On March 26, Veriblock announced that their Veriblock blockchain was live on the Bitcoin mainnet. This was a welcome announcement for many crypto-enthusiasts as Veriblock was in the testnet phase for a year, a period which saw major Bitcoin price fluctuations and changes in market volume and market cap.
The launch of the Veriblock blockchain will allow exchanges, merchants, wallet providers, and other cryptocurrency businesses to make use of the security features on Bitcoin’s blockchain. Veriblock’s official website stated:
“We develop decentralized, transparent, trustless and permissionless technologies to secure and scale the blockchain ecosystem.”
The official release from the company said:
“VeriBlock’s technology delivers Bitcoin-level security to both new and established blockchain and cryptocurrency projects that may otherwise be vulnerable. This enables development teams to focus on innovative features and functionality, rather than worrying about attacks. The marketplace has validated this approach, with over 6,000,000 security transactions on Bitcoin to date.”
The main advantage of Veriblock implementation is that the model increases Bitcoin blockchain’s security protection from the established 51 percent attacks to blockchains other than Bitcoin. This is done by linking the blockchains to the mainstay Bitcoin blockchain, a move aimed to increase security effectiveness.
Many people in the cryptosphere have praised Veriblock, with Jordan Andersen, the Vice President of Bitbuy, saying:
“VeriBlock is an excellent example of a proof-of-proof initiative to ensure altcoins are not susceptible to a 51-percent attack. VeriBlock will promote security and stability within the altcoin ecosystem, and provide greater confidence to consumers looking to participate.”
The implications of Veriblock was made evident when users speculated that Bitcoin’s volume drop was due to the culmination of the Veriblock testnet on March 4. Reports stated that the testnet process accounted for almost 20%-30% of the occurring BTC transactions. Some people in the space also complained about multiple spams and problems during the testnet. Before the end of the testnet process, Veriblock had stated:
“The reinforced security provided by PoP will encourage further adoption of these alternative blockchains. The transition of transactions from Bitcoin to alternative blockchains will also facilitate Bitcoin scaling, while continuing to drive value back to Bitcoin miners.”
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