Double-spending is a potential flaw in a digital cash scheme in which the same single digital token can be spent more than once. This is possible because a digital token consists of a digital file that can be duplicated or falsified. This devalues the currency relative to other monetary units, and diminishes user trust as well as the circulation and retention of the currency.
Fundamental cryptographic techniques to prevent double-spending while preserving anonymity in a transaction are blind signatures and particularly in offline systems, secret splitting.
This is usually implemented using an online central trusted third party that can verify whether a token has been spent. Bya number of distributed systems for double-spending prevention had been proposed. The cryptocurrency bitcoin implemented bitcoin wiki double spender solution in early It uses a cryptographic protocol called a proof-of-work system to avoid the need for a trusted third party to validate transactions.
Instead, transactions are recorded in a public ledger called a blockchain. A transaction is considered valid when it is included in the blockchain that contains the most amount of computational work. This makes double-spending impossibly difficult, and more infeasible as the size of the overall network grows.
From Wikipedia, the free encyclopedia. Accessed 24 December School of Computer Bitcoin wiki double spender, University of Birmingham.
Retrieved 30 December All transactions are published on a shared public ledger, called the "block chain". Bitcoin wiki double spender Proof-of-space Proof-of-stake proof-of-work. Dogecoin Gulden Litecoin PotCoin. Dash Decred Primecoin Auroracoin. IO Gridcoin Nxt Waves. Anonymous Internet banking Bitcoin network Complementary currency Crypto-anarchism Cryptocurrency exchange Bitcoin wiki double spender currency Double-spending Electronic money Initial coin offering Airdrop Virtual currency.
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