Launched on May 10th, 2014, VeriCoin is a Proof-of-Stake-Time, (formerly Proof-of-Stake), Digital Currency that features a variable interest rate which fluctuates depending on how many coins the network is staking as well as how long you personally actively stake them to earn interest. Users who stake their coins for longer periods of time are rewarded more interest while simultaneously increasing the overall network security.
With one second transactions, a multitude of features such as VeriBit, VeriSend, VeriSMS, a BIP32 Lite Android Wallet and a very user friendly Desktop Wallet, VeriCoin is a much quicker, more intuitive, more efficient Peer to Peer Digital Currency than any traditional banking system or Crypto Currency in existence - including Bitcoin.
FEATURES.
Proof of Stake-Time (PoST).
Proof of Stake-Time (PoST) is a novel approach to forming a consensus by introducing a stake-time component, where the probability to stake increases over time. This better incentives staking and enhances the security of the network. It also enhances the decentralization of the consensus, well beyond current standard
Vericoin’s PoST protocol is very similar to a variant of PoS used in Peercoin which multiplies the stake by its age. Peercoin calls this “PoS” but it would be classified under the title “PoST” because mining is based off of an account’s Stake and the Time for which it has belonged to the account so really, Vericoin is just the first to use the term PoST. That being said, Vericoin’s PoST has a wildly different effect on the network than Peercoin’s PoST despite their similarities!
The biggest difference is that Vericoin adds a fractional multiplier to the transaction’s age. The math is a little complicated, but what you need to know is that the larger portion of the entire network weight that the value of the number of coins multiplied by their age takes up, the sooner the probability to mine a block starts to drop. If not active, everyone’s chance of mining a block will eventually start to drop rather than grow.
For the rich this happens sooner and for the poor this happens later but it will happen to everyone if they aren’t active. The effect, as it is said in the Vericoin PoST whitepaper is that you get the “active rich” against the “vested poor” as opposed to the “rich ruling” the poor or “poor attacking” the rich. This still isn’t the ideal outcome but it is a much better situation than you get with regular PoS.
Disinflation Targeted Interest.
VeriCoin is a disinflationary currency via it’s PoST (Proof of Stake Time) protocol. Disinflation is an ever decreasing rate of inflation over time. Most Proof of Stake currencies are inflationary. These PoS currency’s can face market supply saturation challenges due to ever increasing supply at an ever increasing rate of new supply (inflation). VeriCoin has the most economically sound, long term solution via PoST’s (Proof of Stake Time) disinflationary model.
The practical range of disinflation is between 1.5-2.5% and the practical range of interest is between 2-5%(Max 10%)
Verium digital gold reserve.
You see, developers always struggle to find the balance between mining speeds, safety and transaction speed for their cryptocurrencies. Other factors like volatility and decentralization play an important role too. While some cryptocoins have been settled on some optimal middle ground, it is still impossible to combine all of the good features in one single coin. In order to solve this issue, the developers of VeriCoin created Verium – a purely digital commodity (store of value asset), which runs independently on it’s own unique protocol PoWT (Proof of Work Time) and supports the VeriCoin blockchain.
Verium solves the blockchain scaling issue by introducing a new variable block-time paradigm that speeds up as mining power increases: the weaker the computational power in its network the slower the blocktimes, and the stronger the computational power the faster the blocktimes. This better scales the blockchain, increases transaction speed with power and allows for auto-adjusting more profitable mining.
As mining power increases the reward slowly decreases, this mechanism makes the reserve commodity supply curve drop based on increased demand and can drive a value increase over time and increased usage, while maintaining security with a corresponding block time. Verium will also have higher minimum transaction fees to enable stable, secure mining and dis-incentivize spending.
Verium PoWT and Vericoin’s PoST will be paired into a cutting edge blockchain ecosystem. Through Verium’s auxiliary mining protocol (AuxPOW), Verium will also process VeriCoin blocks. This results in:
- Reduced transaction times for VeriCoin (as fast as 30 seconds).
- Improved Verium transaction times from 5 minutes down to 1 to 3 minutes.
- Full decentralization through two chains (PoST and PoWT).
- Complete immutability.
- A fully secure digital financial system.
Verium will enable VeriCoin’s network to provide an efficient and scalable ecosystem for consumer transactions well beyond current standards. As Vericoin/Verium Co-developer Douglas Pike states “Verium brings more security, faster transaction times and lower fees in VeriCoin the currency through Verium the reserve commodity”.
Binary-Chain.
VeriCoin and Verium is the first dual blockchain protocol technology that pairs a digital currency with a digital reserve. While other coins have utilized two separate blockchains, the Vericoin/Verium Binary Chain separates the currency and the commodity blockchains while pairing their supply.
