There’s a possibility of double spending in BSV “0-conf” transaction: Researcher
Bitcoin Cash hard fork took place on November 15, 2018, and it led to the inception of two competing blockchains. From the split, two rival factions emerged- Bitcoin Cash ABC backed by the Bitcoin.com’s Roger Ver, Jihan Wu of Bitmain and BSV, being led by nChain’s Craig Wright and Calvin Ayre.
Since the split, Bitcoin Cash ABC and Bitcoin Cash SV have been locked in battle and for the first time on December 7, 2018, the BSV surged ahead of Bitcoin ABC. But now a fresh controversy has erupted after a researcher reportedly showed how any user could spend the same coins twice on its network in a “0-conf transaction.”
Bitcoin Cash came into being as a result of a hardfork from Bitcoin in 2017, and it uses 0-conf (or zero-conf) to allow almost instant transactions, meaning they are almost always confirmed in the following block.
But now a user by the name of “reizu” has succeeded in “double spending” BSV tokens in a “0-conf transaction,” demonstrating the network’s vulnerability to attacks, refuting claims made by the chief proponent Craig Wright.
In his blog post, “reizu” writes, “The first thing I wanted to check was whether it was possible to send a transaction to one node and another transaction to another node. That is, a double-spending. The answer is: yes. For these tests, I used izubitcoin, a small tool that I programmed some time ago to practice C++. I worked on a new version not yet published (v0.16), with the needed functionalities to perform double-spending.”
BSV has been embroiled in controversy ever since its inception mid-way last month. Some called it very centralized which is a sharp contrast to Bitcoin’s decentralized network.
Speaking about this “reizu’ says, “Indeed, after a few mined blocks I discovered that the transactions that were being mined were those that were sent almost always to the same nodes. I also confirmed what we already knew, that BSV mining is very centralized.”
Emphasizing the need to solve this problem “reizu” says, “The solution is simple. Nodes must communicate with each other when they receive a double-spending transaction (sending a proof), ignoring it silently does not make sense.”
At the time of writing BSv/USD is trading at $100.61 as compared to BCH which is trading at $101.46.
Image via Shutterstock
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