The Dual Blockchain (or Binary-Chain) pairs a digital currency (VeriCoin) with a digital reserve (Verium). It secures and accelerates transactions by leveraging complementary protocol technologies (PoST Proof-of-Stake-Time and PoWT Proof-of-Work-Time), into a blockchain system. Thus offering a comprehensive solution to ensure low cost, secure, fast and scalable digital transactions This means faster transactions, more security and solves the digital currency scalability puzzle.
The chains are self-sustaining and with no single central point of failure making them truly unique. Together they create a more secure, faster and safer financial system. Fast Transactions With Low Fees VeriCoin transactions are currently 10x faster than Bitcoin and will be even faster when paired with Verium. Transaction fees are minuscule.
- High Mining Rewards Miners earn Verium through Proof-of-Work-Time (PoWT) with higher fees and slower block times.
- CPU Mining = Decentralization Verium can be mined by anyone with a PC or laptop. Verium is ASIC and GPU resistant allowing anyone to participate. This creates a more decentralized network and improved security over centralized mining schemes.
- Two Way Communication VeriCoin and Verium were designed to be compatible with shared addresses and private keys. Upon future release of Artis (see Roadmap), you’ll be able to easily exchange your Verium & VeriCoin across chains without the need for a 3rd party.
Current digital currencies face an impossible task of trying to be both a fast currency and a secure store of value. VeriCoin and Verium together solve this problem with the groundbreaking dual blockchain system called Binary-Chain. Binary-Chain, secures and accelerates transactions by leveraging complementary protocol technologies (PoST [Proof-of-Stake-Time] and PoWT [Proof-of-Work-Time]), into a cutting edge blockchain ecosystem.
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
From what I understand (I'm not a techie either) the dual blockchain allows Verium miners to confirm Vericoin transactions. VRC is already fast on its own because people stake it for the interest, leaving their wallets open and supporting the network. But the speed becomes blazing fast when you get help from the Verium network, the computers of the VRM miners providing a huge turbo boost (and they earn VRC in doing so). The genius of the binary chain is in the way the Proof of Stake Time (PoST) protocol of VRC interacts with the Proof of Work Time (PoWT) protocol of VRM. The incentives are balanced in a such a way that a secure, blazing fast network should naturally emerge from the combination. Compare that to Bitcoin, where the incentive structure leads to a "fee market" where you're paying $8 in fees to buy a $3 coffee.
VRM/VRC will gain adoption because the binary chain means they're profitable for the average user to mine/stake. The genius of combining two different crypto assets on the same blockchain means you get the best of both worlds: a profitable commodity that the average user can mine with their CPU (VRM), and an ultra-fast, near-zero fee currency (VRC). The binary chain solves the "fee market" problem that Bitcoin has with its huge fees. It also scales automatically so backlog will never be a problem, and it's already 10x faster than Bitcoin (even faster once the binary chain is implemented). VRC should be called "The People's Coin" instead of Vertcoin. Everything about the project is clean and fair. No shady premine, devs identities are known (not anonymous), VRM mining is available to everyone, VRC staking algorithm is fair (does not favor large wallets). It's an innovative currency that's fair to, and meant to be used by, the average person. So the binary chain is the core. But there's plenty more cool stuff on the roadmap, for example Aliases, so you can register a name and then just send to "Joe" instead of a long hex string. Also dApps, private messaging, p2p exchange built right into the wallet, etc. The market cap for this coin is absurdly low, probably because it's the world's first binary chain so the benefits aren't quite understood. I'm filling my bags with both VRM and VRC before the binary chain launches (currently 75% complete) because after that the value proposition will be clear and this project will gain the mass adoption it deserves.
- auxPOW : Verium miners mine part of the VRC blocks : allows for faster blocks, makes VRC more secure.
- Shared wallet
- Shared adress
- Nodes of one chain will necessarily act as nodes for the other, ie when you stake VRC, you are also running a VRM node, makes both chains more decentralized and more secure (see https://en.bitcoin.it/wiki/Full_node)
- shared governance : changes to one chain will require consensus from both chains