The 51% hack on Ethereum Classic- Can anyone explain it in simple terms ?

A

awesomewebsites

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• Mar 4, 2021

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The 51% hack on Ethereum Classic- Can anyone explain it in simple terms ?

 

bartosimpsonio

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From what I gather, not enough miners were working on it so someone started up some powerful mining machines and became the majority 51% and then injected some TXs into the chain.

 

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al0ha

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It means its not decentralized any more, one group seems to control a majority of the nodes which is not good.

 

chn0

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I dont think this is the first time Eth Classic has been 51% attacked. Basically like a company if you hold 51% of the power you make the decisions.
When you have 51% of the mining power you can change the blockchain, usually it ends up being double spend

 

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al0ha

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chn0 said:

I dont think this is the first time Eth Classic has been 51% attacked. Basically like a company if you hold 51% of the power you make the decisions.
When you have 51% of the mining power you can change the blockchain, usually it ends up being double spend

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Its the 3rd of 4th time, their chain is compromised. Yet it goes up lol