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Title: Digitalcoin double spend attack proof? Post by: No_2 on August 05, 2013, 11:52:48 PM Can someone explain to me how Digitalcoin actually defends against double spending attacks?
I don't see how a block generation time of 20 seconds stops an entity with >50% of the network hashing power building the block chain faster than the rest of the network..? Title: Re: Digitalcoin double spend attack proof? Post by: DeathAndTaxes on August 06, 2013, 12:03:44 AM Can someone explain to me how Digitalcoin actually defends against double spending attacks? I don't see how a block generation time of 20 seconds stops an entity with >50% of the network hashing power building the block chain faster than the rest of the network, no mater the time interval..? Simple, it doesn't. It simply is "marketing". The blockchain DOES prevent double spends (once sufficiently confirmed) unless the attacker has enough hash power to rewrite the chain. Then again all blockchains do, that is the purpose of them. Then again a 20 sec block time that should be the first clue as to the knowledge of the developer(s). Title: Re: Digitalcoin double spend attack proof? Post by: No_2 on August 06, 2013, 10:23:28 PM Can someone explain to me how Digitalcoin actually defends against double spending attacks? I don't see how a block generation time of 20 seconds stops an entity with >50% of the network hashing power building the block chain faster than the rest of the network, no mater the time interval..? Simple, it doesn't. It simply is "marketing". The blockchain DOES prevent double spends (once sufficiently confirmed) unless the attacker has enough hash power to rewrite the chain. Then again all blockchains do, that is the purpose of them. Then again a 20 sec block time that should be the first clue as to the knowledge of the developer(s). Ok, that's what I thought, it's just not true. Shame. I asked because the MetaLair decentralised exchange has a mechanism to defend against double spending attacks within a pre-agreed window based on a proof of work mechanism; I thought perhaps Digitalcoin had come up with a similar design based on proof of work. |