cryptocurrency. In a double spend attack, a user is able to spend the same amount of cryptocurrency more than once.</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-double-spending/">Double-spending is a rare phenomenon in the crypto world. In some cases, <strong>two or more transactions</strong> on a blockchain use the same input. While it is possible to duplicate the digital record of <strong>cryptocurrency tokens</strong> due to the lack of centralized technology, most cryptocurrencies employ a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-consensus/">consensus algorithm</strong></a> to prevent double-spending.</p>\n<p>Cryptocurrencies using the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof-of-Work (PoW)</strong></a> consensus mechanism, such as <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a>, are <strong>at higher risk</strong>. Experienced programmers with a good understanding of blockchain technology may be able to alter or duplicate digital information.</p>\n<p>Since Bitcoin transactions are completed <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-peer-to-peer-p2p/">peer-to-peer (P2P)</strong></a>, without any intermediaries, it is <strong>easier to target them for double-spending attacks</strong>. The hackers make a copy of the original transaction to make it look legitimate and original. They can then use the tokens in a different transaction while the <strong>initial coins remain in their wallet</strong>. In some instances, the first transaction is erased from the blockchain.</p>\n<p>Double spend attacks can also be committed by reversing transactions after the assets or services of the counterparty have been received. The hacker then keeps both the assets they received and the assets that the other party was supposed to receive.</p>\n<p>In order to <strong>hide the transactions</strong> or make them appear as if they never took place, hackers can send a number of data units known as packets to the network. This makes it seem like <strong>there was no initial transaction</strong>.</p>\n<p>There are several different types of double spend attacks, such as 51%, Finney, and Race, among others.</p>\n<h3>51% Attack</h3>\n<p>A <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-51-attack/">51% attack</strong></a>, or a <strong>majority attack</strong>, presents a hypothetical strike against a blockchain network. The idea is that at least 51% of the network <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes are hit, which would grant hackers control of the majority of the network in a consensus mechanism-based system.</p>\n<p>51% attacks are extremely complicated to commit as <strong>decentralized networks</strong> consistently grow larger and the number of network nodes increases.</p>\n<h3>Finney Attack</h3>\n<p>A Finney attack can be deceptive, as the merchant does not wait to receive a confirmation of the transaction. A malicious miner can <strong>send tokens between</strong> wallets. However, the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">block with this data is not instantly verified.</p>\n<p>The user can utilize the tokens in the source wallet to make a purchase. Once the second transaction has been set in place, the miner broadcasts the block that was mined with the information of the first transaction.</p>\n<h3>Race Attack</h3>\n<p>A <strong>race attack</strong> occurs when attackers set up two contradictory transactions and the merchants accept the payments before the transaction is confirmed on the block. The network receives a competing transaction which causes an equal amount of cryptocurrency to return to the attacker. This causes the <strong>first transaction to be invalidated</strong>.</p>\n<p>While double-spending cannot be completely prevented by the blockchain, the network can defend against it as the decentralized validator nodes work on the transaction authentication process.</p>","level":"medium","meta_title":"What is Double Spend Attack? 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One token is used to fulfill certain activities within the blockchain network. The other token serves as a security to raise funds for the project.","content":"<p>The <strong>dual-token model</strong>, also known as the dual-token economy or the two-token economy, is a system used for crypto projects that utilize two types of tokens. The first type is used for <strong>utility</strong> purposes and helps complete specific roles or activities within the network. The second type is a security used to raise project funds.</p>\n<p>The idea of adopting the dual-token model is to bypass issues related to regulation. The whole crypto project ecosystem is separated by the two tokens, which allows for better asset <strong>utilization</strong>. The security token is issued to adhere to regulations, while the utility of the other token may vary depending on the project.</p>\n<p>The dual-token economy system is often adopted because the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-securities-and-exchange-commission-sec/">US Securities and Exchange Commission (SEC)</strong></a> does not have a clear framework or approach toward cryptocurrency assets. As of yet, crypto assets are not as clearly defined as traditional bonds or <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-security/">securities.

