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
Secure Asset Fund for Users (SAFU)
A feature created by Binance which contains reserve funds that can be used to reimburse users in case of a catastrophic event (eg. exchange hack)
Permissioned Blockchain
It is a private blockchain where the nodes must be previously authorized by a central entity.
opML (Optimistic Machine Learning)
opML (Optimistic Machine Learning) employs an optimistic verification mechanism and is able to handle large-scale machine learning models with billions of parameters efficiently, using fraud proofs that verify the ML computation.
Shitcoin
A coin with no obvious potential value or usage.
Interested to stay up-to-date with cryptocurrencies?
Get the latest news, trends, and promotional materials in crypto by subscribing to our free newsletter.
Or check it out in the app stores
