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You are correct. The longest chain is accepted as the correct one, so if you have 51% hashpower and secretly mine while maintaining majority hashpower the whole
by swift532 8y ago
You are correct. The longest chain is accepted as the correct one, so if you have 51% hashpower and secretly mine while maintaining majority hashpower the whole time, your chain will be longer and you can publish it at any time, and effectively rewrite recent history.
- giancarlostoro 8y agoHas there been other approaches at solving the double spend problem? I know ByteCoin (which is from scratch and uses 'CryptoNote' (or CryptoNight?) and respectively it's forks which includes Monero are designed a little different and I think they boast having solved the double spend problem too but I am not sure if they just do the same decisions as Bitcoin concerning updating the Blockchain? Anyone care to weigh in on this?