Complete FAQ Collection
Gather ALL FAQs here. And Answers! :P
- 1 wild collection
- 2 VeriConomy related
- 3 VeriCoin related
- 3.1 VeriCoin Wallet
- 3.1.1 I don't know how much cpu is expected for it, but it was the top consuming process on my PC
- 3.1.2 How to prevent high memory usage of the VeriCoin Wallet?
- 3.1.3 What is the transaction fee for VeriCoin?
- 3.1.4 How to do a fresh reinstall of your wallet
- 3.2 Staking
- 3.2.1 How much VeriCoin do I need to stake regularly?
- 3.2.2 Can i have my vericoin wallet on 2 machines?
- 3.2.3 Can i stake from multiple machines?
- 3.2.4 What's "Interest Generated but not accepted"?
- 3.2.5 When I stop staking, how long does it take until its spendable?
- 3.1 VeriCoin Wallet
- 4 Verium related
- 4.1 Why does it take so long to sync the Verium Wallet?
- 4.2 Mining
- 4.2.1 Pools
- 4.2.2 Why does the hashrate shown on the pool website not match the local hashrate of my miner
- 4.2.3 Can you use an exchange's wallet (like Bittrex.com) as your Payment Address?
- 5 Platform related
- 6 Exchange related
- Do you work on a private repo /Github ?
- Will you implement LN ? Atomic swaps ?
- Is VRM at risk of a botnet attack ?
- What is the max supply or VRM/VRC ?
- Why is the supply not capped ?
Questions about the Dual Blockchain and VeriCoin and Verium project:
the blockchain is 88mb for Verium, the VeriCoin blockchain is 1.6 GB (Dec. 2017)
- Will it be a problem to have to sync with both chains in the future wallet ? (disk space and bandwidth)
- Is VRM/VRC more fork resistant than BTC ?
- Are there only full nodes currently ? No lightweight nodes ?
- What is disinflation ?
- How is the project funded ?
- How can I donate to the project ?
- How can i help/promote the project ?
Can i store both Vericoin and Verium in one address?
can you have the same receive address in Vericoin Wallet and Verium Vault?
Yes, you can store VeriCoin and Verium in the same address.
That was the design for both VeriCoin and Verium, to share one address and one private key for both chains.
1) Open your wallet that you want to export the private key from
2) File > Export Private Key and select address you wish to export
3) Write down your private key (We do not recommend copying and pasting)
4) Open the wallet that you want to import the address into
5) File > Import Private Key and input your private key
6) The wallet will restart and your funds will show
- This is an easy solution if you accidently send your VRC to the Verium Vault or VRM to your VeriCoin wallet. This will be an issue of the past when the Gemini wallet is finally released*
If you have any further questions or need further help please contact us at [email protected]
I accidently sent Verium to my VeriCoin address (or vice versa), what can I do? Is my money lost?
Read above or below for a solution
No, your earnings are save. You need to copy the wallet.dat.
Backup the wallet.dat of your Verium wallet. Then import your VeriCoins wallet.dat into the Verium wallet. you should find your funds there. export private key from VeriCoin and import private key in Verium
On Windows: There is a way to recover the coins
- Install the verium wallet
- Wait the full sync
- stop the wallet
- Go in %appdata%/verium
- Rename wallet.dat into wallet-backup.dat
- Go in %appdata%/vericoin
- Copy wallet.dat
- Paste wallet.dat into %appdata%/verium
- Relaunch your verium vault
- What is the interest rate on VRC ?
I don't know how much cpu is expected for it, but it was the top consuming process on my PC
For the initial synchronisation it needs much CPU power but that should drop down later.
How to prevent high memory usage of the VeriCoin Wallet?
Add 'maxconnections=10' to your vericoin.config file.
What is the transaction fee for VeriCoin?
How to do a fresh reinstall of your wallet
- backup wallet.dat from c:/Users/<username>/appdata/roaming/vericoin directory
- uninstall vericoin app from windows control panel
- remove the c:/Users/<username>/appdata/roaming/vericoin directory
- install the vericoin wallet and open the application
- when it starts select all of the default options! Do not import from existing...start completely fresh as if you have no backup
- at this point you can allow the app to continue downloading OR you can stop the app and place the downloaded bootstrap.zip into the c:/Users/<username>/appdata/roaming/vericoin directory (DO NOT UNZIP THE CONTENTS!!!) Then start the app again
- allow the app to fully synch to the blockchain with the new, empty wallet
- Once the synch has completed, Stop the vericoin wallet application, and copy / paste your EXISTING wallet.dat into the c:/Users/<username>/appdata/roaming/vericoin directory
- restart the app, and you will have your old wallet with the latest blockchain!
