Double-spending represents a particular risk for digital currencies. It is the fraudulent spending of the same digital currency or token multiple times. Digital currencies are susceptible to this type of theft due to the vulnerability of digital information and delays when processing transactions.
There are a variety of techniques that malicious individuals utilize, including the sending of multiple transactions concurrently and so-called “51% attacks”, where a malicious entity aims to control a network by setting up a node that is most likely to be responsible for verifying transactions. Blockchains prevent attacks through consensus mechanisms.
Q: What is a Double-Spending?
A: It is the fraudulent spending of the same digital currency or token multiple times.
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