Date of Award
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College of Science and Mathematics
Dr. Pushkar Ogale
Dr. Christopher Ivancic
Dr. Jianjun Zheng
Dr. Jonathan Mitchell
This thesis shows that distributed consensus systems based on proof of work are vulnerable to hashrate-based double-spending attacks due to abuse of majority rule. Through building a private fork of Litecoin and executing a double-spending attack this thesis examines the mechanics and principles behind the attack. This thesis also conducts a survey of preventative measures used to deter double-spending attacks, concluding that a decentralized peer-to-peer network using proof of work is best protected by the addition of an observer system whether internal or external.
Scott, William Henry III, "Blockchain Security: Double-Spending Attack and Prevention" (2023). Electronic Theses and Dissertations. 491.
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