VeriBlock (VBK)

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Basics

  • VeriBlock is a protocol designed to enable any other blockchain to inherit the network security of the Bitcoin network.
  • VeriBlock published their white paper in early 2018.
  • The VeriBlock blockchain mainnet launched in March 2019.

"VeriBlock is an open-source blockchain protocol that is engineered to harness the security of Bitcoin’s blockchain. VeriBlock allows any other blockchain network to inherit Bitcoin’s network security through a Proof-of-Proof consensus mechanism. To date, all of the solutions for reusing Proof-of-Work (PoW) security from a parent blockchain include compromising on security and scalability, according to VeriBlock. Their goal is to build a secure and scalable blockchain that inherits the complete PoW security from a Security Providing (SP) blockchain."

Token Sale

"VeriBlock capped the supply of VBK at 2.1 billion, and the project pre-mined 714 million prior to the mainnet launch in March 2019. The remaining supply will be issued through block rewards. VeriBlock miners initially receive 165 VBK per block, and mining rewards are halved every 4 years.

Of the pre-mined VBK, 275 million (39% of total supply) was allocated to VeriBlock. Half of that amount became accessible when the VeriBlock blockchain launched, and the other half is locked for 1 year with a three-year release schedule. 210 million VBK (29% of the total supply) was allocated to the VeriBlock founders and also vests over 3 years. 229 million VBK (32% of total supply) was allocated to a community fund. VeriBlock’s community fynd has 145 million VBK immediately available, 28 million locked up in perpetuity, and 56 million on a vesting schedule similar to the company’s allocation.

VeriBlock sold 70 million VBK at $0.10 each during a Bittrex International IEO in April 2019.

Technology

"Proof-of-Proof (PoP) consensus is the key component of the VeriBlock blockchain. With PoP, VeriBlock introduces a new type of miner that periodically publishes the state of a Consensus Inheriting (CI) blockchain to another Consensus Providing (CP) blockchain. VeriBlock uses Bitcoin as the CP blockchain. VeriBlock CI blockchains leverage Bitcoin’s security for written data by publishing to Bitcoin’s OP_RETURN opcodes, which are used to mark a transaction outputs as invalid and can be used to store arbitrary data.

Peers in a PoP network validate transactions in their network by validating the data published to the CP blockchain. Headers from the CP blockchain are included in the CI blockchain’s blocks."

"Proof-of-Proof is a novel consensus protocol invented by VeriBlock, Inc. which allows any blockchain (including sidechains and permissioned ledgers) to inherit the full security of Bitcoin in a truly decentralized, trustless, transparent, and permissionless (DTTP) manner. It does so by gamifying the publication of data representing a blockchain's present state to Bitcoin (directly or indirectly) such that any user can participate and receive compensation for enabling blockchains to inherit Bitcoin's security."

"Every time a new blockchain joins the VeriBlock ecosystem or an existing one increases in value, all other blockchains in the VeriBlock ecosystem benefit by enjoying the additional security and decentralization that results from VeriBlock's increased network effect."