Trusting altcoins is an issue as most of them are developed by an untested team. This means that their code could contain bugs that can potentially risk millions of dollars of investors' money. VeriBlock wants to change this and create a decentralized, transparent, and secure ecosystem for altcoins.
It aims to achieve this goal by securing altcoin blockchains through the superior, proven blockchain of Bitcoin. The price of bitcoin might be inflated, and people may have stopped trusting it throughout the recent months, but one fact remains intact, which is that Bitcoin has the most secure blockchain in the world of cryptocurrencies. This makes it an optimal blockchain for securing other blockchains.
VeriBlock utilizes the concept of Proof-of-Proof (PoP) to secure the blockchains of various altcoins. The PoP concept allows any blockchain, regardless of its architecture, to inherit the full security of Bitcoin's blockchain. All of this is done in a decentralized, transparent, trustless and permissionless (DTTP) manner.
All blockchains, both new and old ones, can rely on VeriBlock to maximize the security of their transactions. By adopting PoP, they will be utilizing the incomparable computational force of Bitcoin to secure their transactions. VeriBlock envisions Bitcoin as the "bodyguard" of the whole cryptocurrency ecosystem. Bitcoin’s blockchain will be the reinforcing pivot for altcoins to ensure that their transactions are private and secure.
VeriBlock is planned to launch in the first quarter of 2018 and will provide a security-providing aggregation layer for all blockchains that choose to adopt PoP.
The team of VeriBlock is backed by some prominent names such as Bittrex, Febushi Capital, and others.
The CTO of VeriBlock, Maxwell Sanchez, had the following comments regarding their system:
VeriBlock will also make the whole mining process a lot greener as it will allow the reuse of hashing power of Bitcoin to secure other blockchains.
In the recent months, Bitcoin’s energy consumption has been highly scrutinized, and many claimed that the digital token consumed more energy than Ireland, Iraq, Peru, and numerous other nations.
Therefore, VeriBlock’s concept will not only enable the growth of the crypto community, but also reduce their carbon footprint in the meantime.
It aims to achieve this goal by securing altcoin blockchains through the superior, proven blockchain of Bitcoin. The price of bitcoin might be inflated, and people may have stopped trusting it throughout the recent months, but one fact remains intact, which is that Bitcoin has the most secure blockchain in the world of cryptocurrencies. This makes it an optimal blockchain for securing other blockchains.
VeriBlock utilizes the concept of Proof-of-Proof (PoP) to secure the blockchains of various altcoins. The PoP concept allows any blockchain, regardless of its architecture, to inherit the full security of Bitcoin's blockchain. All of this is done in a decentralized, transparent, trustless and permissionless (DTTP) manner.
All blockchains, both new and old ones, can rely on VeriBlock to maximize the security of their transactions. By adopting PoP, they will be utilizing the incomparable computational force of Bitcoin to secure their transactions. VeriBlock envisions Bitcoin as the "bodyguard" of the whole cryptocurrency ecosystem. Bitcoin’s blockchain will be the reinforcing pivot for altcoins to ensure that their transactions are private and secure.
VeriBlock is planned to launch in the first quarter of 2018 and will provide a security-providing aggregation layer for all blockchains that choose to adopt PoP.
The team of VeriBlock is backed by some prominent names such as Bittrex, Febushi Capital, and others.
The CTO of VeriBlock, Maxwell Sanchez, had the following comments regarding their system:
"VeriBlock frees blockchain developers from the need to amass large mining support or develop complex and untested consensus protocols; instead, allowing them to focus on their blockchains’ features and usability.”
VeriBlock will also make the whole mining process a lot greener as it will allow the reuse of hashing power of Bitcoin to secure other blockchains.
In the recent months, Bitcoin’s energy consumption has been highly scrutinized, and many claimed that the digital token consumed more energy than Ireland, Iraq, Peru, and numerous other nations.
Therefore, VeriBlock’s concept will not only enable the growth of the crypto community, but also reduce their carbon footprint in the meantime.