Digital currency advocates consider this to be groundbreaking technology because it promises to solve the issues of scaling, transaction speeds, and security that other digital currencies are encountering. By building a consensus-paired digital ecosystem, the currency (VeriCoin) can scale to mass usage and remain extremely inexpensive, and the reserve commodity (Verium) can scale while stabilizing value via a growing supply cost.
Consumers will use Vericoin for lower fess and faster blocktimes while miners will earn Verium with higher fess and slower blocktimes.
Two Way Communication.
VeriCoin and Verium were designed to be compatible with shared addresses and private keys. Upon future release of Artis, you’ll be able to easily exchange your Verium & VeriCoin across chains without the need for a 3rd party.
VeriBit.
VeriBit is a novel service that allows the user to pay for items from the VeriCoin wallet with VeriCoin - wherever BitCoin is currently accepted. This automatically opens up all existing Bitcoin markets to VeriCoin users.
VeriBit is used in the same way as sending BitCoin from a BitCoin wallet. Simply type how much BitCoin you would like to send and to what address. It’s as easy as that! The VeriBit service then calculates the average current exchange rate of VeriCoin to BitCoin and requests this amount of VeriCoin to be sent to the VeriBit server for the transaction. After your VeriCoin is received, the requested amount of BitCoin is sent to the specified BitCoin address.
VeriBit is currently restricted to 1.0 BTC sends. This restriction will be lifted in the future. You will be able to use VeriBit 2.0 (Beta) in your mobile and desktop wallet.
VeriSend.
VeriSend is an optional privacy service - built directly into your wallet - which masks your transaction data essentially giving you the ability to remain anonymous. VeriSend makes it nearly impossible to track the connection from sender to the receiver. This is done using a ringnode system that is continuously cycling (mixing) coins. The VeriSend coins are sent into this stream and then reappear in random fractions of the original amount that was sent.
VERICOIN (VRC) OVERVIEW.
Coincapmarket ranking: 185.
Current coin Value: $0.419504 (-7.62%).
Market Cap: $12,738,176.
24hr volume: $603,870.
Circulating Supply: 30,364,849 VRC.
Vericoin is a purely digital currency that runs on its own protocol PoST (Proof-of-Stake-Time), which is unique to VeriCoin. VeriCoin transactions are currently 10 times faster than Bitcoin, nearly instant and via Verium will become even faster.
Unlike Bitcoin, you gain interest like a savings account by simply leaving your digital wallet running on your computer. Coins that reside within your wallet for longer than eight hours will begin earning interest. This process is known as staking; another form of digital minting of new coins, and helps validate transactions on the VeriCoin network.
VeriCoin allows anyone in the world with an internet connection the ability to transfer and receive funds in a matter of seconds. People who are not able to, or do not have access to a bank account, will now have access to an already established and flourishing financial network. VeriCoin is backed by the technology that will change the world.
Exchanges.
- Bleutrade.
- Poloniex.
- Bittrex.
- Jubi.
- BITSQUARE (decentralized exchange).
- Novaexchange.
- BTER.
- Cryptopia.
- BITEBI9.
- Shapeshift.
Wallets.
Download VeriCoin Wallet - Version 1.6.5.5:
- Windows Wallet 32 Bit.
- OS X Wallet (64 Bit).
- Linux Wallet (64 Bit).
- Linux Wallet (32 Bit).
- Source (Code Repository).
Development plan.
VeriCoin’s Development Roadmap announces 6 other key features that are currently being developed. These features provide affirmation that VeriCoin continues toward its goal of providing users with a viable, user friendly digital financial system that is practical for both merchants and consumers.
The Key Feature are:
- Cipher – an on chain, encryption optional, messaging system. Cipher can be used to communicate from one wallet to another, with the option of storing encrypted data.
- Usor – an on chain decentralized username system that will allow users to assign unique usernames to their desired address.
- Artis – an on chain decentralized anonymous exchange between VeriCoin (the currency) and Verium (the commodity).
- Stratum – a json-based API allows communication between external distributed applications, smart contracts, and other blockchain powered systems.
- Gemini – a wallet that will merge all VeriCoin and Verium technologies into one easy to use package.
- Mobile Apps – The VeriCoin mobile wallet will allow you to stake on the go or while you sleep and make mobile payments with VeriCoin.
- Project Social – will enable the use of VeriCoin as a mainstream transaction system and represent a stunning real world use case for VeriCoin.
IN CLOSING.
According to site analytics, VeriCoin reports it’s user base is growing at a rapid pace with wallet downloads increasing 115.68%. The user base is global with downloads coming from users in 139 different countries. In addition to downloads and website visits, the VeriCoin live chat community on Slack has gained 400 international members since it’s inception.
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