Veriblock many altchains adopted the same Proof-of-Work consensus protocol as Bitcoin, these
blockchains are vulnerable to 51% attacks (wherein a miner controlling more than half of the Proof-of-Work power of a particular blockchain is able to re-write the history of transactions
on the chain). In an attempt to solve this vulnerability, a variety of alternative consensus
protocols have been proposed and developed.
Each of these consensus algorithms trade off some of the advantages of Proof-of-Work: losing thermodynamically-sound security expectations and permissionless block creation, no-longer having mathematically-verifiable replaying of network history, having the potential for a majority validator set controller to exert complete censorship of the network in perpetuity by preventing new validator set entries, etc.
Veriblock Key Information
|Tokens for sale||70,000,000|
|Average price||0.01 USD|
|Min. investment||10 USD|
|Distributed in ICO||3.3%|
|Price in ICO||0.1000 USD|
|Hard cap||7,000,000 USD|
|Whitepaper||Click Here For View Whitepaper|
|Website||Click Here For Visit ICO Homepage|
The Game Change Team Behind Veriblock
VeriBlock and Proof-of-Proof At-A-Glance
PoP works by incentivizing the publication of a Security-Inheriting (SI) blockchain’s current
state to a Security-Providing (SP) blockchain, and then referencing those publications in the
future when an alternate fork of the SI blockchain is proposed to the SI blockchain network.
Rules regarding the weighting and validity requirements (see chapter 6) of the publications
force an attacker to announce the potential attack of the SI blockchain to the SP blockchain
within a particular time frame from the first challenged block in the attack.
Veriblock absence of challenge publications after this time frame (or the abandonment of a potential alternate chain due to a lack of future publications) marks all transactions in the block in question (as well as all previous blocks) with SP-finality, meaning an attacker would have to 51% attack the SP blockchain to insert fingerprints of the attacking SI chain sufficiently high in the SP blockchain to trigger a SI reorganization.
SI Block Miners
A SI block miner bundles transactions on the SI Veriblock network (including returning PoP receipt transactions from SI PoP miners) and does some form of mining (PoW/PoC/PoS/DPoS, etc.) to create SI blocks and provide intermediate consensus to the SI chain. The ideal block miner:
- Mines on top of the latest SI block
- Includes as many available SI PoP transactions as possible in their block
- Includes as many regular transactions as possible/allowed in their block, giving priority to transactions with higher per-byte fees
Modeling Block Time Probabilities
The expected block times of Bitcoin, Veriblock, and altchain blockchains can be modeled as
exponential distributions. Understanding the distribution of these block times allows for the
proper determination of reward and consensus finality intervals which maximize the security
profile of blockchains adopting PoP, including VeriBlock itself.
PoP vs PoW Mining Market Comparison
While the incentivization mechanism of PoP is similar to that of PoW, the instantaneous
nature of the mining market must be taken into account to optimize the security profile PoP
can provide. Generally, PoW (Proof-of-Work) miners make medium- or long-term investments (directly or otherwise) into mining hardware. As a result, they experience and respond to two
fundamentally different costs.
Veriblock initial costs of hardware purchase, and the instantaneous (or in the case of most large-scale PoW mining operations, semi-instantaneous) costs of hardware operation. In contrast, PoP miners experience a market which highly resembles that of only the instantaneous costs of PoW miner hardware operation without the initial investment into any sort of mining hardware, and where electrical/cooling/etc. costs are roughly the same for all participants.
Reduced Publication View
Based on the publications of the SI chain in the SP chain, a “reduced publication view” can be
constructed with only the information relevant to consensus resolution.
- If calculating a reduced publication view in order to resolve a fork, ensure that the view
of the SP blockchain accounts for knowledge contained in both forks (add all SP data
from both chains to the SP SPV view, and remove any SP information not in the final
main SI chain when finished with fork resolution)
- Determine the last “stable” keystone (in the case of comparing two forks, this is the
highest keystone shared by both chains)
- For each keystone after the “stable” keystone
Publication Continuity Filtering
In order to force a potential attacker to give full public continuity visibility of their attacking chain while it’s being built, the fork resolution algorithm (covered in 6.5) requires a chain to maintain publication continuity for its publications to be valid for fork resolution. Continuity of an SI chain is achieved if the connectivity of every keystone in a chain can be resolved based purely on publications in the SP chain. The example publication scenario in 6.3 can have a few publications removed while maintaining continuity.
VeriBlock Blockchain Specifications
A number of design decisions were made in architecting the VeriBlock blockchain to optimize the speed, scalability, and additional benefits that it provides to blockchains which leverage it for security, as well as make secure SPV implementations require minimal bandwidth and processing power. Due to the significant divergence of the Veriblock blockchain architecture from any particular blockchain daemon software, we opted to build the VeriBlock codebase from the ground up.