It is being reported around the net that CreativeCoin is suffering doublespend attacks on its network forcing at least one exchange to delist the cryptocurrency!
What is CreativeCoin
CreativeCoin is a decentralized platform for the registration and distribution of content that certifies the authorship and license of any work or creation making them indelible.
The platform applies power of attorney of the revolutionary Blockchain technology in the process of registering content to create incorruptible timestamps that certify the intellectual property of one's digital work.
Doublespend Attack
A double spend attack is when the given set of coins is spent in more than one transaction. There are a couple main ways to perform a double spend:
- Send two conflicting transactions in rapid succession into the blockchain network. This is called a race attack.
- Pre-mine one transaction into a block and spend the same coins before releasing the block to invalidate that transaction, this type is called a Finney attack.
- Own 51+% of the total computing power of the Bitcoin network to reverse any transaction you feel like, as well as have total control of which transactions appear in blocks, this type is called a 51% attack.
Exchange That Has Delisted CreativeCoin
Cryptopia is the exchange that has delisted the coin, although I am unable to find out which of the three double-spend attacks has been inacted on the coin above.
Question / Thoughts
- Have you ever heard of this coin?
- Do you own CreativeCoin
- Which of the three type so of doublespend attacks do you think was conducted on their blockchain?
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://bitcoin.stackexchange.com/questions/4974/what-is-a-double-spend
I have definitely heard of CreativeCoin before. I would venturen to say they carried out the attack by sending 2 conflicting transactions but I could be wrong about that. Glad I'm not invested in it though!
yeah man I've never heard of them
This post has received a 1.22 % upvote from @booster thanks to: @cryptoblood.