GEORGE TOWN, Cayman Islands, Dec. 8, 2020 /PRNewswire/ -- VeriBlock has chosen ZelCore to become the world's first commercial wallet to integrate its Proof-of-Proof ("PoP") mining technology. Starting today, ZelCore Wallet's 150,000+ users can earn VeriBlock ($VBK) coins for participating in PoP mining on the VeriBlock Security Network whenever they send Bitcoin transactions. VeriBlock now joins Bitcoin ($BTC), Ethereum ($ETH), Bitcoin Cash ($BCH), and other notable projects as a default asset in the ZelCore Wallet. In celebration of this partnership, 1.5 million VBK have been donated to ZelCore which it has chosen to share with the first 15,000 users who upgrade their wallets before Dec. 21.
"The nature of market economics dictate that Proof-of-Proof mining would inevitably be integrated into wallets and help subsidize Bitcoin transaction fees," noted Justin Fisher, co-founder and CEO of VeriBlock, Inc. and Director of Xenios SEZC. "We knew ZelCore was the perfect partner to showcase this amazing technology because they understood the economics of PoP immediately and are incredibly passionate about bringing new innovative technologies to their community."
Since 2018, exchanges have suffered the theft of over $25 million in cryptocurrency and projects have lost hundreds of millions of dollars in market cap value due to double-spends, including three consecutive 51% attacks against Ethereum Classic ($ETC), a blockchain with a 52-week market cap high of $1.4 billion. The VeriBlock Security Network provides the most secure, scalable, simple, and cost-effective means for any blockchain to implement Proof-of-Proof and leverage Bitcoin's incredible security to protect themselves against 51% (double-spend) attacks in an entirely Decentralized, Trustless, Transparent, and Permissionless ("DTTP") manner.
"Integrating PoP mining into ZelCore further increases decentralization of the VeriBlock Security Network by increasing the economic efficiency of PoP transactions," explained Maxwell Sanchez, co-founder and CTO of VeriBlock, Inc. and Director of Xenios SEZC.
Having produced over 15 million Bitcoin transactions to date, VeriBlock PoP mining accounted for nearly 50% of all Bitcoin transactions globally at peak and hit highs of nearly 20% in 2020 while Bitcoin's bull run dramatically increased Bitcoin transaction fee costs. Due to the free market dynamics of PoP mining, the number of Bitcoin transactions PoP mining represents depends on the Bitcoin fee market and VBK price.
"This partnership with VeriBlock showcases two highly developed and mature projects looking long term to develop secure, innovative blockchain technologies," explained Daniel Keller, Chief Strategy Officer of ZelCore. "The integration of PoP mining in the ZelCore Wallet is the first of many new and exciting things that will develop from this strategic, trusted partnership."
The updated ZelCore wallet can be downloaded on desktop and Android right now, with the iPhone version releasing soon.
To learn more about the VeriBlock Security Network and Proof-of-Proof, visit https://www.veriblock.org.
About VeriBlock, Inc. and Xenios SEZC
Founded in 2015, VeriBlock, Inc. is a Delaware Corporation specializing in blockchain software development and is the creator of the VeriBlock blockchain project. Its subsidiary, Xenios SEZC, is a Cayman Islands Special Economic Zone Corporation with Cayman Enterprise City (https://www.caymanenterprisecity.com) specializing in software management and intellectual property licensing, with a focus on building cutting-edge technologies in regulatory environments that cultivate innovation. Xenios SEZC is the official sponsor of the VeriBlock blockchain project. VeriBlock is proud to be a member of BloqLabs (https://www.bloq.com/company/bloqlabs) and an executive committee member of the Digital Chamber of Commerce (https://digitalchamber.org/membership).
You can visit VeriBlock's website (https://www.veriblock.org) for contact and social media information.
About ZelCore Technologies, Inc
ZelCore Technologies, Inc. founded in Delaware, USA, was designed to be a "Gateway to Blockchain." Its team has a sharp focus on new and exciting projects in the blockchain and conventional technology space that can work and grow together. ZelCore links crypto custody, curated market data, and advanced feature sets for interacting with the top chain protocols. Its goal is to be the all-in-one user-centric crypto platform, as well as expanding into the ripe technology sector. Learn more about ZelCore here: https://zel.network.
Zelcore - VeriBlock Partnership
ZelCore Wallet Adopts VeriBlock's Proof-of-Proof ('PoP') Mining Technology
SOURCE VeriBlock, Inc.