Double Spending

Firo, the privacy-backed crypto formerly known as Zcoin, is under a 51% attack. On 20 January, it announced the attack on its protocol on Twitter while stating the nature of the error. Firo pleaded with owners to hold off any transactions while the firm addressed the issue. A single miner took advantage of the attack and reorganized blocks on the network. Changpeng Zhao, Binance’s CEO, stated that the block rearrangement resulted in a rollback of over 300 blocks. Firo’s team…

This saying keeps repeatedly circling according to the strength of a cryptocurrency like Bitcoin in its network. The greater the number of individual contributors and supporters of the network, the higher its resiliency towards external threats. In the blockchain, there is a direct correlation between the number of participants and network security. There is strength in decentralization. The reason for the interdependence between participants and security, at least for Proof-of-Work coins like Bitcoin, is the amount of work put in.…

The Information Age Back in the ’90s, when the Internet started to come around, it showed a lot of promise. Among people technically equipped to handle the innovation, it seemed like a new age was about to dawn. The ability to transfer information at speeds that were unprecedented, along with the fact that it was completely free of centralized hierarchy, portrayed a sense of liberation for millions. The advent of the Internet quickly came to be known as the “Age…

BitcoinBCH, a firm that focuses on BCH, may have recently misled people, making them believe that it is easy to carry out BTC double-spending.  On the 18th of December 2019, the CEO of this firm released a video on youtube. It purportedly showed how the BTC point of sale (PoS) wallet of TravelByBit misinforms merchants to believe that they receive payment before concluding a transaction. TravelByBit on Supporting Double-Spends A representative of TravelByBit said that there is insurance for merchants…