Re:Gridcoin: An open-source cryptocurrency that rewards volu...
by VMG on Wednesday February 24, 2021 @05:56AM
(#26248695)
Yup, this is indeed a weakness of the current PoW system.
People often misunderstand it to be completely secure if no attacker has more than 50% hashrate.
In reality (and as described in the whitepaper), the 51% limit is described as the state where no number of confirmations is sufficient.
If an attacker has less than 50% hashpower, you can plug in some numbers like hashpower and cost of attack and come up with a number of confirmations that is likely to be secure.
People often misunderstand it to be completely secure if no attacker has more than 50% hashrate.
In reality (and as described in the whitepaper), the 51% limit is described as the state where no number of confirmations is sufficient.
If an attacker has less than 50% hashpower, you can plug in some numbers like hashpower and cost of attack and come up with a number of confirmations that is likely to be secure.