GEORGE TOWN, Cayman Islands, Might 26, 2021 /PRNewswire/ — The VeriBlock Foundation, a nonprofit devoted to selling the event and adoption of VeriBlock’s Proof-of-Proof® (“PoP®“) safety know-how, right now introduced a brand new initiative to safe Dogecoin utilizing Bitcoin.
VeriBlock builders are at present engaged on integrating Proof-of-Proof into the Dogecoin codebase, and so they plan to current an open-source beta to the Dogecoin neighborhood quickly for testing and suggestions. The staff may even carry out a public “51% assault” on the PoP-enabled model of Dogecoin to showcase how their know-how protects blockchains from the identical assaults, which have been used to steal over $30M by focusing on high-profile tasks together with Ethereum Basic, Bitcoin Gold, and different tasks with multi-billion-dollar marketcaps.
“Bitcoin has been underneath public hearth just lately for the big carbon footprint of its Proof-of-Work mining protocol,” explains VeriBlock Co-Founder and Chief Technical Officer Maxwell Sanchez. “VeriBlock reuses Bitcoin’s mining energy to safe the world’s blockchains, amortizing the per-transaction environmental value to ranges far under what legacy monetary programs present whereas enabling Bitcoin to simply meet the necessities demanded by many Fortune 500 corporations thinking about blockchain know-how. As Bitcoin turns into higher utilized by applied sciences like Proof-of-Proof, it has the potential to grow to be the world’s most effective and safe monetary platform whereas offering options that transcend finance to struggle police corruption, implement digital property rights, and extra. We hope that our work might help to comprehend Bitcoin’s potential because the safety spine for the digital ecosystem of tomorrow.”
“Dogecoin already makes use of a shared safety mannequin by merge-mining with Litecoin, making it an ideal candidate for VeriBlock’s safety inheritance know-how,” Sanchez famous. “Merge-mining has a number of vital safety points and decoupling Dogecoin from Litecoin will considerably profit the safety profile of each tasks whereas making Bitcoin eco-friendly.”
VeriBlock’s technology allows any blockchain to inherit Bitcoin’s safety in a completely Decentralized, Trustless, Clear, and Permissionless (“DTTP®“) method, adhering to the identical core attributes which make Bitcoin the world’s strongest digital information integrity resolution.
Whereas some tasks within the blockchain ecosystem make the most of Proof-of-Stake (“PoS”), Proof-of-Capability (“PoC”), and different different safety protocols of their quest for perceived effectivity enhancements, the VeriBlock staff argues that these options are essentially against the decentralized ethos that Bitcoin was based upon. “With out a Proof-of-Work part, PoS and PoC are essentially insecure and is extra analogous to the standard finance world the place monetary establishments can maintain funds hostage and blackball transactions at whim,” Sanchez mentioned. “These different safety protocols do not clear up the identical issues or present the identical advantages of Bitcoin’s Proof-of-Work, so evaluating their ‘effectivity’ to Bitcoin is a non-starter. Nonetheless, utilizing a know-how like Proof-of-Proof backstops these weakly-subjective safety protocols with a Proof-of-Work part, making them viable.”
The VeriBlock staff plans to proceed growing applied sciences that leverage Bitcoin to offer inventive options to enhance the safety of monetary, legislation enforcement, and mental property infrastructure.
In regards to the VeriBlock Basis
The VeriBlock Foundation is a Cayman Islands nonprofit dedicated to growing consciousness and adoption of the VeriBlock Blockchain and its Proof-of-Proof safety protocol. VeriBlock inherits safety from Bitcoin in a totally Decentralized, Trustless, Clear, and Permissionless (“DTTP®“) method, following the identical attributes that made Bitcoin nice, and permits every other blockchain to bolster their present safety with the total Proof-of-Work energy of Bitcoin in the identical method.