Double Spend? Blockchain Security? Programmer Explain
What is double spend for blockchain and why you should take as a early blockchain adaptor as a business entrepreneur or developer
Disclaimer
This is a series of explaining security issue that has happen/could happen potentially.
If you are planning to adopt blockchain technology as an entrepreneur, a developer for your business. It is time to dive in common security issues that blockchain technology comes along with.
Let’s dive in!
Security concern
「Double Spend」
Double Spending is a term that refers that a person spend the exact same money in more than two places at the same time. You might be wonder the reason how this could ever happen, let’s explore!
How double spend happen?
Let’s say that you have $10 worth Bitcoin. Then you order a cup of coffee that cost $10, and order a cheesecake that cost $10 right after you pay the coffee with another payment.
Intuitively, it is infeasible. However, your account balance will only be reflected every 10 minutes(the longest waiting possible period).
In other words, your account balance would be update every 10 minutes.
What happen under the hood?
「1」Every spendings/transactions would be placed in a box「Mempool」that is waiting to be picked up by people 「Miner」 .
「2」People 「Miner」 would pick up spendings/transactions from the box「Mempool」 that they prefer(usually with highest fee), and put those spendings/transactions in a Block 「One new Block would be generated every 10 minutes for Bitcoin」
「3」Since blockchain is a decentralized system, it is very common that people would have opinions about which blockchain should be trusted. The rule is that whoever has the longest chain of blocks wins .
Useful Link
Blockchain Link List
Blockchain Posts List
About me
I am a full-stack javascript developer and one of the contributors for NEO blockchain project.
Build Decentralized Application with Javascript on the top of NEO?
NEO blockchain, programming tutorials, Javascript
If you consider yourself a talent?
Cobinhood Careers
