VeriBlock’s Self-Published Report Shows Bitcoin Shed Over 40% In Transaction Count After Testnet Ended
Report: Bitcoin (BTC) Sheds 42 Percent In Transaction Count As Veriblock’s Testnet Ends
VeriBlock, a blockchain project that’s focused on securing the world’s blockchains through decentralized, transparent, trustless and permissionless technologies powered by Bitcoin, concluded its testnet activities on March 4 and observers claim the Bitcoin daily transaction volume has dropped by 42 percent in the last 10 days, according to reports on March 11, 2019.
VeriBlock Testnet Conclusion Triggers 42 Percent Drop in Bitcoin Transaction Count
Per sources close to the matter, the Bitcoin daily transaction count has reduced by a whopping 42 percent in the past ten days following a successful conclusion of VeriBlock’s testnet operations.
According to statistics published by VeriBlock, its testnet activities was responsible for about 25-45 percent of the total bitcoin transactions.
For the uninitiated, VeriBlock is based on the Proof-of-Proof (PoP) consensus algorithm. The team says PoP makes it possible for other blockchains to inherit and leverage the proof of work (PoW) consensus from a superior network such as the Bitcoin blockchain.
“The transition of transactions from Bitcoin to alternative blockchains will also facilitate Bitcoin scaling while continuing to drive value back to Bitcoin miners,” stated VeriBlock on its website.
Notably, VeriBlock leverages the OP_RETURN functionality of the Bitcoin network to secure alternative blockchain networks.
Interestingly, the Bitcoin blockchain makes it possible for anyone to store up to 80 bytes of arbitrary data through the OP_RETURN code and VeriBlock leverages this excellent feature for security and scalability.
It’s worthy of note that a significant number of people in the Bitcoin community strongly believe that taking advantage of the OP_RETURN mechanism on the Bitcoin network is an irresponsible act because Bitcoin was created by Satoshi Nakamoto to record financial transactions, not a distributed ledger to record arbitrary data.
While statistics from VeriBlock clearly shows its testnet activities had a significant impact on the Bitcoin network as regards transaction count, some observers have also pointed out that the recent power outage in crypto-friendly Venezuela may have also contributed to the massive drop in bitcoin transactions.
If all goes as planned, the Veriblock Mainnet is slated to go live on March 15, 2019, and it remains to be seen whether the event will finally push the price of bitcoin to the moon.
At the time of filing this report, the price of bitcoin (BTC) sits at $3,907, with a market cap of $68.71 billion and a 24-hour trading volume of $10 billion, as seen on CoinMarketCap.