In the past few days, the average transaction volume of the Bitcoin has reached an all-time high, and many people attribute the growth to a company called Veriblock. It is said that Veriblock currently creates 20% of the total transaction volume of the Bitcoin blockchain.
VERIBLOCK: Proof of spam?
According to Blockchain.info, the current trading rate is at an all-time high. According to data from Bitinfocharts, in December 2017, the actual maximum transaction volume recorded in one day exceeded 420,000.
According to Bitinfocharts, the bitcoin transaction rate is currently close to the December 2017 high. However, these costs are not close to the current level.
Veriblock went live a few days ago, and it currently accounts for almost 19% of Bitcoin transactions compared to BlockExplorer. When it was still in beta, people have begun to pay attention to it.
If there is enough demand for Veriblock’s services, can it push up to 80% of all Bitcoin transactions?
Bitcoin transaction rate
The average transaction volume of each block has reached a new height
What is Veriblock? It is similar to Komodo because it enables alternative blockchains to take advantage of the hashing capabilities of the Bitcoin blockchain to improve security. However, the Komodo platform requires fewer transactions to calculate its delayed work proof program. Veriblock refers to their concept as “proof of evidence.” It describes itself as:
“Pop-Mining enables blockchains to inherit and leverage the work of advanced blockchains such as Bitcoin. Therefore, the enhanced security provided by POP will encourage further adoption of these alternative blockchains.” Some people think that Veriblock is not
It’s blockchain spam, but if you’re a miner, it’s definitely not the kind of spam you want to complain about. Due to Veriblock, the block is full of paid transactions. The current cost of bitcoin is about 10,000 satoshi per kilobyte. It is much higher than in the past.
Ready to return to large-scale chained bitcoin costs
If the bitcoin price suddenly breaks out and Veriblock is still using a lot of space, we can expect the cost to rise sharply. For Veriblock to maintain a reliable service, it will pay a higher fee.
It is expected that the upcoming/imminent bull market may push some companies to use lightning networks to save money. But will users pay attention? This is a problem that needs to be resolved and will be determined by the actual usage of the payment channel in the coming months and years.
Ultimately, the more second-tier applications built on Bitcoin, the more valuable the minimum space of a 1MB block. Lightning network transactions eventually enter the main chain in the form of channel opening and closing.
Proofs and other services developed by Veriblock prove to take up space. Then thousands of companies use bitcoin block space. Will the loyal supporters of this block be reopened?
History shows that there are not many unconfirmed transactions that will affect them. However, if the lightning network is fully operational and the block is still crowded, the problem will inevitably reappear.