Editors Note: Original text fromnews.bitcoin,authorJamie Redman。
Translator | Qin Xiaofeng
Editor | Lu Xiaoming
Editors Note: Original text from
,author
Translator | Qin Xiaofeng
Editor | Lu Xiaoming
Unbeknownst to most people, roughly a quarter of daily transactions on the BTC chain are generated by another project called Veriblock. Veriblock uses a system called PoP (proof-of-proof), that is, by proving that the data originating from the BTC chain is reliable, and then proving that the previous proof is reliable. Fundamentally, Veriblock aims to improve the security of the altcoins blockchain by embedding a snapshot of the altcoins ledger into the BTC blockchain.
Veriblock uses OP_RETURN and other methods to embed the blockchains state data into SP blockchain transactions. OP_RETURN is a Bitcoin transaction that embeds data into the blockchain. It can be used to prove the existence of certain data at a specific point in time, and thus release new assets on the Bitcoin blockchain.
Last month BTC developer and Casa’s CTO Jameson Lopp noticed that Veriblock took control of BTC-based OP_RETURN.
Lopp explained: “The current source of OP_RETURN output has been identified as Veriblock ‘proof of proof’ miners. They create about 20% of all Bitcoin transactions.”
(Jameson Lopp noticed the Veriblock deal last December)
According to statistics released this week, the best day in Veriblock data generates 30-45% of BTC transactions. The project is currently still in the testnet (testnet) phase and has only recently caught the attention of cryptocurrency enthusiasts.
There were also some BTC community members who called the project “garbage” and complained that Veriblock was spamming the network. In general, there are various subjective assessments of whether certain transaction use cases are spam or not. However, most people understand that the network is essentially permissionless, as long as users are willing to pay for block space, it does not matter. Veriblock believes that other blockchains will also be attracted to the PoP system because it can take advantage of BTCs security and reputation.
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Veriblock testnet statistics
Because Veriblock relies on the security of BTC, the project can provide this safety net to other networks, the Veriblock website states. This enables early attack detection and prevents persistent 51% attacks and double spend attacks .
Veriblock is run by CTO Maxwell Sanchez and CEO Justin Fisher, notably ex-Bitcoin developer Jeff Garzik serves as a technical advisor.
