A 51% attack isn’t a new concept in crypto-currency. The most recent one has occurre as recently as August 2020 when Ethereum Classic users experienced issues with the blockchain.
To understand the term better, let’s start by discussing what this 51% attack really means?
Essentially, a 51% attack means there is an attack on the blockchain network. This means that a organization or a single entity has the majority (or more than 50%) of control over the hash rate and causes network issues. Attackers would have the power to halt new transactions from being confirmed and harbor the control to reverse transactions that they made.
In a nutshell, a successful 51% attack also enables the attacker to hold few or all the transactions from being successful or hold few or all miners from mining.