- The idea is to use the same cryptocurrency for more than one transaction
- How it works?
- Starting from block N, malicious pool privately mine to extend the blockchain as much as possible but do not publicize.
- Assuming that a user places a purchase for digital asset, broadcast the transaction to the organization of interest (merchant).
- Wait patiently until enough confirmations are received and the transaction successfully gets recorded in the blockchain, so that the merchant dispatches the product.
- Secretly mine for extending the private branch until it is longer than public branch. If succeeds in doing so, publicize the secret branch that will be eventually accepted to be valid and the block containing payment to merchant will be discarded.
Sunday, July 7, 2019
BlockChain: Double-Spend Attack - In Simple Terms !!
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