Veriblock Project Generates More Than 30% Transactions In Bitcoin Network
Blockchain project called Veriblock whose protocols use Bitcoin network to ensure security for other crypto currencies has generated more than 30% in Bitcoin network. More than quarter of transactions in BTC network are generated in Veriblock system, the community participants criticize the project for such usage of blockchain.
Veriblock network uses the system called Proof-of-proof (PoP) basing on BTC chain security. In fact, Veriblock is eager to ensure security of alternative blockchains, uploading theimage of altcoin registry to BTC chain. Veriblock uses OP return and other methods to built data on blockchain state into «SP blockchain transaction». Last month, BTC developer and Casa Chief Technology Officer Jameson Lopp noted that Veriblock dominated in terms of BTC-based OP return transactions.
According to statistics published this week, sometimes, Veriblock generates 30-45% of all the transactions. The project is still running the test mode and drew attention of crypto currency enthusiasts recently. Some BTC community members say that the project is “waste” and said that Veriblock litters the network.
Veriblock site reports that this system will open an opportunity of early reveal of attacks on blockchain and protection from 51% attacks. Veriblock is managed by Maxwell Sanchez and CEO Justin Fisher, it is also supported by Bitcoin developer Jeff Garzik who acts as technical advisor.
It was reported last month that transaction number in Bitcoin network increased by more than 50% over 6 months and ordinary considerable share was not generated by regular users. At the same time, 20% of daily transaction number was generate by VeriBlock project, and, according to the latest data, its share keeps growing.
Veriblock activities can’t be called spam attack on Bitcoin blockchain yet, but the community should be careful about such projects because their activities may lead to commission growth.