• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Price & Market
Cap Data from
Nomics Logo Nomics Logo
Bitcoinist.com
Join Student Coin ICO
No Result
View All Result
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
Bitcoinist.com
No Result
View All Result
Bitcoinist_Patent
Nexo

Verisign Patent Addresses Double Spending in Digital Currency

Jp Buntinx by Jp Buntinx
5 years ago
in Bitcoin, Bitcoin Breaking News Brief, Breaking Bitcoin News, Breaking News, Companies, News, News teaser
0

Patents are not something native to the Bitcoin world,  but that isn’t keeping companies from trying to file them anyway. Bank of America has been trying to patent various blockchain-based solutions in the recent months, and now Verisign is looking to do the same. Based on a recent Medium post, we can see how Verisign wants to address the double spend scenario in the digital currency world.

Also read: FortuneJack: 3 BTC Bonuses for New Players, 400+ Games

Verisign Solved The Double Spend Problem?

 

Verisign-LogoEven though very few people are concerned about the prospect of being subject to a double spend in the Bitcoin world, although other types of digital currency might be more vulnerable to this scenario. The main advantage of Bitcoin is how there are different types of double spend attacks, yet all of them require a tremendous amount of mining power or community support.

That being said, it remains a particular concern for people looking in from the outside, as they see it as a fatal weakness for Bitcoin. Verisign – of all companies – might be the company to tackle this problem once and for all, or that is what their patent application seems to suggest at least.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Blockchain technology makes transactions irreversible, but there is a small window of opportunity to pull off a double spend attack before the transaction being accepted on the network,  To put this into perspective, the average Bitcoin transaction has a ten-minute window in which a double spend can occur. However, there is an advised threshold of at last six network confirmations, which takes roughly one full hour to complete.

Tackling this problem will not be easy, though, as the Verisign patent application is very technical in nature, and makes mention of a secure messaging service sitting on top of the blockchain to ensure double spend transactions cannot take place. A detailed explanation of the patent they are trying to file can be seen here.

One drawback to the Verisign proposal is how it would work for digital currency in general, but it might never apply to Bitcoin in its current form. It is no secret central banks, and other entities are looking to develop their form of digital currency, and the Verisign solution seems to be favoring private blockchains and centralized digital currency.

Preventing Double Spend With Bitcoin

Bitcoinist_Patent Verisign Bitcoin Double Spend

Even though Verisign has filed a patent for their complex solution to solving the digital currency double spending problem, it remains to be seen how viable their solution is in the long run. Moreover, this may serve as a boost for Bitcoin Core and Classic developers to consider tackling this problem as well in the future.

The best advice experts can give users and merchants right now is to wait for at last six network confirmations on a Bitcoin transaction. However, this makes the digital currency less appealing as an acceptable payment method, as no one wants to wait an hour to pay for a coffee or drink.

What are your thoughts on this Verisign patent? Will it mean anything for digital currency in general? Let us know in the comments below!

Source: Medium

Images courtesy of Verisign, Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Jp Buntinx

Jp Buntinx

JP Buntinx is a freelance Bitcoin writer and Bitcoin journalist for various digital currency news outlets around the world. In other notes, Jean-Pierre is an active member of the Belgian Bitcoin Association, and occasionally attends various Bitcoin Meetups in Ghent and Brussels

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2021 Bitcoinist.com. All Rights Reserved.
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.