EU seeks to counter threat of bitcoin bubble bursting

European Commission Vice-President warned in a letter to the heads of three financial EU regulators to update financial rules in order to face high volatility of bitcoin
22 December 2017   1154

On Wednesday European Commission Vice-President Valdis Dombrovskis warned in a letter to the heads of three financial EU regulators to urgently update financial rules in order to face high volatility of bitcoin.

Valdis Dombrovskis, a former Latvian prime minister, also urged to improve the applicability of regulatory framework to bitcoin and cryptocurrencies. He added that the agencies must draw up new plans in light of the recent market developments.

The developments relating to bitcoin and crypto-currencies in recent weeks require our heightened attention. There are clear risks for investors and consumers associated to price volatility – including the risk of a complete loss of investment, operational and security failures, market manipulation, and liability gaps.

 

Valdis Dombrovskis

Vice-President, European Commission

We have reported that in the beginning of December the British government announced its plans to introduce strict regulations of bitcoin and other cryptocurrencies.

VeriBlock to Report on Mainnet Launch

VeriBlock believes their technology allows networks of other cryptocurrencies to use the bitcoin blockchain to counter the “51% attacks”
21 March 2019   81

Using the bitcoin blockchain to ensure the safety of altcoins, the VeriBlock project announced the launch of the main network. This is reported in a press release.

According to the developers, the VeriBlock technology allows networks of other cryptocurrencies to use the bitcoin blockchain to counter the “51% attacks”. The project is confident that this approach not only ensures the security of less popular networks, but also allows their developers to focus on innovation and functionality.

According to analysts of The Block, 25–45% of bitcoin transactions fall on VeriBlock. The VeriBlock network uses a consensus algorithm called Proof-of-Proof (PoP). The project seeks to ensure the safety of other blockchains by loading a snapshot of the altcoin registry into the BTC blockchain, using the OP_RETURN function and other methods to embed network state data.

The project’s website states that PoP allows altcoin networks to use the most protected Bitcoin blockchain with its Proof-of-Work algorithm.