What is Double-Spending in Blockchain & How to Prevent it?
Due to technological advancements, conducting monetary transactions in today’s digital era is quicker and more convenient. One potential downside to these luxuries is the increased likelihood of Double spending. Double spending is an issue that needs to be addressed in the blockchain and cryptocurrency communities to ensure the security and privacy of digital transactions. Every cryptocurrency needs to solve the complex computational problem of preventing double-spending. Any cryptocurrency transaction could be duplicated at any time if this were not the case, rendering the currency worthless. In this blog, we will talk about the Double Spending attack in blockchain technology . First, What is Double-Spending? Double spending, in its simplest terms, refers to spending the same digital currency more than once. This fraudulent action is made possible by exploiting the time it takes for transactions to be confirmed and recorded on the blockchain network. The challenge arises w...