51 percent attacks remain one of the most serious threats to blockchain networks, threatening their decentralized nature. This attack occurs when one participant or group takes control of more than half of the network’s computational power, allowing them to control block creation and potentially reject transactions. The situation is especially dangerous for networks with low hash rates, such as Bitcoin Cash or Ethereum Classic.
Protection mechanisms, such as increasing network power and transitioning to consensus algorithms like Proof of Stake (PoS), can significantly enhance security. However, it is important to note that attacks can be economically viable if the cost of hacking is much lower than the market price of the coins. The cryptocurrency market continues to evolve, and combating such threats will remain a priority for blockchain communities.
To prevent attacks, it is crucial to maintain high decentralization and implement security improvements promptly. In the coming years, with the increase in computational power and improvements in defense algorithms, the situation may improve.
