VeriBlock is a blockchain validation platform responsible for nearly 25% of on-chain BTC transactions in the past 24 hours.
Almost 1 in 4 Bitcoin transactions currently from VeriBlock PoP (68,000+ in the last 24 hours) https://t.co/t1HH5p0EPf
— VeriBlock (@VeriBlock) July 14, 2019
In order to validate blockchains, VeriBlock uses its own “Proof-of-proof” (PoP) protocol via bitocin’s computing power. The mainnet implementation occurred back in March.
Essentially, VeriBlock gives miners the best of both worlds. The service enables miners to compete for block rewards on altcoin blockchains.
This is all done while being tapped into bitcoin’s far superior levels of security. These levels are only achieved because of the incredible computing power that’s required to sustain its PoW algorithms.
On Sunday, July 14th, VeriBlock’s announced one quarter figure is estimated to be around 68 000 transactions.
Interestingly enough, this is not a record and previously, VeriBlock has been responsible for over 30% of all BTC transactions.
According to blockchain.com however, the recent figures coincide with the sharp spikes in the average size on the bitcoin blockchain.
The average block size spikes can be clearly seen on July 13th and 14th as the block size increased from around 1MB to over 3MB. This was by far the highest average in bitcoin’s history.
Is there any truth behind the VeriBlock accusations
A lot of speculation seems to revolve around the idea that VeriBlock is overloading the bitcoin network with false transactions. Comments from Andreas Antonopoulos that discuss this issue of fake or spam transactions can still be found.
The block size increasing however, saw bitcoin fees changing slightly.
On July 13th, a transaction required 7 satoshis per byte and 1 day later, the cost was increased to 8 satoshis.
A few months ago, many experts noticed that bitcoin fees were skyrocketing. Statistics even show that bitcoin fees increased by the staggering 250% in the month of April alone.
You can also check out:
- Coinmine One: Mining Becoming a Part of Everyday Life - Dec 27, 2019
- Blockchain Games: Huge Potential for Drastic Changes - Dec 23, 2019
- Lition: One Very Small Project Shows Big Opportunity - Dec 20, 2019
- Talent Growth System by Coinbase is Already Practiced by Global Giants - Dec 19, 2019
- Double-Spending: Potential Risks and Integrated Solutions - Dec 18, 2019
Know more than others on any Blockchain Party!
Join more than 5000 others to receive the breaking news and weekly summaries! No ICO spam, we promise.
You have Successfully Subscribed!
Tags:block size increaseBTC block sizeBTC feesBTC on-chain transactionsproof-of-proofspam transactionsVeriBlock
Categories:Bitcoin News Handpicked