VeriBlock’s Proof-of-Proof Protocol to be Launched on Mainnet

21.03.2019

Developers of VeriBlock, a protocol aimed at delivering Bitcoin-level security to both new and established blockchain and cryptocurrency projects, announced the upcoming mainnet launch of the VeriBlock blockchain.

As per announcement by its subsidiary Xenios SEZC, VeriBlock’s year-long testnet phase ended on March 4, 2019, and on March 25, 2019, VeriBlock’s mainnet will officially go live.

According to the whitepaper, VeriBlock’s Proof-of-Proof (PoP) consensus protocol “aims to enable a security inheriting blockchain to inherit the complete proof-of-work security of a security providing blockchain.”

Specifically, VeriBlock is intended to help secure blockchain networks against 51% attacks.

“During the last year, 51% attacks — attempts to rewrite a blockchain’s transaction history — progressed from theory into reality. These attacks have accounted for more than $20,000,000 in coin theft from exchanges, including holdings in Bitcoin Gold, ZenCash, Ravencoin, FLO, and most recently Ethereum Classic,” says the announcement.

According to the developers, 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.

In addition to allowing blockchain networks to inherit Bitcoin’s decade-plus of accumulated security, VeriBlock-secured blockchains continually provide Early Attack Detection (EAD) security statistics. EAD enables exchanges, wallet providers, and merchants to determine the security of particular transactions and networks. Once a transaction reaches Bitcoin-finality — the moment the snapshot of a network is written to a Bitcoin block — the exchange or merchant can accept the transaction with the assurance that it is just as secure as a Bitcoin transaction.

On his company’s blog, Bloq chairman and VeriBlock’s head of strategy Matthew Roszak wrote:

“Bloq is proud to have been part of the journey with VeriBlock over the past two years — and especially with a technology that helps any blockchain project thrive and benefit from the security that Bitcoin provides. As the multi-chain, multi-network, multi-token world emerges, we are confident that VeriBlock will continue to play a vital role as a security root for this new frontier.”

Bill Shihara, CEO of Bittrex and VeriBlock’s advisor added:

“At Bittrex, we’ve always operated with the highest possible security standards to protect our users and our long-term relationship with VeriBlock has been a part of that commitment. Blockchains that adopt VeriBlock’s technology will be able to improve their users’ trading experiences on Bittrex, thanks to the faster confirmation times and rollback protection. We need to continue to create innovative solutions like VeriBlock to move the blockchain industry forward and increase adoption.”

Notably, according to the project’s self-published statistics, while still in testnet, Veriblock captured anywhere from 25-45 percent of Bitcoin’s transactions. Recently, the Bitcoin daily transaction count dropped by 42 percent, with the timing coinciding with the end of Veriblock’s testnet on March 4.

There were suggestions that the drop in transactions could be due to Venezuela’s massive power outage. While it could be a small reason why the transaction count has declined, The Block insisted it is very unlikely that it played a significant role given how closely the decrease corresponds with Veriblock’s statistics prior to the end of its testnet.

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Tags: 51% Attack, Proof Of Work, security, Veriblock