Vitalik Buterin: Bitcoin Faces 51 Percent Danger!
Vitalik Buterin, the founder of
Ethereum, attended a conference organized by TechCrunch as a speaker and made striking statements. He claimed that Bitcoin has a risk of 51 percent.
What is a 51 percent attack?
First, let’s answer this question so that we can better understand what this danger is. The 51%attack refers to an attack on the blockchain system of any cryptocurrency. This attack can be carried out by an individual, company or community that takes up 51% of the power in the entire network. If a person gets 51% of all power, they can prevent transactions to be made on the chain from being approved or even interrupt communication on the entire network.. Worse still, they can reverse incomplete transactions on the network and thus transfer funds to their own wallets.. However, with a 51% attack, old transactions cannot be replaced.
This Happened Even Before
In 2013, a mining pool called Ghash.io reached a value of 51%.. Later, the Bitcoin foundation warned Ghash to prevent this, and as a result, 10% was transferred to another pool to prevent this.
Bitmain Company Approaches 51% Value
Vitalik Buterin On the other hand, drawing attention to this event in the past, he underlined that Bitmain is now approaching this value and argued that everyone is silent in the face of this event.. That’s why he said he wanted to make Ethereum as decentralized as possible.. But the big problem with the decentralized system is how users can get their username and password back when they forget it.. He stated that they are working on an offline verification to avoid this problem.
Also speaking harshly about centralized cryptocurrency exchanges, Buterin said, “I hope they all burn in hell.”. He stated that he did not find it right to pay 10-15 million dollars to the exchanges for a token to be traded.