- if for some reason you are missing some coin after the application has fully started and is no longer (out of sync) then rescan the wallet to get the missing coin to return
Less VRC, longer stake time.
How much VeriCoin do I need to stake regularly?
The more, the better. 1K VRC is a good amount.
1,000 VRC should be plenty to stake in general. You could expect a higher overall payout if you had more coins staking, but there is not a requirement. You should regularly receive interest with this amount.
Can i have my vericoin wallet on 2 machines?
Yes, but be careful
Yes you can. I do this: I have a vericoin wallet staking 24/7 on an HTPC Checking and transferring coins from a laptop every once in a while Make sure the wallet.dat is copy/pasted I make regular copies of my laptop's wallet.dat, put them somewhere safe and transfer to my HTPC and restart vericoin wallet
be careful this : https://en.bitcoin.it/wiki/Change u send coin and it will split in background. after u may delete the wallet.dat “i already have backup” u will lost
My laptop is my main machine, it's my main wallet: all transfers are from and to there That wallet.dat is the main one, I copy it regulary to my staking machine My staking machine isn't a pc, it's got no screen or keyboard (its a HTPC, Home Theater PC), so I never use it to transfer coins.
Can i stake from multiple machines?
Does it work like mining in that regard or no?
No, it's not like mining
Your staking revenue will be the same, as if staking from one machine only
What's "Interest Generated but not accepted"?
Your interest gets paid out next time
When I stop staking, how long does it take until its spendable?
- Why is there no interest rate on VRM ?
Why does it take so long to sync the Verium Wallet?
I open it about once a week and it takes a good 24 hours to sync the last 3% every time.
Because it’s cpu-intensive to check the miners work
Because the work is cpu intensive the sync is also CPU intensive. It's not just downloading the blockchain it is actually verifying at the same time. To ensure the blocks you are loading are good. It is easiest to just keep your wallet open at all times.
- Is it possible to build ASICs for VRM ?
- Is CPU mining better than GPU or ASIC ?
- Is VRM mining more eco friendly than BTC mining ?
- Can i mine VRM with my CPU while mining another coin with my GPU ?
- Can i mine on my laptop ? My phone ?
- How much can i expect with a single pc ?
Be aware that there is certain Terms & Conditions for the usage of a Pool. But they are easy to gasp and short so you should quickly go through them. Common main points are
- A payout system with fees.
- The Pool is not your wallet or a bank for your coins. The Pool and it's operators are not responsible for any loss of coins which are stored on the Pool. It is your responsibility to configure your account so that the coins you mine are regularly transferred to your own secured offline wallet.
- The uptime of the pool or website is not guaranteed, maintenance and downtime may be required at times.
- Botnets are not welcome.
How to use a Pool
Before you start using a Pool you should create a vrm address to receive payments. Downloading the client & block chain. Generate a new address and input it on your account page to receive payments.
- Create an account. Register at the Pool.
- Create workers that will be used by the miner to connect to the Pool.
- Chose and Download a miner.
- Configure your miner according to the Pools guidelines.
You then need to change "-u Weblogin.Worker -p Worker password" to reflect your own account. Eg, "-u Steve.StevesWorker -p StevesWorkerPassword" then go to "File > Save as" and save the file as "RunMe.bat" in the same folder containing your miners application files. You are now ready to mine, double click on "RunMe.bat" to start mining. If you want, you can create additional workers with usernames and passwords of your choice here
How does the payout work?
The block reward is distributed among miners in proportion to the number of shares they submitted in a round. The expected reward per share depends on the number of shares already submitted in the round.
Q: What is a share?
A: Finding blocks is not an easy task. Since it would take a really long time on some coins, finding a block is broken down into shares. Depending on the server side setting, each share can be a certain difficulty. The more difficult each share is to find by miners, the fewer total shares are required to eventually find a block.
On the server side, each share is checked against the coin daemon (a server side wallet with more features) if it is indeed a valid block solution. Every share computed has the potential to be a block solution. I will not go into details why this is, but rest assured that share estimates for blocks can sometimes be exceeded. In the long run though, shorter round with less shares than required will make up for those taking very long.
