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Does the DMD Diamond Blockchain Solve the Issue of Double-Spending?
Double spending is one of the risks seen with Cryptocurrencies, and the DMD diamond coin isn’t an exception. It happens when a blockchain network is attacked, or altered, and users can then reclaim their spent coins.
Most often than not, coins used to double-spend are stolen from wallets with inadequate security. 51% attack is the most commonly cited attack associated with double-spending. Therefore, double spending is dependent on the security and the mechanism of the blockchain involved.
Before double spending can occur, a secret block must be mined that outpaced the creation of the real blockchain. A new chain would then be introduced to the network. Once the network recognizes it as the latest set of blocks and then add it to the chain, the attacker would have access to reclaim any cryptocurrency they had spent and re-use it again.
To the question, “Does the DMD diamond blockchain solves the potential issue of double-spending that could be seen with the DMD diamond coin?
Of course, it does! — by way of its unique mechanism and robust security. DMD diamond blockchain operates on DPoS and HBBFT consensus algorithms.
HBBFT consensus offers a shield from attackers by using a super secure ⅔+1 majority — the industry’s first solution. This fosters DMD diamond blockchain reliability by helping to detect and eliminate malicious nodes, including the possibility of an orphan block or hard fork in the blockchain. Hence providing a higher level of network security. DPoS on the other hand fosters a greater level of decentralization ( a POSDAO node election mechanism).
To enjoy your project’s security and prevent the issue of double-spending, use the DMD diamond blockchain network!
Double spending is one of the risks seen with Cryptocurrencies, and the DMD diamond coin isn’t an exception. It happens when a blockchain network is attacked, or altered, and users can then reclaim their spent coins.
Most often than not, coins used to double-spend are stolen from wallets with inadequate security. 51% attack is the most commonly cited attack associated with double-spending. Therefore, double spending is dependent on the security and the mechanism of the blockchain involved.
Before double spending can occur, a secret block must be mined that outpaced the creation of the real blockchain. A new chain would then be introduced to the network. Once the network recognizes it as the latest set of blocks and then add it to the chain, the attacker would have access to reclaim any cryptocurrency they had spent and re-use it again.
To the question, “Does the DMD diamond blockchain solves the potential issue of double-spending that could be seen with the DMD diamond coin?
Of course, it does! — by way of its unique mechanism and robust security. DMD diamond blockchain operates on DPoS and HBBFT consensus algorithms.
HBBFT consensus offers a shield from attackers by using a super secure ⅔+1 majority — the industry’s first solution. This fosters DMD diamond blockchain reliability by helping to detect and eliminate malicious nodes, including the possibility of an orphan block or hard fork in the blockchain. Hence providing a higher level of network security. DPoS on the other hand fosters a greater level of decentralization ( a POSDAO node election mechanism).
To enjoy your project’s security and prevent the issue of double-spending, use the DMD diamond blockchain network!
more details can be found in whitepaper:
https://bit.diamonds/DMD_WP.pdf
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https://t.me/dmd_coin
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