Donate VRC/VRM for the Wiki to VBzaNDExHyFpnNvYc5QH5e4ipBZqxxPnKJ . Thank you, Joe.

VeriCoin

From VeriCoin & Verium Wiki
Jump to: navigation, search

Launched on May 10th, 2014, VeriCoin is a pure digital currency that runs on its own unique protocol known as Proof of Stake Time (PoST). PoST features variable interest rates based on total number of coins staked network-wide, while considering the overall duration that individual wallets have staked. The longer that users stake personal wallets the more interest is generated while simultaneously increasing network security.

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". As opposed to Bitcoin's Proof of Work (PoW) protocol that requires large amounts of electricity in the mining of new coins, VeriCoin payments of staking interest are how new VeriCoin are minted. Staking, incentivized through interest payments, serves the purpose of validating transactions on the VeriCoin network. This allows anyone with an internet connection, including the world's unbanked and underprivileged, access to a decentralized financial network providing for the transfer and receipt of funds in a matter of seconds.

Digital currencies (Bitcoin, Litecoin, Dash), face an impossible task of transforming store of value commodities into a fast and spendable currency. VeriCoin and Verium solve these issues through complimentary technologies known as Binary Chain. Vericoin’s Proof of Stake Time (PoST) and Verium’s Proof of Work Time (PoWT) protocols leverage complementary assets to accelerate transaction times and enhance network security.

VeriCoin transactions are nearly instant (currently 10 times faster than Bitcoin); however, upon the upcoming launch of the binary chain that pairs VeriCoin with Verium Reserve, network transaction speeds will increase exponentially.

VeriCoin was created in May of 2014 by developers Douglas Pike and Patrick Nosker.

Links

  1. Official Website
  2. VeriCoin Wallet
  3. VeriCoin Staking and Proof-of-Stake-Time

Complete listing of links for social media, support, resources, etc.:

Why VeriCoin

Fast: Transactions are extremely fast, currently 10 times faster than Bitcoin and even faster once VeriCoin pairs with Verium.

Cheap: Fees are negligible; fractions of a penny.

Secure: VeriCoin’s unique PoST protocol encourages decentralization and network security.

Earn interest: Coin holders can earn between [] interest annually by staking their coins. Maximum interest 10%.

Binary chain: VeriCoin will be paired with Verium in 2018 to create the world's first binary chain. This will let the network scale automatically and be even more decentralized. Despite the recent popularity of centralized cryptos, VeriCoin developers are dedicated to creating the world’s most decentralized cryptocurrency.

Fair and Transparent: No ICO, no premine, fair staking protocol (does not favor large wallets), developers are well-known in the academic and crypto communities.

POST vs POS

Proof of Stake-Time (PoST) is a novel approach to forming a consensus. By introducing a stake-time component, the probability to stake increases over time. This better incentivizes staking and enhances the security of the network. It also enhances the decentralization of the consensus well beyond current standards.

Quoting from https://talk.peercoin.net/t/proof-of-stake-time/3504/12 :

"If we reward minters more for getting consecutive mints (not missing their window for minting) it will generate a kind of 'reputation' effect where honest minters are rewarded more. This will not directly increase blockchain security, but it will incentivize honest participation in minting over dishonest and so will indirectly improve our security. In crypto, coin inflation is paying for security; here we are attempting to give the inflation mainly to the people doing the most to keep it secure."

Supply, Inflation, Interest

Vericoin-supply-graph-v2.jpg

As of this writing the circulating supply of VeriCoin is 30,577,669. VeriCoin is disinflationary, which means the inflation rate decreases over time. Specifically, 600,000 new coins are created ("minted") each year. Since the number of minted coins is fixed and does not increase, over time they represent an ever-smaller fraction of the overall supply. Newly-minted coins are distributed as interest payments to VeriCoin holders when they stake their coins.

The interest rate for staked coins is variable (VeriCoin was originally named "VariCoin" after the variable interest rate). Over a year's time it should average between []%. The maximum rate is 10%. The current interest rate is always displayed in the Network Statistics section of the VeriCoin wallet.

The supply ratio between VeriCoin and Verium will settle into a 10:1 ratio in early 2019. Currently, Verium has a higher inflation rate so it can "catch up" with VeriCoin. Once the ratio of VeriCoin to Verium becomes 10:1, the Verium inflation rate will drop dramatically and the 10:1 ratio will be maintained from that point forward.

Earn Interest

No mining necessary, just hold your coins in your open wallet on your PC/laptop or mobile device. Network-dependent disinflation targeted interest, is the mechanism for minimizing disinflation and maximizing interest on your investment in VeriCoin. The practical range of disinflation is between 1.5-2.5% and the practical range of interest is between 2-5%(Max 10%). 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.

VeriBit 2.0 (Beta)

Spend VeriCoin Where Bitcoin Is Accepted VeriBit 2.0 (Beta) is a service which accepts VeriCoin payment for Bitcoin transactions. You can pay companies that accept Bitcoin using VeriCoin. 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.

VeriCoin Specs

  • Network
  • No Premine, No IPO
  • Minimum Transaction Fee: 0.0001 VRC (Paid to Stakers)
  • 510 Confirmations: 10, Maturity: 500
  • RPC Port: 58683, P2Port: 58684
  • Scrypt
  • 26,751,452.35 VRC Minted during PoW period
  • Ended at Block 20160
  • Block Time: 1 minute
  • Exponential Difficulty Retarget Each Block
  • 2,500 Coins For Each Mined Block
  • Proof of Stake-Time
  • Disinflation targeted interest
  • Min Stake Time of 8 Hours for Interest
  • No Max Stake Age or Amount

Blockchain Explorers and Tools

Buy & Trade VeriCoin

How to Buy, trade and sell VeriCoin and Verium.