Bitcoin [BTC]: A test-proof blockchain with your back to the door has almost 20% of Bitcoin's daily transactions

VeriBlock has a Proof-of-Proof concept that is used to protect other blockchains through an additional consent mechanism by acting as a link to a mainstream blockchain like Bitcoin.

The Bitcoin developers have recently noticed some strange activities on the Bitcoin Blockchain as there was a large number of unknown transactions called "OP_RETURN" transactions. These transactions had data written in the Bitcoin blockchain and this could be used to demonstrate the existence of data at a specific time and also for the issue of assets.

The main objective of VeriBlock is to protect other blockchains that usually have lower hashing rates and are subject to a 51% attack by miners or bad actors who can easily pay the hash rate. VeriBlock improves the security of these extra coins by placing checkpoints for other coins / tokens / blockchains on the Bitcoin blockchain.

This could be useful for hairpins like Ethereum Classic [ETC], which has forked from Ethereum [ETH] and uses the same mining algorithm of Ethereum, which is EThash. Ethereum Classic suffered a brutal 51% attack that caused a loss of 219,500 ETC worth $ 1.1 million.

Although VeriBlock is still running on the testnet, data from its blockchain explorer shows that the number of Proof-of-Proof transactions is almost 20% of Bitcoin's total daily transactions. Specifically, there are a total of 57745 PoP transactions between 309847 Bitcoin transactions. In addition, the average blocking time for VeriBlock is 30 seconds.

A Redditor, u / castorfromtheva commented:

"Interesting, I was not aware of it yet, so bitcoin is literally the backbone of altcoins security – those were still anchored to bitcoin" magically ", but now they will be classified as true, which makes the bitcoin even more precious. "

One of the VeriBlock project members is Jeff Garzik, who was a Bitcoin Core developer involved in trying to fork SegWit2X hard on Bitcoin, which did not work.

Another Redditor, u / legendsneednotags commented:

"How many projects is Jeff Garzik involved?"

To which u / SkunkHunt2016 replied:

"The most important question is: why is Jeff trying to attack Bitcoin so many times?"

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Akash is your usual Mechie with an unusual interest in encryption and day trading, ergo, a full-time AMBCrypto journalist. He holds XRP because of peer pressure, but otherwise he found the day of trading with what little capital he owns.