VeriBlock Foundation Launches Bitcoin Squared: A New Bitcoin Secured by Bitcoin
GEORGE TOWN, Cayman Islands, December 10, 2021 (Newswire.com) - The VeriBlock Foundation, a Cayman Islands foundation dedicated to promoting the development and adoption of VeriBlock®'s PoP® (Proof-of-Proof®) security technology, today announced the launch of the world's first Bitcoin-family altchain secured by Bitcoin in a completely Decentralized, Trustless, Transparent, and Permissionless ("DTTP®") manner. Bitcoin Squared ("BTCSQ") launched on Thursday, Dec. 9, 2021, at 10:00 a.m. ET.
The open-source project serves as a reference implementation that demonstrates how any Bitcoin-based blockchain can leverage VeriBlock to protect itself against 51% (double-spend) attacks without introducing any centralized or federated technologies.
Prior to mainnet, Bitcoin Squared ran as an incentivized Testnet for approximately two and a half months. During the 5-week testing phase securing BTCSQ to VeriBlock's Mainnet, approximately 150 altchain PoP miners generated an average of 50,000 PoP security transactions per day. All coins mined during the incentivized Testnet period were reflected in the Mainnet genesis block. BTCSQ does not contain a premine or any developer block subsidy.
"We greatly appreciate the hard work of our community members who tested BTCSQ; their feedback has been instrumental in continuing to harden the project and ultimately deliver a higher-quality product to our community," explained VeriBlock CDO Tim Stall.
As a standalone Mainnet blockchain, BTCSQ incentivizes continual development and improvements to the entire software stack used by every altchain adopting VeriBlock. All VeriBlock-secured blockchains introduce a new form of lightweight mining ("PoP mining") which allows anyone to contribute to the chain's security without expensive specialized hardware.
As more blockchains adopt VeriBlock, they solidify Bitcoin's position as the security root for the entire blockchain ecosystem, making Bitcoin more eco-friendly by amortizing its electrical consumption to secure orders of magnitude more transactions than it processes natively. Regardless of their current consensus protocol (PoW, PoS, DPoS, PoST, etc.), any blockchain can leverage VeriBlock to protect against 51% attacks with the same security of transactions on Bitcoin itself.
You can learn more about VeriBlock and Proof-of-Proof at https://VeriBlock.org, learn how to use and mine BTCSQ by visiting https://VeriBlock.org/labs/btcsq, and become a part of the VeriBlock community on Discord.
About the VeriBlock Foundation
The VeriBlock Foundation is a Cayman Islands foundation committed to increasing awareness and adoption of the VeriBlock® Blockchain and its PoP® ("Proof-of-Proof®") security protocol. VeriBlock inherits security from Bitcoin in a completely Decentralized, Trustless, Transparent, and Permissionless ("DTTP®") manner, following the same attributes that made Bitcoin great and allows any other blockchain to reinforce their existing security with the full Proof-of-Work power of Bitcoin in the same manner. To learn more, you can join the project's Discord or follow them on Twitter.
Source: VeriBlock Foundation