchain, 51% of attacks have been largely successful with smaller networks that require lower hashing power to overcome the majority of nodes.

Before diving into the technique involved in a 51% attack, it is important to understand how blockchains record transactions, validate them, and the various checks built into their architecture to prevent tampering. By using cryptographic techniques to connect subsequent blocks, which are themselves records of transactions that have taken place on the network, a blockchain adopts one of two types of consensus mechanisms