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
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
increases Bitcoin’s usefulness, which increases the stature of the brand. The
knock-on effect is an increased demand for the brand.
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.
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
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