Cryptocurrency News

Veriblock Reveals Initiative to Recycle Bitcoin’s Energy Consumption by Securing Dogcoin – Technology Bitcoin News

On Wednesday, the Veriblock Project, a blockchain that leverages the implementation of the Proof-of-Proof (POP) consensus, announced an initiative to secure the Dogcoin blockchain using bitcoin. The Veriblock Foundation believes the effort runs counter to the hostile ‘blood bitcoin’ narrative in relation to recent environmental concerns over Proof-of-Work (PoW).

Veriblock to secure Dogecoin through PoW of PoP and Bitcoin

Veriblock Foundation, A nonprofit created to adopt Veriblock’s POP securitization consensus algorithm, has revealed that New initiative Dedicated to securing the Dogcoin network. Currently, Veriblock developers are in the midst of integrating POP into the Dogcoin codebase and aim to “introduce an open-source beta to the Dogcoin community soon for testing and feedback.”

Additionally, the Veriblock team will attack 51% on the POP-enabled version of Dogcoin to demonstrate the benefits of this technology. Veriblock co-founder and chief technical officer Maxwell sanchez Discussed the benefits of the organization’s POP technology and how B T c The PoW of the network can be better utilized.

“Bitcoin has recently been under public fire for a large carbon footprint of its proof-of-work mining protocol,” said Sanchez. Sanchez asserted, “Veriblock reuses the mining power of bitcoin to secure the world’s blockchain, reducing the environmental cost per transaction to the level that legacy financial systems provide, while allowing bitcoin to Blockchain enables it to easily meet the requirements demanded by many Fortune 500 companies interested in technology. ” .

The Veriblock executive added:

As Bitcoin is better utilized through technologies such as Proof-of-Proof, it features the world’s most efficient while providing solutions beyond finance to fight police corruption, enforce digital property rights, and more. And has the potential to become a secure financial platform. We hope that our work can help realize the potential of bitcoin as a security backbone for tomorrow’s digital ecosystem.

Veriblock says that POP technology inherits any blockchain Powerful security Offered by B T c Hashpower of the network. Sanchez believes the integration of PoP will benefit both chains by securing Dogcoin and making Bitcoin more enjoyable for environmentalists.

Sanchez stressed, “Dogecoin already uses a security model shared by merging-mining with Litecoin, making it an ideal candidate for Veriblock’s security legacy technology.” “Merge-mining has a number of significant security issues and the separation of Dogcoin from Litcoin will greatly benefit the security profile of both projects, making Bitcoin environmentally friendly,” explained the Veriblock executive.

Veriblock’s POP in 2019 was very controversial, the project’s CTO claims PoW is needed, while POS and POC are fundamentally unsafe

Veriblock’s project is nothing new to the crypto community, as people have been discussing POP for quite some time. In December 2019, Veriblock was Controversial Further use of block space made POP the most commonly used BTC-based OP_Return protocol for that year.

those days Bitcoin (BTC) affecting Veriblock outputs are called “disabled,” “misused,” and “spam”. At the end of 2019, advocates for small blocks increased a lot Desperate With POP output and even about published blog posts “Transaction Eugenics. ”However, in 2020 and 2021, the controversial topics related to the use of the block space of the bitcoin blockchain by Veriblock took off.

During Wednesday’s Dogcoin announcement, Veriblock stated that even though some people are advocating the proof-of-stake (POS) and proof-of-capacity (POC) consensus models, members of the Veriblock team argue that these ” The solutions are fundamentally opposed. The decentralized ethos on which bitcoin was founded. “

“Without the work-of-work component, PoS and PoC are fundamentally insecure and similar to the traditional finance world, where financial institutions can mortgage funds and conduct blackball transactions,” said Sanchez.

“These alternative security protocols do not solve similar problems or provide the same benefits of proof that bitcoins work, so comparing their ‘efficiency’ to bitcoins is a non-starter. However, proof-of-proof The use of technology such as these prevents these weak-subjective security protocols with a proof-of-work component, making them viable, ”the Veriblock executive concluded.

What do you think about the Veriblock POP idea and its plan to secure the Dogcoin network? Tell us what you think about this topic in the comments section below.

Tag in this story

2019, 51% attack, BTC affecting, Controversy, Doge, Dog coin, atmosphere, environmental concerns, Maxwell sanchez, Op_Return, Pop, Veriblock, Veriblock DogCoin, Veriblock Foundation

Image credit: Shutterstock, Pixabay, Vicky Commons

Source link

Avinash is a blogger, Enterprenuer, marketer and author. He is very good affiliate marketer and Product Reviewer.