Veriblock, a blockchain-based project that tends to improve Bitcoin’s security, has apparently grown so much that it accounts for around 20% of all daily bitcoin transactions, according to the latest report.
Jameson Lopp, the CTO of Casa, published this information on his Twitter account.
Source of the now-highest volume of OP_RETURN outputs has been identified as @VeriBlock "proof of proof" miners. They are creating around 20% of all BTC transactions now. Seems inefficient to me; will be interesting to see if the incentives work long term. https://t.co/LpjyhGKg2b
— Jameson Lopp (@lopp) January 5, 2019
The platform is based on the concrete implementation of the Proof-of-Proof (PoP) concept.
According to Veriblock website, the platform is designed in such a way that,
“Every time a new blockchain joins the VeriBlock ecosystem or an existing one increases in value, all other blockchains in the VeriBlock ecosystem benefit by enjoying the additional security and decentralization that results from VeriBlock’s increased network effect”.
According to Forbes, one of Veriblock’s developers is Jeff Garzik, a former Bitcoin Core contributor.
As altcoin have certain gaps in their security models due to the low hashrate, Veriblock addressed exactly that issue. It improves the security of alternative blockchains by “embedding the current state of the altcoin’s ledger into the Bitcoin blockchain”, according to Forbes.
As a result, a large number of “OP_RETURN” transactions were discovered recently. These transactions were later traced to VeriBlock.
The VeriBlock concept has divided the Bitcoin community into two camps – for and against it. Those who advocate for further strengthening of the VeriBlock concept use increased security as an argument, while the other side thinks that the reduced utility of the Bitcoin network is too big of a price to pay for the increased security.
For all the reasons stated above, the VeriBlock story is poised to gain more attention in 2019.