VeriBlock & Bitcoin: Securing The Global Blockchain

The cryptocurrency market is still thought of as a tech industry, and very much still in its infancy, even though it has been around for about 10 years now. Despite many of its competitors struggling to attain key performance and usage levels, as well as still dealing with technical issues which are hindering their growth, Bitcoin has in fact been at these advanced stations for years.

The biggest concerns facing cryptocurrency providers to date, has been the issue of security. For instance, in July of 2018, millions of dollars’ worth of currency was stolen from several platforms thanks to a major threat in the market, called a ‘51-percent attack’.

As such, a unique newcomer to the market, called ‘VeriBlock’, has entered the industry to curb the threat of such attacks. The influence of this new security technology is set to change the crypto landscape for good. Their product has been in the testing phase for approximately a year, and launched onto Bitcoin’s Blockchain late March 2019.

WHAT IS A 51–PERCENT ATTACK?

It’s vital to understand the threat before we can understand the remedy. The ‘51–percent attack’ is a worst case scenario hack, whereby a single malicious blockchain miner controls 51% or more of the computing power on a single blockchain network. If this happens, they have it within their power to insert multiple fake transactions in order syphon off the currency.

These fake blocks must be created in secret and then spammed onto the blockchain, all at once. The counter for this activity is the implementation of security protocols that delay this function and make the process of creating these transactions prohibitively more expensive. Hackers are greedy, if there is no profit to be made, there is no reason to hack.

Bitcoin have implemented state of the art protocols to prevent this from happening. The mere size of their registry is too immense to mess with. While Bitcoin Blockchain has established itself as the most stable Blockchain in the world, when it comes to efficiency and security, they are still working to stay ahead of any possible threats, hence the agreement with Veriblock.

WHO ARE VERIBLOCK?

VeriBlock is a digital security protocol for cryptocurrency that allows for other currencies to piggy back on the Bitcoin platform, which in turn affords them protection from ‘51–percent attack’ method of blockchain dominance. It simply uses the Bitcoin Blockchain as a security backstop.

HOW VERIBLOCK WORKS

VeriBlock allows any blockchain to access the ‘full proof of work’ security aspect of Bitcoin. This implements proof of proof on a single transaction, also known as ‘novel consensus protocol’ (or my teachers would say “did you double check it?”). It copies blocks from other chains and imbeds them into the Bitcoin blockchain, so that it can tap into various security protocols available there.

A simple illustrative example: Say Bitcoin was a giant building with a state of the art camera surveillance system, metal detectors, infra-red sensors, with armed guards outside every door within the building. Now see the piggy backing blockchain as a tenant who uses one of the rooms in that building to carry out their own business. Now, this 3rd party is an individual company that yields its own profits and conducts its own business, but in order to visit their offices, you have to go through all of the extreme security protocols of the main building.

In this same way, Bitcoin protects other smaller blockchain interests, by allowing them space on its more secure platform. The 3rd party blockchain’s are able to conduct their own transactions, yet each one must pass through Bitcoins Blockchain security protocols first.

THE KNOCK-ON EFFECT FOR BITCOIN

There have been some real concerns over whether the amount of space occupied on the Bitcoin Blockchain by third parties might start to affect the way in which Bitcoin operates. Even to the degree that these parties may put Bitcoin at a greater risk.  

On the flipside, others have raised concerns that if Bitcoins workload increased, that it might affect VeriBlock and their operations on the Blockchain. VeriBlock have however assured everyone that their reliance on Bitcoin’s platform to conduct their business sufficiently is minimal. No strain should be placed on either of the systems at any time. The sheer size and capability of the Bitcoin platform will run these new protocols without a hiccup.

The knock-on effect of VeriBlock upon the Bitcoin Blockchain is actually viewed in positive light from the industry, who see it as a great marketing exercise. The following results have been forecast:

  • VeriBlock increases Bitcoin’s usefulness, which increases the stature of the brand. The knock-on effect is an increased demand for the brand.
  • This entire exercise is an acknowledgment that the Bitcoin blockchain is the most sophisticated in the world. Though the piggy backing may be seen as a strong reason to invest in certain other currencies, those sitting on the fence may just be tempted to invest in the ‘real deal’, rather than a piggy backing coin.
  • The increased revenue will provide an already dominant Bitcoin more resources to continue to grow and develop new technologies and infrastructures like the recently launched Lightning Network.

IMPACT ON BITCOIN BUSINESS

Bitcoin evangelists, and major names in the tech and finance verticals, are convinced of Bitcoin’s brand strengthening, and are putting their money where their collective mouths are. Predictions are for a steady growth in Bitcoin and its use by the business sector. This is the ideal situation for the gambling industry, and brands like Vegas Casino who are 100% Bitcoin-First, as increased popularity simply means an increased clientele, and increased valuations.

AVOID THE RUSH

Bitcoin is the obvious choice in cryptocurrency at this stage. Jumping on the bandwagon now would be advisable, as you will want to be in a position to ride out any future valuation spikes. If you do not know how to get started and want someone to walk you through setting up your first Bitcoin wallet and purchasing your first coinage, then let us at VegasCasino to take you by the hand. Simply follow our easy guide to buying your first Bitcoin, and claim a fantastic Welcome Bonus at the same time.

Already on board? Then put your Bitcoins to work by playing our entertaining suite of casino games. If luck favours the bold you could end up winning more cryptocurrency than you initially bought thanks to our generous bonuses and world class slots. Let the increased security of the Bitcoin Blockchain work for you at VegasCasino, today.