VeriCoin and Verium claim to be the world’s first binary blockchain protocol. Find out what that means today in our review.
What Are VeriCoin And Verium?
VeriCoin and Verium are a Binary-Chain protocol, also known as a binary blockchain protocol. VeriCoin and Verium claim to be the first dual blockchain protocol technology that pairs a digital currency with a digital reserve. The two currencies are built on a concept called Binary-Chain.
The key advantages offered by VeriCoin and Verium include faster transactions, better security, and better scalability. As the official VeriCoin.info website explains, “Binary-chain is the most comprehensive solution to ensure low cost, secure, fast and scalable digital transactions.”
Basically, VeriCoin and Verium aim to solve a problem with digital currencies today. Digital currencies struggle to be both a store of value and a daily-use digital currency. These currencies are being pulled in two different directions, then end up not being good at either function. VeriCoin’s development team aims to have solved that problem using a “dual blockchain” approach and their Binary-Chain protocol.
What Is VeriCoin?
VeriCoin is a digital currency that runs its own unique protocol called proof of stake time, or PoST. No other digital currency runs this protocol. The currency is listed under the symbol VRC.
Today, VRC transaction are 10 times faster than bitcoin. And, unlike bitcoin, VeriCoin holders gain interest like a savings account simply by leaving a digital wallet running on their computer. This staking process relies on your computer’s CPU, and allows for the digital minting of new coins while also validating transactions on the network.
The end result of VeriCoin is that anyone in the world with an internet connection can transfer and receive funds in a matter of seconds. People who are not able to, or don’t have access to a bank account, will now have access to an already-established and flourishing financial network. The currency, like many other digital currencies, aims to offer enormous benefits to unbanked and underbanked individuals worldwide.
What Is Verium?
Verium is a purely digital commodity that also runs on its own unique protocol called proof of work time (PoWT). It’s listed under the ticker VRM.
Verium was built to be an innovative, independent store of value asset. It not only supports the VeriCoin blockchain, but it also solves the blockchain scaling issue by introducing a new variable block time paradigm that speeds up as mining power increases. This allows Verium to automatically scale, enhance transaction speed and capacity, and maintain security at all levels of mining.
Using Verium’s auxiliary mining protocol, Verium can also process VeriCoin blocks. The two protocols connect with each other to speed up transaction volume on the VeriCoin network. This means VeriCoin transactions can get even faster.
Verium mining is accessible to anyone with a computer and an internet connection. You can download the software, install it, and click to begin mining. That’s it. Version 1.1 of Verium Mining Vault is available to download from VeriCoin.info.
How Does Binary-Chain Work?
The idea of a binary-chain is a new concept in the crypto community. However, it’s designed to solve a number of crucial problems.
The biggest problem with cryptocurrencies is that they’re facing an impossible task or trying to be both a fast currency and a secure store of value. Digital currencies are trying to be seen as a legitimate currency, despite the fact that some have high transaction fees while others have volatile prices. Meanwhile, 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 sacrificing security on the network. VeriCoin and Verium claim to have solved this problem together using their dual blockchain system called Binary-Chain.
Basically, Binary-Chain secures and accelerates transactions by leveraging complementary protocol technologies, including Proof of Stake Time (PoST) and Proof of Work Time (PoWT). These two protocols are combined into a cutting edge blockchain ecosystem, leading to all of the following benefits:
- Reduced transaction times for VeriCoin transactions (processing times can be 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
The two chains – VeriCoin and Verium – are self-sustaining. They have no single, central point of failure. Working together in complementary fashion, they create a more secure, faster, and safer financial system.
VeriCoin and Verium Benefits
VeriCoin and Verium aim to offer all of the following features and benefits:
VeriCoin transactions are 10 times faster than bitcoin, and they’ll get even faster when paired with Verium.
The development team describes VeriCoin and Verium transaction fees as “miniscule”.
High Mining Rewards:
Miners earn Verium through proof of work time (PoWT), with higher fees and slower block times.
VeriCoin and Verium use CPU mining for decentralization. Thanks to CPU mining, Verium can be mined by anyone who has a PC or laptop. Verium is also designed to be ASIC and GPU resistant, allowing anyone to participate. This creates a more decentralized network that offers better security over today’s centralized mining schemes – a problem we’ve seen with bitcoin.
Two Way Communication:
VeriCoin and Verium were designed to be compatible with shared addresses and private keys. In the future, the developers plan to add a feature that lets users easily exchange VeriCoin and Verium across chains without the need for a third party. Today, you need to use a third party like an exchange to make this transcation.
Who’s Behind VeriCoin And Verium?
Core developers involved with VeriCoin, Verium, and the Binary-Chain project include Patrick Nosker, Douglas Pike, Steve Woods, David Boehm, and Benjamin Mahala.
The development team is based around the world. They’re organized under the name VeriCoin Foundation.
VeriCoin And Verium Conclusion
Today, cryptocurrencies are increasingly running into a common problem: they want to be a cash-like currency with fast transaction times, but they also want to be a store of value and a commodity that gains value over time. These ideas aren’t compatible with one another.
Instead of trying to create a currency that does everything, a development team has created two currencies linked through unique protocols. Those currencies include VeriCoin, a digital token with 30 seconds transaction times, and Verium, a store of value with strong security and slower transaction times.
Today, you can buy VeriCoin and Verium at most major digital currency exchanges. Or, you can learn more about the ongoing project today at VeriCoin.