51% Blockchain attack

One of the predicted, and proved feasible, attack to the blockchain technology is the 51% attack. There are several forms of this attack including weakness in the blockchain algorithm itself that allowed easier than usual forking of chain to dishonestly win the popular vote mechanism. In other cases, the perpetrator has to amass more hashing power than all other nodes in the blockchain combined to corrupt the distributed ledger, and hence the name of “51%”.

An interesting mathematical study on the effectiveness of this attack is based on the regularized incomplete beta function to calculate the probability of success of a perpetrator.

incompletebeta

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