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VeriBlock Foundation Launches New Bitcoin Secured By Bitcoin

Early adopters can now receive rewards for helping test Bitcoin Squared (BTCSQ), a standalone altchain which demonstrates how Bitcoin-based blockchains (like Dogecoin and Bitcoin Cash) can inherit Bitcoin’s security in an entirely Decentralized, Trustless, Transparent, and Permissionless (“DTTP®”) manner using VeriBlock.

The VeriBlock Foundation, a Cayman Islands nonprofit dedicated to promoting the development and adoption of VeriBlock’s Proof-of-Proof security technology, announced the launch of the incentivized Bitcoin Squared (“BTCSQ”) testnet on Sept. 13, 2021, at 10:00 a.m. ET. The testnet is based on the vBTC reference implementation from the project’s new VeriBlock Labs incubator, which is designed to build and test new technologies in the VeriBlock ecosystem.

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Following the incentivized testnet period, Bitcoin Squared will be launched as a mainnet altchain maintained and supported by the VeriBlock team and will serve as a reference for other Bitcoin-based blockchains interested in inheriting Bitcoin’s security to prevent 51% attacks.

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“We’re excited to move into our incentivized testnet phase for Bitcoin Squared, which will further harden the reference implementation prior to its official mainnet launch,” explained VeriBlock Co-Founder and CDO Tim Stall. “The community’s testing and feedback will also benefit all future blockchains which adopt VeriBlock’s technology.”

Upon launch of the Bitcoin Squared mainnet, all incentivized testnet BTCSQ will be reflected; early adopters who PoP or PoW mine in the testnet will receive equivalent mainnet coins upon launch, following the same approach that the VeriBlock blockchain itself used during its original incentivized testnet period.

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