VeriBlock Blockchain Validator Secures 25 Percent Of Bitcoin Transactions Over Weekend
While the crypto industry is growing at a fast pace, it is certainly not an equal industry as certain players have taken up a large section of the market share while others do not have quite as much prominence. This shows in various aspects of the industry from crypto exchanges which are dominated by some of the bigger ones such as Binance and also to things like bitcoin transactions. VeriBlock, a blockchain validation platform, in the 24 hours of July 14, 2019, secured over 25 percent of all bitcoin transactions that took place on-chain and this was confirmed by the firm on social media.
VeriBlock uses its own proof-of-proof software order to validate blockchains by making use of bitcoin’s computing power and they launched their mainnet implementation back in March 2019.
“Today, 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,”
the release at the time said.
The service benefits crypto miners in that they are able to compete for block rewards using blockchains connected to altcoins but they can also benefit from the superior security on the Bitcoin network using the computing power that sustains the proof-of-work a logarithm.
With this number of participants, the 25 percent figure secured by VeriBlock over the weekend is roughly 68,000 transactions. This is, however, not completely surprising as VeriBlock has previously secured higher portions of Bitcoin traffic as according to statistics from blockchain, a monitoring resource and wallet provider, the most recent spike in the average block size on the Bitcoin blockchain coincides with the increase in transactions verified by VeriBlock.
A Jump In Size
According to statistics for July 13 and July 14, 2019, the average block size jumped from one megabyte to 3 megabytes which is the highest increase in the history of Bitcoin. The data, however, is not repeated across the other monitoring sources, VeriBlock is fuelling the speculation of the activities causing overloading on the Bitcoin network which is not necessarily true.
One interesting thing to note about the recent activities is that despite the increase in block size, the fees associated with bitcoin transactions has been relatively consistent over the last few days. Getting a transaction processed across six blocks cost 7 satoshis on July 13, 2019, and by the next day, it was 8 per byte. It is also interesting that the fee rate has maintained relative stability even as we crypto price has fluctuated in the last few weeks leaping from roughly about $4,000 to over $11,000 at some point in the last few weeks.
This has been the breaking of the crypto winter that lasted several months and created a feeling of pessimism within the crypto industry. However, the stability of the fee rate as well as the level of participation recorded and increasing block size shoes that the industry is as steady as it always has been and new market participants continue to enter on a daily basis which is indicative of a thriving bitcoin market well into the future.