/n

The SEC&rsquo;s Framework for &ldquo;Investment Contract&rdquo; Analysis of Digital Assets has established a way to register tokens of blockchain projects as securities. The framework provides conditions of compliance for the projects to ensure they adhere to the regulations.</p>\n<p>If a project wants the token to be considered as a security, it must ensure that the asset offers real-world utility and profit for the investors and token holders. Furthermore, the project must be completely <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized. The SEC will only consider tokens as securities if they meet these requirements.</p>\n<p>The two-token economy model also allows projects to incentivize the investors and token holders. They may offer more perks than their competitors. The dual-token model helps ensure better features, functionalities, and upgrades for the end-users.</p>\n<p>Some of the projects that utilize the dual-token economy system include <strong>MakerDAO</strong>, Centric, and Anchor. One of the best-known two-token systems is the Ethereum-based <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-non-fungible-token-nft/">NFT gaming project Axie Infinity. The project relies on two tokens - <strong>SLP</strong> and AXS.</p>\n<p>The SLP token, which stands for Small Love Potion, acts as the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-utility-token/">utility token</strong></a>. It allows players to complete in-game activities. Using SLP, they can purchase or breed Axies, the in-game pets.</p>\n<p>AXS is the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-governance-token/">governance token</strong></a> with a <strong>capped supply</strong> of 27 million. It provides both players and investors with the ability to buy or trade the tokens on crypto exchange platforms. The AXS token also allows holders to participate in in-game governance. Holders are able to <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-staking/">stake the tokens on the platform which yields them passive rewards.</p>","level":"medium","meta_title":"What is Dual-Token Model (Two-Token Economy)? Definition & Meaning | Crypto Wiki","meta_description":"Dual-Token Model (Two-Token Economy) meaning: Dual-Token Model (Two-Token Economy) - a crypto project that utilizes two tokens. One token is used to fulfill certain activities within the blockchain network. The other token serves as a security to raise funds for the project.","meta_keywords":null,"language":"en","created_at":"2022-03-09T16:56:56.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-dual-token-model-two-token-economy"},"prevSection":{"id":294,"original_id":null,"author_id":41,"translator_id":null,"title":"What is DotSama?","slug":"what-is-dotsama","section":"D","keyword":"DotSama","status":"published","definition":"a crypto portmanteau used to describe the Kusama and Polkadot ecosystems.","content":"<p><strong>DotSama</strong> is the portmanteau used to refer to the <strong>Polkadot (DOT)</strong> and <strong>Kusama (KSM)</strong> systems. The term likely first emerged on Twitter.</p>\n<p>Polkadot is a <strong>sharded level-0 metaprotocol</strong>. It allows <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-interoperability/">interoperability between multiple different blockchain networks. Kusama is Polkadot&rsquo;s <strong>canary network</strong>, an <strong>operational blockchain</strong> with a <strong>defined token supply</strong>.</p>\n<p>Dotsama has become a widely used crypto slang when talking about the two systems at once. It is used on Polkadot and Kusama community platforms, as well as various social media.</p>","level":"easy","meta_title":"What is DotSama? Definition & Meaning | Crypto Wiki","meta_description":"DotSama meaning: DotSama - a crypto portmanteau used to describe the Kusama and Polkadot ecosystems.","meta_keywords":null,"language":"en","created_at":"2022-03-09T16:47:53.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-dotsama"},"currentChapter":"D","currentSection":"what-is-double-spend-attack","chapterTitle":"D","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-double-spend-attack","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">

Handbook Cover Page
Crypto Terms: Letter D

What is Double Spend Attack?

Double Spend Attack MEANING:
Double Spend Attack - a malicious practice in the crypto sphere when the same amount of cryptocurrency is spent twice.
Medium
2 minutes

Let's find out Double Spend Attack meaning, definition in crypto, what is Double Spend Attack, and all other detailed facts.

A double spend attack refers to a malicious activity involving cryptocurrency. In a double spend attack, a user is able to spend the same amount of cryptocurrency more than once.

Double-spending is a rare phenomenon in the crypto world. In some cases, two or more transactions on a blockchain use the same input. While it is possible to duplicate the digital record of cryptocurrency tokens due to the lack of centralized technology, most cryptocurrencies employ a consensus algorithm to prevent double-spending.

Cryptocurrencies using the Proof-of-Work (PoW) consensus mechanism, such as Bitcoin (BTC), are at higher risk. Experienced programmers with a good understanding of blockchain technology may be able to alter or duplicate digital information.

Since Bitcoin transactions are completed peer-to-peer (P2P), without any intermediaries, it is easier to target them for double-spending attacks. The hackers make a copy of the original transaction to make it look legitimate and original. They can then use the tokens in a different transaction while the initial coins remain in their wallet. In some instances, the first transaction is erased from the blockchain.

Double spend attacks can also be committed by reversing transactions after the assets or services of the counterparty have been received. The hacker then keeps both the assets they received and the assets that the other party was supposed to receive.

In order to hide the transactions or make them appear as if they never took place, hackers can send a number of data units known as packets to the network. This makes it seem like there was no initial transaction.

There are several different types of double spend attacks, such as 51%, Finney, and Race, among others.

51% Attack

A 51% attack, or a majority attack, presents a hypothetical strike against a blockchain network. The idea is that at least 51% of the network nodes are hit, which would grant hackers control of the majority of the network in a consensus mechanism-based system.

51% attacks are extremely complicated to commit as decentralized networks consistently grow larger and the number of network nodes increases.

Finney Attack

A Finney attack can be deceptive, as the merchant does not wait to receive a confirmation of the transaction. A malicious miner can send tokens between wallets. However, the block with this data is not instantly verified.

The user can utilize the tokens in the source wallet to make a purchase. Once the second transaction has been set in place, the miner broadcasts the block that was mined with the information of the first transaction.

Race Attack

A race attack occurs when attackers set up two contradictory transactions and the merchants accept the payments before the transaction is confirmed on the block. The network receives a competing transaction which causes an equal amount of cryptocurrency to return to the attacker. This causes the first transaction to be invalidated.

While double-spending cannot be completely prevented by the blockchain, the network can defend against it as the decentralized validator nodes work on the transaction authentication process.
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