VeriBlock's Unusual Plan to Improve Dogecoin & Justifiy Bitcoin’s Massive Energy Footprint
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Andrew Hayward reports in decrypt.co that "Crypto startup VeriBlock proposes piggybacking Dogecoin on Bitcoin, benefitting from its security while providing further justification for Bitcoin’s massive energy footprint."
"Crypto firm VeriBlock has proposed using Bitcoin transactions to back up Dogecoin transactions via a “proof-of-proof” model."
"VeriBlock sees it as protection against 51% majority attacks and also further justification for Bitcoin mining’s sizable energy footprint."
"Bitcoin’s energy-intensive proof-of-work mining model—in which powerful computers solve advanced equations in the hopes of earning BTC rewards—has been under increased scrutiny recently."
"Essentially, Vriblock's proof-of-proof consensus protocol piggybacks one blockchain onto another, effectively backing up that blockchain’s transactions to Bitcoin’s own distributed ledger secured by a proof-of-work model."
“Right now, Bitcoin can handle somewhere around seven transactions per second, but if it secured 100 other blockchains with its proof-of-work [model], then the environmental cost per transaction would be 100x lower, suggesting potential grand plans beyond bringing VeriBlock’s proof-of-proof model to Dogecoin alone."
I think it is a great idea that would enhance the value of Bitcoin add another use case beyond digital gold and help counter the criticism as a big energy waster. What do you think?
Source credit and full story - https://decrypt.co/72135/bitcoin-startup-veriblock-improve-dogecoin-security-energy
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