Double Spending
By CoinGecko | Updated on Aug 12, 2021
Double spending refers to the act of spending digital currencies twice. This is most commonly applied on crypto exchanges by unscrupulous actors.Typically, a double spending attack involves an attacker who first deposits a cryptocurrency into an exchange, then waits for it to confirm. Once it is confirmed, the perpetrator sells the deposited crypto for another currency, and then proceed to perform what is known as a 51% attack to try and reverse the blockchain (and his deposit).If successful, the perpetrator is then able to deposit his tokens again, likely in a different crypto exchange.
Related Terms
Metaverse
The Metaverse is a virtual space where users are able to interact with each other in a computer generated environment.
Order Book
An electronic list of all buy and sell orders in an exchange
Proof of Work (PoW)
A consensus algorithm in which a block is validated via mathematical hashing
zkOracle
A zkOracle is an advanced concept in blockchain technology that combines the properties of oracles with the principles of zero-knowledge proofs.
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