Double spending
This is a type of attack on the blockchain network whereby a given set of coins is spent in more than one transaction; one issue that was noted here by the founder/founders of Bitcoin at the time of launch is 51 attacks. In this case, if a certain miner or group of miners takes control of more than half of the computing power of blockchain, being open in nature, anyone can be a part of the node; this triggers a 51 attack, in which, due to majority control of the network, the person can confirm a wrong transaction, leading to the same coin being spent twice.
Another way to achieve this is by having two conflicting transactions in rapid succession in the blockchain network, but if a lot of confirmations are achieved, then this ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access