974
None. Suffer. (lemmy.world)
submitted 2 years ago by to c/whitepeopletwitter@sh.itjust.works
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[–] 22 points 2 years ago (11 children)

Can’t you takeover a blockchain by owning the majority of a block chain, or by having a majority of the processing power to compute hashes?

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  • [–] 38 points 2 years ago (1 child)

    Yes which is part of why the major chains are owned and controlled by companies, but then that makes the whole thing pointless. IMO, a company controlled blockchain may as well just be a DB cluster, it would be faster and more efficient.

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  • [–] -1 points 2 years ago (7 children)

    If you had 51% of the world's computing power (to blockchains using proof of work) yes you could forge records, from what I could wrap my head around about blockchains.

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  • [–] 19 points 2 years ago (4 children)

    You don't need 51% of the world's power though, just 51% of the power of people who care about how the system works. Most people using block chain cryptos don't care at all, so the threshold is a tiny percentage of the user base.

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  • [–] 4 points 2 years ago (2 children)

    That’s proof of work. Proof of stake is you just need more than everyone else, right?

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  • [–] 1 point 2 years ago* (1 child)

    This would just create a fork in the blockchain where 51% of the network doesn't match the correct state of the blockchain that the 49% have. The 49% would effectively stop working because they could never validate the transactions that the 51% takeover has falsely created. The node operators of the 49% of the network would need to reach consensus for how to deal with the problem, but essentially they would just adopt code that ignores the 51% data, so they could continue to process blocks of transactions. Without manual intervention the 49% would be frozen. The 51% is just fake, they haven't really changed anything because every real node operator would know it's false data.

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