VeriBlock Foundation Fund Initiative to Secure Bitcoin SV to Bitcoin with Innovative Proof of Proof Protocol
GEORGE TOWN, Cayman Islands, July 23, 2021 / PRNewswire / – The VeriBlock Foundation, a non-profit organization dedicated to promoting the development and adoption of VeriBlock Proof-of-Proof® (“Pop®“) security technology, today announced a new initiative to secure Bitcoin SV using VeriBlock® and PoP.
Since launching as a hard-fork split in November 2018, Bitcoin SV has been embroiled in controversy over its security and BSV advocate. Craig wright controversial claims that he is the pseudonymous inventor of Bitcoin Satoshi Nakamoto and that Bitcoin SV adheres to the original white paper, unlike Bitcoin itself.
the SwissBitcoin Association has identified four major recent reorganizations on BSV from the June 24, 2021, which may have been executed to perform double-spend attacks. A 51% attack on Bitcoin SV can be executed today for about $ 5,000/ hr using readily available hashrate rental markets like NiceHash.
As a result of the recent BSV reorganizations, BSV’s low cost of attacking using leased hash power, and the centralization of over 80% of BSV’s mining power into a single pool, many exchanges have suspended BSV filings and trading.
“Bitcoin SV uses the same mining algorithm as Bitcoin, but is secure with less than 1 / 200th of Bitcoin’s mining power, making it an easy target for 51% of attacks,” said the co-founder and CTO of VeriBlock. Maxwell Sanchez. “VeriBlock’s proof-of-proof algorithm follows the same fundamental principles of decentralization, lack of trust, transparency and no permission (” DTTP®“) that make Bitcoin so deep, and Bitcoin SV can leverage PoP to inherit the full security of Bitcoin to protect against these types of attacks.”
VeriBlock engineers are currently working on integrating their PoP security technology into the Bitcoin SV codebase and will announce public testing of PoP-enabled BSV in the future. If adopted, Bitcoin SV users (including exchanges and payment processors) could use VeriBlock’s Bitcoin Finality Indicator (“vBFI”) real-time security technology to confirm BSV transactions with the same guarantee. security than if they were on Bitcoin.
The VeriBlock team plans to continue developing technologies that leverage Bitcoin’s cutting-edge security to deliver creative solutions that enhance the security of financial, law enforcement, and intellectual property infrastructures.
Bitcoin SV developers or community members wishing to learn more about VeriBlock or test PoP-secured Bitcoin SV can contact [email protected]
About the VeriBlock Foundation
The VeriBlock Foundation is a Cayman Islands nonprofit is committed to increasing awareness and adoption of the VeriBlock Blockchain and its Proof-of-Proof security protocol. VeriBlock inherits the security of Bitcoin in a completely decentralized, trustless, transparent and authorization-free environment (“DTTP®“), following the same attributes that made Bitcoin great, and allows any other blockchain to bolster their existing security with the full proof-of-work power of Bitcoin in the same way.
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