Innovative Protocol Extends Bitcoin’s Unrivaled Hashing Power to Secure the Blockchain Ecosystem
VeriBlock Inc., through its subsidiary Xenios SEZC, announced the upcoming mainnet launch of the VeriBlock blockchain. On March 4, 2019, VeriBlock’s year-long testnet phase ended, and on March 25, 2019, VeriBlock’s mainnet will officially go live.
VeriBlock Helps Secure Blockchain Networks Against 51% Attacks So They Can Thrive
During the last year, 51% attacks — attempts to rewrite a blockchain’s transaction history — progressed from theory into reality. These attacks have accounted for more than $20,000,000 in coin theft from exchanges, including holdings in Bitcoin Gold, ZenCash, Ravencoin, FLO, and most recently Ethereum Classic.
VeriBlock’s technology delivers Bitcoin-level security to both new and established blockchain and cryptocurrency projects that may otherwise be vulnerable. This enables development teams to focus on innovative features and functionality, rather than worrying about attacks.
The marketplace has validated this approach, with over 6,000,000 security transactions on Bitcoin to date.
In addition to allowing blockchain networks to inherit Bitcoin’s decade-plus of accumulated security, VeriBlock-secured blockchains continually provide Early Attack Detection (EAD) security statistics. EAD enables exchanges, wallet providers, and merchants to determine the security of particular transactions and networks. Once a transaction reaches Bitcoin-finality — the moment the snapshot of a network is written to a Bitcoin block — the exchange or merchant can accept the transaction with the assurance that it is just as secure as a Bitcoin transaction.
Industry Leaders Announce Alignment with VeriBlock’s Mission
On his company’s blog, Bloq Co-founder and Chairman Matthew Roszak wrote: “Bloq is proud to have been part of the journey with VeriBlock over the past two years — and especially with a technology that helps any blockchain project thrive and benefit from the security that Bitcoin provides. As the multi-chain, multi-network, multi-token world emerges, we are confident that VeriBlock will continue to play a vital role as a security root for this new frontier.”
“At Bittrex, we’ve always operated with the highest possible security standards to protect our users and our long-term relationship with VeriBlock has been a part of that commitment,” said Bill Shihara, Co-Founder and CEO of Bittrex. “Blockchains that adopt VeriBlock’s technology will be able to improve their users’ trading experiences on Bittrex, thanks to the faster confirmation times and rollback protection. We need to continue to create innovative solutions like VeriBlock to move the blockchain industry forward and increase adoption.”
“We’ve worked with the VeriBlock team since 2017 because we believe in the potential of VeriBlock’s technology to help the entire blockchain ecosystem grow by delivering Bitcoin-level security to any other chain,” said Anthony Di Iorio, Founder and CEO of Decentral. “I believe VeriBlock will be a good addition to the growing range of products and services we offer our Jaxx Liberty customers.”