VeriCoin‘s origin starts in the summer of 2014 when two innovative PhD. students from Rutgers University were determined to solve challenges they saw (and correctly anticipated) with existing cryptocurrencies. VeriCoin describes itself as purely a digital currency that runs on its own protocol known as Proof-of-Stake-Time (PoST).
Proof of Stake Time rewards investors with variable and compounding interest payments on the coins held within their wallets in return for leaving Vericoin’s digital wallet open and running on their computer, a process known as “staking”. Staking, incentivized through interest payments, validates transactions on the VeriCoin network.
VeriCoin transactions are reportedly nearly instant (currently 10 times faster than Bitcoin). The team claims that — upon the upcoming launch of the binary chain that pairs VeriCoin with Verium Reserve — network transaction speeds will increase exponentially. The Dual Blockchain (or Binary-Chain) pairs a digital currency (VeriCoin) with a digital reserve (Verium). It reportedly secures and accelerates transactions by leveraging complementary protocol technologies (Proof-of-Stake-Time and Proof-of-Work-Time), into a blockchain system. The goal is to offer a comprehensive solution to ensure low cost, secure, fast, and scalable digital transactions.
Opportunity Through Accessibility
Innovation and transparency has been – and always will be – key characteristics of the project.
VeriCoin became the first cryptocurrency to utilize a unique blockchain protocol called “Proof of Stake Time” which provided an added layer of security and consensus over standard Proof of Stake coins. It was one of the first projects in which the developers were not anonymous and presented their true names and faces.
The VeriConomy Is Born
In 2016 the developers released their biggest innovation and concept to date – Verium. While VeriCoin acts as an extremely fast and near-zero transaction costs currency, Verium was designed as a digital reserve backed by the hard costs of a unique “Proof of Work Time” protocol. Keeping in mind the goal of “Opportunity Thru Accessibility”, Verium can only be efficiently mined with conventional CPU memory – something most everyone in the world has easy access to. This allows more people the opportunity to profitably mine with computing hardware they already own or can get easy acquire.
VeriCoin Scalable Digital Currency + Reserve Ecosystem
Currently digital currencies face the impractical task of trying to be both a quick and efficient currency while also maintaining integrity as a secure store of value. VeriCoin (a Digital Currency) and Verium (a Digital Reserve) were developed to address this issue by leveraging two different but independently distinct types of blockchains. When we merge these two *unique* chains together, we will form an entirely new scalable ecosystem that we refer to as Binary-Chain.
Using the Binary-Chain will further increase the fast transaction speeds of VeriCoin while progressively securing the store of value generated by Verium.
The two specialized chains embody two specific technologies that when coupled, will exponentially enhance the best of both technologies. By integrating VeriCoin’s “Proof-of-Stake-Time” protocol and Verium’s “Proof-of-Work-Time” protocol into a symbiotic, groundbreaking and innovative set of financial tools – the Binary-Chain will enable users and merchants to transact, trade and/or create completely on-chain without depending on any third party or secondary layer solution.
VeriCoin, the Currency, (Ticker: VRC) 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. 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 in a variety of ways.
- Earn Interest By Staking Your VeriCoin
- Lightning Fast Transactions. Confirmations In Less Than 5 Seconds
- Near-Zero Transaction Costs. (Only .0001 VRC)
- Exponentially More Secure Than Traditional POS
- Energy Efficient Network Consensus
The Binary Chain – Proof of Work + Proof of Stake – Paired By Design
Added Speed & Security
Opportunity Through Accessibility
Accessibility and Opportunity. The two must exist together.
Opportunity without access is not really opportunity.
Likewise, accessibility without fair opportunity is pointless.
The core of the VeriConomy, consisting of VeriCoin and Verium, is based on these two principles.
- CPU mining (ASIC & GPU Resistant)
- One-Click P2Pool Mining (coming soon)
- No minimum stake amount to earn interest
- Effectively free transactions
- P2P trade between VeriCoin and Verium (coming soon)
- Binary Chain further enables both opportunity and accessibility for the Ecosystem
Tips for securely storing your VeriCoin
- Do your own research. Before sending any coins or private data to a wallet, make sure you have researched the wallet provider to make sure everything is above board. Keep an eye out for scam wallets, such as those using URLs only slightly different to the URLs of legitimate wallet providers, and check out some independent reviews for all the pros and cons.
- Back it up. Make use of your wallet’s back-up and restore facility so that if something ever goes wrong with your wallet, you’ll be able to recover your funds.
- Set a strong password. Now is not the time to be lazy when creating a password; take your time to create a strong and uncrackable code.
- Make use of all available security features. Make the most of all the security features your wallet offers, such as two-factor authentication or multi-signature transactions. It’ll offer increased protection for your funds and greater peace of mind for you.
- Update your antivirus software. Take care to regularly update the antivirus protection and anti-malware software on any device you will be using to access your wallet.
- Keep your private keys private. Last but not least, don’t underestimate the importance of your private keys. Store them somewhere safe and don’t share them with anyone else.