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Blockchain Security: Double-Spending Attack And Prevention, William Henry Scott Iii
Blockchain Security: Double-Spending Attack And Prevention, William Henry Scott Iii
Electronic Theses and Dissertations
This thesis shows that distributed consensus systems based on proof of work are vulnerable to hashrate-based double-spending attacks due to abuse of majority rule. Through building a private fork of Litecoin and executing a double-spending attack this thesis examines the mechanics and principles behind the attack. This thesis also conducts a survey of preventative measures used to deter double-spending attacks, concluding that a decentralized peer-to-peer network using proof of work is best protected by the addition of an observer system whether internal or external.