What is VeriCoin?
VeriCoin is a digital currency that runs its own unique protocol called proof-of-stake time (PoST). No other digital currency executes this protocol. The currency is listed under the symbol VRC.
Today, VRC transactions are 10 times faster than Bitcoin and unlike Bitcoin, VeriCoin holders receive interest like a savings account by simply running a digital wallet on their computer. This staking process is based on your computer’s CPU and allows you to digitally mine new coins while validating transactions on the network.
The end result of VRC is that anyone with an internet connection can transfer and receive funds in seconds. People who do not have a bank account or the financial sector now have access to an already existing and flourishing financial network. The currency, like many other digital currencies, aims to provide huge benefits to global “unbanked” and “under-banking” individuals.
What is Verium?
Verium is a purely digital product that also runs on its own unique protocol called “proof-of-work time” (PoWT). It is listed under the ticker VRM.
Verium was developed as an innovative, independent store of value. It not only supports the VeriCoin blockchain but also solves the blockchain scaling problem by introducing a new variable block time paradigm that speeds up as mining power increases.
This allows Verium to automatically scale, increase transaction speed and increase capacity while maintaining security at all mining levels.
With Verium’s auxiliary mining protocol, Verium can also process VRC blocks. The two protocols are interconnected to accelerate the transaction volume in the VRC network. This means that VRC transactions can become even faster.
Verium Mining is accessible to anyone with a computer and an internet connection. You can download, install, and just click on the software to start mining – that’s all. Version 1.1 of the Verium Mining Vault can be downloaded from VeriCoin.info.
How Does the Binary-Chain Work?
The Binary-Chain is a new concept in the crypto community. However, it has been developed to solve a number of important problems.
The biggest problem of cryptocurrencies is that they are either facing an impossible task or trying to be both a fast currency and a secure value store. Digital currencies try to be considered legitimate currencies, despite the fact that some have high transaction fees, while others have volatile prices. In the meantime, digital currencies are less than ideal as a store of value because their prices are constantly fluctuating.
At the same time, reducing transaction times is difficult without compromising network security. VeriCoin and Verium claim that they solved this problem with their dual blockchain system called Binary-Chain.
Binary-Chain transactions are secured and accelerated by using complementary protocol technologies, including proof-of-stake time (PoST) and proof-of-working time (PoWT). These two protocols combine to form an innovative blockchain ecosystem, resulting in the following benefits:
- Reduced transaction times for VeriCoin transactions (processing times can be up to 30 seconds).
- Improved Verium transaction times (from 5 minutes to 1-3 minutes).
- Full decentralization through two chains (PoST and PoWT).
- Complete immutability.
- A completely secure digital financial system.
The two chains – VeriCoin and Verium – are self-supporting with no central point of failure. They work in concert to create a safer, faster and more reliable financial system.
VeriCoin and Verium Benefits
VeriCoin and Verium want to offer all of the following features and benefits:
- Fast transactions: VeriCoin transactions are 10 times faster than Bitcoin and faster with Verium.
- Low Fees: The development team describes VeriCoin and Verium transaction fees as “tiny”.
- High Mining Rewards: Miners earn Verium through proof-of-work time (PoWT) with higher fees and slower block times.
- CPU Mining: VeriCoin and Verium use CPU mining for decentralization. Thanks to CPU mining, Verium can be used by anyone with a PC or laptop. Verium is also ASIC- and GPU-resistant so everyone can participate. This creates a decentralized network that provides greater security than some of today’s other centralized mining schemes – a problem we’ve seen with Bitcoin.
- Two-Way Communication: VeriCoin and Verium are designed to be compatible with shared addresses and private keys. In the future, the developers plan to add a feature that allows users to easily exchange VeriCoin and Verium chains without the need for a third party. Today you have to use a third party like a stock exchange to make this transaction.
Who is Behind VeriCoin and Verium?
The core developers involved in VeriCoin, Verium and the Binary-Chain project are Patrick Nosker, Douglas Pike, Steve Woods, David Boehm and Benjamin Mahala. The development team is located all over the world. They are organized under the VeriCoin Foundation.
Today, cryptocurrencies are increasingly finding themselves in a common problem: they want to be a cash-like currency with fast transaction times, but they also want to gain in value over time. These ideas are incompatible.
Instead of trying to create a currency that does everything, a development team has created two currencies that are linked by unique protocols. These currencies include VeriCoin, a 30-second transaction-time digital token with Verium, a high-security value store and slower transaction times.
Today, you can buy VeriCoin and Verium with most major digital wallets or you can learn more about the ongoing project at VeriCoin.info.
Coin-Report.net was founded by Thomas Mücke.
With the help of Coin-Report.net magazine, he tries to bring light to the field of crypto-currency.