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How to protect your blockchain from double spending and 51% attacks

Solutions to 51% Attacks and Double Spending

Jan 11

Blockchain Security

Blockchain and cryptocurrencies are transforming the way we make transactions and share data. Even though there has been fast advances in this sector in the past 10 years, there still remains obstacles that projects must overcome prior to being widely accepted — most significant of all is blockchain security.

The main priority as a user is to protect the cryptographic keys of a wallet. Some of these issues have been solved by using specialized hardware wallets and trusted computers that provide a security-conscious individual a certain degree of security to protect their digital assets.

For a project, the main priority is keeping the network secure from attacks. Most people assume that all blockchain technologies are secure by nature due to their trustless or decentralized models — trust bestowed on these systems comes from the process of transaction confirmation rather than trusting a single individual. As of now, Bitcoin is considered to be the blockchain with highest security which is derived from its combined computing power.

What is Blockchain and its Benefits?

Simply put, a blockchain is a distributed ledger that provides historical data of all transactions that have taken place on the peer to peer network. There are different types of blockchains and algorithms that protect them.

The way it works is by having a block containing data being processed by a specialized server that verifies the information and afterwards it broadcasts the block to the rest of the network. Once processed and accepted by the network, a block is linked to the previous block to for a linear chronological chain of events. This innovative solution enables the creation of trustless networks.

By using a blockchain network unrelated parties can exchange value or data without pre-existing trust, middleman, or centralized control. Bitcoin is the best example of this...

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