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

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

The blockchain verification platform VeriBlock completed nearly 25% of online bitcoin (BTC) transactions within 24 hours of July 14, the company confirmed on social media.

VeriBlock used its own "Proof-of-Proof" protocol to verify the blockchain using Bitcoin's computing power, and launched the main network implementation in March.

The service allows miners to compete for block rewards on the altcoin blockchain while leveraging the advanced security of Bitcoin, as computing power maintains its proof of work algorithm.

About a quarter of the numbers issued by VeriBlock this weekend are equivalent to about 68,000 transactions.

Veriblock previously produced a higher percentage of bitcoin traffic. However, based on statistics from monitoring resources and wallet provider Blockchain, recent data seems to coincide with the sharp rise in the average block of the Bitcoin blockchain.

On July 13th and 14th, the average block size suddenly jumped from about 1 megabyte to more than 3 megabytes – this is the highest average in the history of bitcoin.

While data will not recur in other monitoring resources, VeriBlock may exacerbate existing guesses that its activities overload the transactions on the Bitcoin network, and these transactions are not real.

The company refuted the idea, and its website still presided over the comments of educator Andreas Antonopoulos, who discussed VeriBlock and "spam" transactions in January.

Despite the increase in the number of blocks, the bitcoin market has not changed much in recent days. The transaction cost of processing within six blocks is 7 stotos per byte on July 13, and 8 per byte the next day, reported from the data

During the three-month bull market that began on Bitcoin on April 1, the network saw a period of rising costs, which coincided with the rise in BTC/USD as it rose from about $4,000 to a high of $13,800. (New Finance)