VeriBlock has a Proof-of-Proof concept which is used to secure other blockchains via a supplemental consensus mechanism by piggybacking a mainstream blockchain like Bitcoin’s.
Bitcoin developers recently noticed some strange activity on the Bitcoin Blockchain as there were a large number of unknown transactions called “OP_RETURN” transactions. These transactions had data written into the Bitcoin blockchain and this could be used for proving the existence of data at a specific point in time and also for issuing assets.
The main aim of VeriBlock is to help secure other blockchains which usually have lower hash rates and are prone to be 51% attacked by miners or bad actors who can easily rent hash rate. VeriBlock improves the security of such alt-coins by putting checkpoints of other coins/tokens/blockchains on the Bitcoin blockchain.
This could be helpful for forks like Ethereum Classic [ETC], which forked from Ethereum [ETH] and uses the same mining algorithm as Ethereum, which is EThash. Ethereum Classic underwent a brutal 51% attack which caused loss of 219,500 ETC worth a whopping $1.1 million.
Although VeriBlock is still running on the testnet, the data obtained from its blockchain explorer shows that the number of Proof-of-Proof transactions is almost 20% of the total Bitcoin’s daily transactions. Specifically, there are a total of 57745 PoP transactions out of the 309847 Bitcoin transactions. Furthermore, the average block time for VeriBlock is 30 seconds.
A Redditor, u/castorfromtheva commented:
“Interesting. Wasn’t aware of this yet. So bitcoin to literally be security backbone of altcoins? Those were anyway pegged to bitcoin ‘magically’ but now they are gonna be pegged for real. That makes bitcoin even more valuable.”
One of the members on VeriBlock project is Jeff Garzik, who was a Bitcoin Core developer involved in the SegWit2X hard fork attempt on Bitcoin, which failed.
Another Redditor, u/legendsneednotags commented:
“How many projects is Jeff Garzik involved with?”
To which u/SkunkHunt2016 replied:
“The more important question is: why Jeff is trying to attack Bitcoin so many times?”
Subscribe to AMBCrypto’s Newsletter
Tron [TRX] rises in the charts as Justin Sun-led cryptocurrency becomes biggest gainer in the top 20
Central bank cryptos will follow after being battle tested by corporations, says PwC’s Pauline Kalfon
Facebook Coin’s plan to overhaul the US Dollar falls short of conviction
WaykiChain [WICC], Blockchain Industry Delegate, with over 150 Top Global Firms Attends China Development Forum [CDF] 2019
Ripple’s class-action lawsuit takes a step further as court sets schedule for next year
Flash hike: Qtum skyrockets by over 36% in 1-hour after Apple Pay & Samsung Pay announcement
Craig Wright’s Twitter account suspended after threatening harassment and libel lawsuits
Qtum partnership with Zeus enables users to trade cryptocurrency on Apple Pay, Samsung Pay
Bitcoin Cash [BCH] developers introduce privacy-protecting lightweight protocol, Neutrino
Bitcoin Cash [BCH] Price Analysis: Bears return as market correction precipitates decline
Bitcoin [BTC]: Dubai gets its first ATM; users can acquire BTC using any fiat currency
Stellar and IBM’s World Wire gets another boost as MatchMove joins service
- Press Release
Blockchain technology in the Utilities and Energy Market explored at the Blockchain Expo London
CFTC Commissioner: Regulated cryptocurrency market could attract institutional investors