Spam attack? The average Bitcoin block size suddenly increases to more than 3MB

The validation platform Blockchain VeriBlock produced almost 25% of Bitcoin (BTC) transactions in the chain in 24 hours on July 14, according to the company confirmed in social networks.

VeriBlock, which uses its own “Proof-of-Proof” protocol to validate block chains using the computing power of Bitcoin, launched its mainnet implementation in March.

The service allows the miners to compete for the block rewards of the altcoin blockchains, while taking advantage of Bitcoin’s superior levels of security thanks to the calculation power maintained by its Work Test algorithm.

The approximate figure of a quarter that VeriBlock has indicated this weekend amounts to some 68,000 transactions.

Veriblock had previously generated higher proportions of Bitcoin traffic. However, according to the statistics of the resource and purse provider Blockchain, the most recent figures seem to coincide with a sharp increase in the average size of the blocks in the chain of Bitcoin blocks.

For July 13 and 14, the average size of the blocks jumped suddenly from around 1 megabyte to more than 3 megabytes, the highest average in Bitcoin’s history.

Although the data is not repeated in other monitoring resources, it is likely that VeriBlock will feed the existing speculation, since its activities overload the Bitcoin network with transactions that are not authentic.

The company has refuted that idea, since its website continues to receive comments from educator Andreas Antonopoulos since January, when he discussed VeriBlock and the subject of “spam” transactions.

However, despite the increase in the size of the blocks, the Bitcoin fare market has not changed much in recent days. Obtaining a transaction processed within six blocks cost 7 satoshis per byte on July 13, and 8 per byte the next day, according to data from Bitcoinfees.info reports.

During the three-month Bitcoin bull market, which began on April 1, the network experienced higher rates in reverse, which coincided with increases in BTC / USD, since it went from around USD 4,000 to a maximum of USD 13,800.

Reference:
es.cointelegraph.com 

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *