Recently, I made a blog post explaining that 51% attacks are not a network failure. While I still believe this, I think it is important to mention that there are different kinds of 51% attacks. They all do the same thing but are fundamentally different for the network participants.

Proof of Work

Proof of Work is what brings security to the network. The main idea is that a huge amount of energy is being spent for the network and we give a proof such energy was spent to network participants that can independently verify that it was indeed spent. Depending on the average energy spent (hash rate) for the network, the network participants decide how many blocks they will wait to be convinced the transaction was secured with enough energy — e.g. if a participant decides to wait K blocks and the average energy spent in these K blocks is X , then he trusts that the transaction will stay on the chain with K * X energy. …

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phyro

I mostly blog to avoid having to repeat myself

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