VeriBlock and the Hash piracy on the Bitcoin Blockchain

the piracy: Reports of Bitcoin's developers, and scene sizes, the Start could capers-up VeriBlock up to twenty percent of the Bitcoin transactions for Altcoins. This is inefficient and could grow in the long term to a veritable Problem.

David-separator
11. January 2019TeilenFacebookTwitterLinkedInxingemail

The deeper you dive into the crypto-Rabbit Hole, the more technical possibilities. However, in the case of Bitcoin, the following applies: everything is Not always what is feasible, also of advantage for the network. In this category the business falls idea of VeriBlock. The idea is that Bitcoin has as a crypto currency, no 1, still the largest accumulated Hash-Power, and something falls off time to time – and thought, at least VeriBlock.

short-hand was invented, with "Proof-of-Proof" a process that "allows the security of Proof-of-Work of other blockchains, creating an Ecosystem in which the security of established Blockchains like Bitcoin posed and on other block chains."

So it is, at least in the White Paper. In plain text VeriBlock pirates so Block Space on the Bitcoin Blockchain, certain Altcoins crypto-graphically secure. Of the smallest coins, which would be passed without this measure long due to an acute lack of Hash Power in the eternal hunting grounds benefit of all.

Although VeriBlocks Hash-piracy is not in on this deal a long time in the network, there are increasing reports that the company name takes the values of the shares in transactions in a claim. James Loop, Cypher punk and CTO at CasaHODL, even speaks of 20 percent of the transactions, the accounts for the purpose of alienation on the part of VeriBlock now.

the Source of the now-highest volume of OP_RETURN outputs has been identified as @VeriBlock "proof of proof" miners. They are creating around 20% of all BTC transactions now. Seems an inefficient to me; will be interesting to see if the incentives work long-term. https://t.co/LpjyhGKg2b

Jameson Lopp (@lopp) January 5, 2019

"This Block is not big enough for the both of us"

the carousel of curiosities is more. Because the Block Space is on the small 1 MB large Bitcoin blocks is a valuable asset. That the block storage can be contested at times hard, showed up to weddings of the last bull market. In such times, transactions are for the time being, also really expensive: Up to 40 US dollars you had to pull the trigger in December 2017 for a (quick) confirmation of a transaction to the Miner.

space-cannibalism can use no one. Because that makes the already tight Block Space to an increasingly rare – and thus expensive – Well.

VeriBlock justify the business model with the huge Hash Power of the Bitcoin network. This, according to the company, to be often several times higher than necessary and could be taken, therefore, for alternative Blockchain projects.

However, it is precisely this, betimes exaggerated acting, level of computing capacity in a network that gives Bitcoin its security. Increasing transaction fees by increasing the purpose of alienation, however, are not employable.

It is to be hoped that Hashpiraterie à la VeriBlock can in a timely manner to prevent, so far there is still no cure.