31 Dec '16, 12pm

Two New Models For Double Spending Attacks On Bitcoin's Blockchain

Two New Models For Double Spending Attacks On Bitcoin's Blockchain

Counterfeiting a digital signature on bitcoin’s blockchain is a significantly hard task to execute successfully in terms of processing power. Accordingly, it is almost impossible to change a bitcoin transaction that has been already been signed. Nevertheless, it is still possible to alter the state of a valid transaction via a technique known as “double spend attack” that requires enormous processing power. Here are the elements of a successful double spend attack: 1- The person performing the double spend attack A seeks a product or a service from another person B 2- A will create two bitcoin transactions; one that include payments for the product or service he seeks from B and the other pays the same amount to himself/herself. 3- A will broadcast the “A to B” transaction and then start secretly mining the block that includes the “A to A” payment. Once he/she successfully...

Full article: https://www.deepdotweb.com/2016/12/31/two-new-models-doub...

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2016 Review: There's New Momentum For Bitcoin and the Blockchain Industry - CryptoCoinsNews

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via @feeonline

via @feeonline

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#bitcoin #ethereum #cryptocurrency

#bitcoin #ethereum #cryptocurrency

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A Fresh Cup is Mike Gunderloy's software development weblog, covering Ruby on Rails and whatever else I find interesting i...

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