Blockchain is an essential part of a decentralized mechanism and one cannot imagine working of crypto without its discussion. Without blockchain, the concept of cryptocurrency is merely on paper. It is because of the blockchain that the crypto network works efficiently and easily. Every minor change is supported by the algorithms of blockchain and this is considered the constructing unit of the digital network. If you are interested in Bitcoin trading, you may also consider knowing about bitcoin-profit.com, it can make it easier to start the journey.
Blockchain is considered beneficial not only theoretically, but monetarily its importance is no lesser than the crypto network. Several transactions happen on the platform of blockchain. As every transaction is unique and there should be no duplication because of the concerns related to security and reliability, if anytime this happens the process is defined as the process of blockchain double-spending. In this article, we are going to discuss the real meaning of double spending in the blockchain. So, let us start the journey!
Transaction process
Every transaction that happens on a platform can be commenced in two ways. The ways are either through offline methods or online methods. When the exchange of physical currency is involved, the process adopted is commonly offline, whereas when the exchanges do not involve physical currency, the process normally adopted is online. Here, as the entire structure is based on a digitally controlled setup, so the process that will exist is online.
Role of bitcoin in handling double spending
The working of the entire crypto network, especially bitcoin, is dependent on a set of protocols that were set on the date on which the concept of bitcoin was conceptualized. The white paper involving the launch of bitcoin has meant protocols as well that supported its existence. Though the technology has advanced and new things have crept inside the bitcoin interface, still, the principles are the same and are still the original. These protocols involve confirmation-related mechanisms before proceeding with any transaction. This helps the user to maintain a universal ledger that is known by the name blockchain. Without any confirmation, no transaction can be completed and made. These confirmations are responsible for the success rates in the blockchain network and thus support the reliability and efficiency of the bitcoin network.
Results of double spending
The process of blockchain involves the creation of blocks by the miners that store information in the form of blocks. If there are chances that two miners at the same pick up the same block and according to the process wait for their confirmation from the chain. It is pertinent to note that the transaction that goes straight to the validator first will be validated first and the second to come will remain invalid. So, in this case, there is a kind of race between two blocks and ultimately between the users making the blocks.
Prevention of double spending
Double spending can be prevented by following some measures.
- The solutions of central nature
The management of central nature can keep a record of every transaction happening on the platform. It can be in the form of software or an individual that has the record of every incoming and proposed outgoing from the investor’s account. The coins can be tracked by this central tracker.
- Decentralized solution
A decentralized solution is none other than blockchain. The biggest ledger of digital platforms maintaining the records of every incoming and outgoing can be easily kept in digital records on a blockchain platform. Other measures include using technology derived from the blockchain platform such as a digital ledger outside the purview of blockchain and other decentralized applications having applications of the same. These can be effectively used for providing a robust solution.