By thehificrypto.substack.com on August 10, 2021
Blockchain is well-known for a variety of reasons. However, one of its most sought after features is the security inherent in its design. Blockchains are decentralized ledgers that are often shared among tens of thousands of computers and individuals, meaning that they don’t have a single point of failure for bad actors to attack. Blockchains are also typically public, meaning that network participants are able to identify attacks in progress much more quickly than closed and opaque systems operated by corporations and governments. That said, security is not perfect for any blockchain and they are susceptible to certain types of attacks and hacks, just like any other technology. Participants in the cryptocurrency sphere received a stark reminder of that weakness last week thanks to a 51% attack on the blockchain for Bitcoin Satoshi Vision (BSV).
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