Keep in mind: shares are not blocks! Shares are part of a block and will count towards the block payout!
At times, you will see shares being rejected by the pool. This can happen if you try to send an outdated share right after a block was found. Stratum, a protocol used by a miner to request work from a server, is used for share submission and getting new work. It is very solid when it comes to avoiding rejects but they can still happen once in a while.
If you are seeing reject all the time, then something isn’t working right on your end. You may also notice that your hashrate on the pool website is not increasing while your invalid share count keeps climbing up. In that case turn off your miner and check your settings!
Q: What is estimated payout?
A: Estimated payout is your estimated payout if a block is found at that time. This is an estimate according to your amount of shares submitted for the round(s).
What is a orphan block?
Coins generated by a block will not be available to you right away. They will take some time to be confirmed by the entire network before you are allowed to transfer them out of the pool. Usually coins have a confirmation set to 120. What that actually means: the network (not the pool) has to discover 120 additional blocks on top of the one found by the pool to confirm it.
Choose the best Pool for you:
- By selecting the nearest server you will improve your gain thanks to a lower latency.
Consider Localization & Network Speed
- Choose the best Port
To improve your gain performance, It's better to choose well the best mining port depending on your hashrate. Each computer/servers will have to be a worker to permit the difficulty to be well adjusted for your worker. Port have to be set for each of your worker and not for your total hashrate.
First things first, welcome to cryptocurrency "mining"
1. What hardware do I need to "mine" a cryptocurrency? To mine, you need a CPU or GPU hardware. Depending on which coin you choose to mine, you can use either CPU or GPU or BOTH to mine. Also depending on which coin you choose, the processing power and or power usage of the CPU/GPU, might make mining profitable or non-profitable. There is a mining profitability calculator on the Coin Utilities page of this website.
2. What software do I need to "mine" a cryptocurrency? Generally you need a coin wallet and mining software. Wallet: To mine a coin, you will need a coin wallet to have the rewards for mining deposited into. You can download a coin wallet from the website of the coin you choose to mine. The wallet will allow you to collect coins that you can then send or just hold on to. I highly suggest you look into topics around backing up and securing your wallets after downloading your wallet. Mining Software: Also to mine a coin, you will need the software that uses your hardware to attempt to hash out the cryptocurrency block (this guide will not go into details on what hashing is and what a block is, google can help with this). There are many ways to get the software, sometimes its source code that you will need to compile, sometimes executables will be provided. Please make sure you read the documentation for the miner you download. To find out which miner software you can use for coins on this pool, see the documentation for that coin or the getting started page.
3. How much money will I make? Rewards from mining is very luck based. Basically who every finds the correct hash for the block first, gets the block reward for that block. You can get a estimate of potential earnings from the mining profitability calculators on the Coin Utilities page on this website. More Coming soon...
Why does the hashrate shown on the pool website not match the local hashrate of my miner
Pool stats are base on submitted blocks (the yes!es) and averaged over some time
Can you use an exchange's wallet (like Bittrex.com) as your Payment Address?
Or does the payment address absolutely need to be that of your personal Verium Vault wallet?
No, never set your payment address to any of exchanges site, only your wallet
its more safety then fail to sent, payment will not fail, im just stating for your safety and the safety of your coins If the exchange has to 're-issue' wallet addresses, and issues you a new one, chances are they wont work with you because you set up 'auto-payment' to the exchange. For security, its best to just send to wallet, if your lazy..you can take the risk. But I'de always under every circumstance dbl check the addresses match 'Pool to Exchange' if your doing it that way. The one time you dont check.. will be that time you get screwed. Murphy's law.
Is the Wallet a Virus or even a Trojan? My Antivirus detects it positive.
No, it is a false positive.
Due to hashing assembly which virus software thinks could be part of a botnet mining trojan. Can look here as well : https://www.virustotal.com/#/url/1a9066dd074000c874b7c75e76e6794b5dc84518ea982f46a76447f2f00084aa/detection
Font Scaling issue
A different workaround for the scaling issue on Windows 10, to correct a single app only:Right-click the Verium icon on the desktop, select Properties, select the Compatibility tab, tick the box that says "Override high DPI scaling behavior" and select the entry "System (Enhanced)" from the dropdown list.