VeriBlock has a Proof-of-Proof concept which is used to secure other bitcoins via a supplemental consensus mechanism by piggybacking a mainstream like ’s.
developers recently noticed some strange activity on the as there were a large number of unknown transactions called “OP_RETURN” transactions. These transactions had data written into the 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 bitcoins 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//blockchains on the .
This could be helpful for forks like Classic [ETC], which forked from [ETH] and uses the same algorithm as , which is EThash. 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 explorer shows that the number of Proof-of-Proof transactions is almost 20% of the total ’s daily transactions. Specifically, there are a total of 57745 PoP transactions out of the 309847 transactions. Furthermore, the average block time for VeriBlock is 30 seconds.
A Redditor, u/castorfromtheva commented:
“Interesting. Wasn’t aware of this yet. So to literally be security backbone of ? Those were anyway pegged to ‘magically’ but now they are gonna be pegged for real. That makes even more valuable.”
One of the members on VeriBlock project is Jeff Garzik, who was a Core developer involved in the SegWit2X hard fork attempt on , 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 so many times?”
The post appeared first on .
Published at Sat, 12 Jan 2019 02:17:57 +0000
