Transaction Locking and Masternode Consensus: A Mechanism for Mitigating Double Spending Attacks
Bitcoin and other cryptographic currencies use a distributed system called the blockchain to gain consensus across the network. To protect against double spending attacks, vendors and other merchants usually wait for confirmation from a block that the transaction being sent was valid. A double spend is where an attacker sends two competing transactions, one of them promised to a merchant (or any other party), the other back to himself.
In Bitcoin a standard confirmation event on average takes 10 minutes. Depending on the needed level of security required, a merchant can require multiple of these events, taking between 30 and 60 minutes in total.
In this paper, the authors explore a solution to a long standing issue with Bitcoin and other cryptographic currencies, the ability to enable instant validation of payments without having to wait for blockchain confirmation.
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