100% Nano hodler here (never selling, someday spending), love the project. I read the whitepaper some time ago, but I'm wondering if someone can explain a bit more clearly how transaction confirmation works with regard to voting.
I don't have a great grasp on how the network connectivity works, but I would imagine it as a 'cloud' of interconnected peers, requiring some time to propagate events from one part of the network to another.
Imagine two people meet to make a transaction IRL, exchanging some physical goods for NANO. Let's say the buyer sends NANO from account A to account B (seller), which is propagated through some portion of the network to reach the wallet of account B, at which point the seller sees (and their wallet pockets) the transaction. At this point, the seller hands over physical goods to the buyer, and the exchange is complete.
Now imagine that during this time, the buyer had secretly arranged a double-spend where the funds in account A were sent to account C (controlled by the buyer), but this was propagated to different areas of the network. I understand that this would result in a conflict and initiate a vote in the network, but due to the time delay in propagating through the network, could this occur before the seller's wallet was aware of the double-spend? Is there some chance that the vote would award the funds to account C, and the seller would be cheated after already handing over physical goods? Is there anything in place to ensure that a conflicting transaction is not occurring elsewhere in the network before the wallet displays confirmation of payment? Could a DDOS be used to slow down the network and enhance the effectiveness of such a scam?
As with every other industry these days, Cryptocurrencies are also making inroads into the travel industry. Travala, a travel booking platform, recently revealed that they would accept NANO as a payme...