All coins owe allegiance to Bitcoin for making the blockchain industry truly decentralized, trustless, transparent and permissionless. Today, Bitcoin has not only seen itself as the true vine by which every other coin can build itself upon but has set a clear standard that can only be improved on within the cryptocurrency community.
A coin that has undertaken serious consideration in improving Bitcoin’s decentralized, trustless, transparent and permissionless features in order to secure and scale the blockchain ecosystem is Veriblock. Veriblock’s Cryptocurrency platform builds a secured blockchain network by using superior blockchain such as Bitcoin to create reinforced security using a proof-of-proof consensus mechanism.
Before we take a closer look as to why you should start investing in Veriblock cryptocurrency, let’s quickly examine idea and technology that surrounds its existence.
What is Veriblock cryptocurrency?
Veriblock Cryptocurrency is developed by a team of four technology developers, Max Sanchez, Justin Fisher, Tim Stall, and Josh Rack. Their idea centered on improving the entire blockchain ecosystem in order to create a more secure and scalable network. They introduced the proof-of-proof mining consensus which enables blockchains to inherit and leverage the proof-of-work from Bitcoin thereby making Veriblock more decentralized, trustless, transparent and permissionless.
Currently, as at when this article was published, the price of the Veriblock coin falls between 0.06 – 0.09USD with a 24-hour trading volume of USD1234311.712 in the coin market. Its available coin supply is 2.1 billion VBK.
Why invest in Veriblock?
Here are a few reasons to invest in Veriblock;
1. A new consensus mechanism
Veriblock was designed with a new consensus algorithm called the proof-of-proof consensus. The proof-of-proof consensus protocol enables blockchains to inherit proof-of-work securities from other cryptocurrencies like Bitcoin. This system creates an ecosystem where securities are derived from the established blockchain. The proof-of-proof mechanism takes its origination from previous technology attempts by Namecoin which allowed Bitcoin miners to simultaneously mine Bitcoin and one more blockchain.
With the use of the proof protocol, it aims to enable the security inheritance (SI) referred to as the auxiliary or secondary blockchain to inherit the proof-of-work security of a security providing (SP) parent blockchain.
This proof-of-proof protocol will be carried out by PoP miners who serve as the link between the SI blockchain and the SP blockchain. These miners will publish the most recent blockchain state data from the SI to the SP blockchain by embedding with an identifier and wait for the transaction to be included in the SP blockchain.
2. A more decentralized and scalable network
Creating a more decentralized and scalable service is the prime focus of the Veriblock blockchain platform. With its proof-of-proof protocol, Veriblock creates an avenue where blocks can be validated on the Security Inheritance (SI) blockchain by checking on its validation in the SP blockchain. Any time a new blockchain is being verified in the Veriblock ecosystem, all other blockchains benefits by enjoying additional security, high scalability, and a more decentralized system within the Veriblock blockchain.
3. Double-spending attack prevention
Double-spending is a common phenomenal that plagues cryptocurrency blockchain. This is because digital assets are easily copied and reproduced even after transactions have taken place. In digital currencies, cryptocurrency holders can easily replicate multiple copies of spent digital copies while the original copy is still in their possession. This issue of double spending was a serious concern to the Veriblock community.
In order to make the entire Veriblock blockchain free from such concerns of double spending, Veriblock employs a double-spending attack prevention tool. This helps to make sure that transactions are verified and added to the blockchains ledger. When any of such double spending actions are activated, the Veriblock blockchain will flag it out and annul the effect from taking place.
4. Protection against 51% attacks
51% attack is an attack on cryptocurrency blockchain. This attack is usually from a group of miners or individual who controls more than 50% on the blockchain computing power. During this attack, new transactions cannot be confirmed hence no new block can be added. This prevents the activities from other miners thereby allowing just a group to be in total control of the blockchain activity in a way of monopolizing the mining procedures. Veriblock Cryptocurrency platform builds a secured blockchain network by using superior blockchain such as Bitcoin to create reinforced security using proof-of-proof consensus mechanism in order to prevent 51% attack.
5. A more secure system as compared to other coins
The fact that Veriblock is built on a secure platform through the use of its proof-of-proof mechanism, helps it rank as highly protected and tamper-proof. The use of its proof-of-proof mechanism through the Veriblock ecosystem enables any blockchain to inherit the consensus security of Bitcoin in a way which makes it difficult to hack.
This security layer increases its trust within the blockchain ecosystem making it be highly recognized in different exchanges during trades. By this way, investors can trust the Veriblock network and trade it with other coins.
6. A secured exchange platform for trading its coin
Veriblock is being traded in a number of exchanges for Bitcoin. Veriblock is now being traded in Upbit, Bittrex, Bitmesh, and Vinex. Though Veriblock is still a new coin in the market, it has started on a high note by being listed in these exchanges. These exchange platforms can be used as a trading ground to either secure Bitcoin or trade it in exchange for Veriblock coin.
Users who intend trading with these exchange platforms are guaranteed of secure, reliable and advanced trading technology. Bittrex and Bitmesh exchange platform are specifically incorporated with multiple layers of protection, using the most reliable and effective security technologies available to secure your Veriblock coins.
7. A competitive ground for miners to earn rewards
The PoP mining procedures is now a competitive process whereby miners compete to have their Veriblock blockchain published on the Bitcoin blockchain. The proof-of-proof protocol works in a way in which miners earn an extra reward for successfully publishing a Veriblock blockchain on the Bitcoin blockchain. This is done via a transaction containing an OP_RETURN with the embedded data.