Bitcoin News, Blockchain News, Business, Crypto Mining, Cryptocurrency News, Market Analysis

Bitcoin [BTC] Transaction Network Being Overloaded By VeriBlock – Spam Attack.

In line with a recent official ‘announcement‘, renowned blockchain validation platform named ‘VeriBlock’ produced almost around 25% of on-chain Bitcoin [BTC] transactions within 24 hours on 14th July.

VeriBlock uses its own PoP [Proof-of-Proof] protocol to validate blockchains employing Bitcoin’s computational power and ‘launched‘ its mainnet implementation earlier in March.

The service permits miners to ‘mine‘ for block rewards on altcoin blockchains, whereas tapping into Bitcoin’s superior levels of security due to the computing power sustaining its PoW [Proof-of-Work] algorithm. 

The roughly one-quarter figure signified by VeriBlock this weekend equates to roughly around 68,000 transactions.

Veriblock had antecedently generated ‘higher‘ proportions of Bitcoin traffic. In line with statistics data from Blockchain, however, the recent figures seemed to coincide with a pointy spike within the average block size on the Bitcoin ‘blockchain‘.

For 13th to 14th July, the avg. block size suddenly jumped from around 1 MB to over 3 MB – far away from the highest avg. ever observed in Bitcoin’s history.

While the data isn’t repeated across other observing resources, VeriBlock can possibly fuel existing speculation its activities overloading the Bitcoin network with transactions, which are don’t even real.

The company has however refuted to this concept, its web-site is still ‘hosting‘ comments from educator ‘Andreas Antonopoulos’ from Jan., after he discussed VeriBlock as well as the issue of “spam” transactions.

Despite the block size increasing, Bitcoin’s fee market appeared very little modifications in recent days. Getting a transaction processed within six blocks cost just 7 satoshi’s per byte on 13th July, and 8 per  byte the following day, according to data provided by ‘Bitcoinfees.info‘.

During Bitcoin’s 3-month bull market that ‘started‘ earlier from the mid of April, the network conversely saw periods of heightened ‘fees‘, these coinciding with upticks in BTC/USD as it moved from around $4,000 USD towards highs of above $13,500 USD.

Leave a Comment

Your email address will not be published.