Double-spending
Failure mode of digital cash schemes / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Double-spending?
Summarize this article for a 10 year old
Double-spending is a monetary design problem, a good money is verifiably scarce and where a unit of value can be spent more than once, the monetary property of scarcity is challenged. As with counterfeit money, such double-spending leads to inflation by creating a new amount of copied currency that did not previously exist. Like all increasingly abundant resources, this devalues the currency relative to other monetary units or goods and diminishes user trust as well as the circulation and retention of the currency.
This article needs additional citations for verification. (December 2022) |
Fundamental cryptographic techniques to prevent double-spending, while preserving anonymity in a transaction, are the introduction of an authority (and hence centralization) for blind signatures and, particularly in offline systems, secret splitting.[1]