Veriblock is a software implementation of the Bitcoin block chain, with a twist: rather than using the same Bitcoin blockchain software, it’s built on top of the Dogecoin blockchain, and the software is open source and community-driven. Veriblock was created by Duncan Leslie and its lead developer, Jonathan Ross, in 2013.
Veriblock is a company that strives to solve one of bitcoins biggest problems: the energy consumption of bitcoin networks. This is because it was designed to secure the Dogecoin network, which uses a similar blockchain but is a lot less energy efficient compared to bitcoin.
Dogecoin is an experimental cryptocurrency that is currently being developed by a team of developers in the Dogecoin community. Veriblock, the developer of Veriblock-DEX, wants to create a platform that will secure funds for Dogecoin, and also serve as a platform to trade Dogecoins.. Read more about whats dogecoin and let us know what you think.
On Wednesday, the Veriblock project, a blockchain using a proof-of-concept (PoP) consensus implementation, announced an initiative to protect the Dogecoin blockchain with bitcoin. The Veriblock Foundation believes that these efforts counter the hostile narrative of bloody Bitcoin in relation to the recent environmental issues related to Proof of Operability (PoW).
Veriblock will secure Dogecoin via PoP and PoW Bitcoin
The Veriblock Foundation, a non-profit organization created to help implement the Veriblock PoP secure consensus algorithm, has announced a new initiative to secure the Dogecoin network. Veriblock developers are currently integrating PoP into the Dogecoin codebase and plan to soon present an open source beta version to the Dogecoin community for testing and feedback. In addition, the Veriblock team will conduct a 51% attack on the PoP-enabled version of Dogecoin to demonstrate the benefits of the technology. Maxwell Sanchez, co-founder and CTO of Veriblock, discussed the benefits of the company’s PoP technology and how to better leverage BTC’s PoW networks. Bitcoin has come under fire recently for the large carbon footprint of its proof-of-work mining protocol, Sanchez said. Veriblock uses the mining power of bitcoin to protect blockchains around the world. This amortizes the environmental cost of each transaction at a level far below that of traditional financial systems, and bitcoin can easily meet the needs of many Fortune 500 companies interested in blockchain technology, Sanchez said. The Veriblock manager also has : If Bitcoin is better utilized using technologies such as proof of concept, it has the potential to become the most efficient and secure financial platform in the world and provide solutions beyond finance, such as fighting police corruption, enforcing digital property rights, and so on. We hope that our work will help realize Bitcoin’s potential as a security foundation for the digital ecosystem of the future. Veriblock claims that PoP technology allows any blockchain to inherit the powerful protection provided by the hashrate of the BTC network. Sanchez thinks the PoP integration will benefit both chains by ensuring Dogecoin’s security and making Bitcoin more palatable to greenbacks. Dogecoin already leverages a common security model by merging mining with Litecoin, making it an ideal candidate for Veriblock’s legacy security technology, Sanchez noted. The mining merger has several critical security concerns, and separating Dogecoin and Litecoin will significantly improve the security of both projects while making Bitcoin more environmentally friendly, the Veriblock executive explained.
PoP Veriblock has caused much controversy in 2019, with the project’s CTO arguing that PoW is necessary while PoS and PoC are fundamentally unsafe.
The Veriblock project is nothing new to the cryptocurrency community, as PoPs have been talked about for some time. In December 2019, Veriblock sparked controversy over its use of the blockchain space, and that use has made PoP the most widely used BTC-based OP_Return protocol this year. At the time, bitcoin authorities (BTC) called Veriblock’s spending inefficient, illegitimate and spammy. In late 2019, advocates of small blocks were very disappointed with the PoE results and even published blog posts about transactional eugenics. However, by 2020 and 2021, there will be no controversial issues related to Veriblock’s use of the Bitcoin blockchain. In announcing Dogecoin on Wednesday, Veriblock said that while some people prefer proof-of-stake (PoS) and proof-of-capacity (PoC) consensus models, members of the Veriblock team argue that these solutions fundamentally contradict the decentralized ethos on which Bitcoin is based. Without the proof-of-work component, PoS and PoC are fundamentally insecure and more akin to the traditional financial world, where financial institutions can hold money hostage and cancel transactions on a whim, Sanchez added. These alternative security protocols do not solve the same problems or provide the same benefits as Bitcoin’s proof of work, so it is pointless to compare their effectiveness with Bitcoin’s. However, the use of technologies such as proof of evidence allows these weakly subjective security protocols to be supported by a proof of work component, making them viable, Veriblock’s CEO concluded. What do you think of Veriblock PoP’s idea and its plans to protect the Dogecoin network? Let us know what you think in the comments below.
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2019, 51% attack, BTC Influencer, controversy, Doge, Dogecoin, environment, environmental issues, Maxwell Sanchez, Op_Return, pop, Veriblock, Veriblock Dogecoin, Veriblock Foundation Photo credit: Shutterstock, Pixabay, Wiki CommonsVeriblock, a company that launched earlier this year, is a technology that allows to recycle bitcoin’s energy consumption. It allows to exchange bitcoin’s energy consumption for Dogecoin. The company works by generating energy in the form of Dogecoin and then exchanging that Dogecoin for energy in the form of bitcoin. The company is experimenting with this technology in order to allow Dogecoin’s energy consumption to be recycled.. Read more about where to get dogecoin and let us know what you think.
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