Double spending

Double spending in crypto refers to the act of spending the same asset multiple times in a transaction. This can happen because digital currency is essentially just data and can be duplicated or copied.

To avoid double spending on crypto transactions, decentralized finance (DeFi) systems use proprietary distributed ledger technologies (such as blockchains) to maintain a decentralized and transparent record of all transactions. DeFi systems also use consensus mechanisms such as Proof of Work and Proof of Stake to ensure transactions are verified only once, keeping the blockchain secure and tamper-proof.

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