What is VeriCoin (VRC)?
Future of VRC Cryptocurrency and know how to buy VRC

#1 What is VeriCoin (VRC)?

VRC: The Basics

  1. VeriCoin (VRC) is a cryptocurrency with its unique Proof-of-Stake-Time (PoWT) consensus. From the outside, it may look like another cryptocurrency but with its complementary digital commodity - the VeriumReserve (VRM), VeriCoin features the world’s first dual blockchain protocol. This unique combination of two different protocols is called the Binary-Chain.
  2. Apart from a supporting blockchain protocol to the VeriCoin, the Verium Reserve is an independent system of storing digital assets. Similar to VeriCoin. It also uses its own unique consensus — Proof-of-Work-Time (PoWT), which provides the solution to blockchain scaling issues by presenting a new variable block-time.
  3. VeriCoin aims to provide additional functionalities that Bitcoin could not. It provides 10 times faster transaction speed than Bitcoin, and the development team is assured that the transaction speed can be further increased with the deployment of Verium Blockchain.

VeriCoin Development

  1. VeriCoin was created by two blockchain developers — Douglas Pike and Patrick Nosker. Both were PhD students at Rutgers University during the inception of the VeriCoin project.

  2. Although the development of VeriCoin had begun in March 2014, the project wasn’t launched officially until May 10, 2014.
  3. VeriCoin’s development is done by a decentralized team, which is mostly made up of volunteers from across the world. As of July 2018, the team consists of blockchain developers David Boehm and HD4R, Philipp ten Brink (Infrastructure & Back-end Engineer/Developer), Miles (Frontend/Web Developer) and other four members.
  4. In the beginning, VeriCoin used Proof-of-Stake, but it was later replaced by VeriCoin’s own Proof-of-Stake-Time consensus exactly a year after its official launch. on May 10th, 2015.

 

#2 What are the benefits of VeriCoin?

VRC Technology

  1. VeriCoin was created with an objective of making a cryptocurrency that is scalable, fast and secure. A primary aim was to levy no or nearly zero transaction fees. Cryptocurrencies face the near-impossible task of providing a currency that is both efficient and fast. VeriCoin and Verium have presented themselves as the much-needed solution to these problems by combining their protocols into a robust Binary-chain.
  2. Binary-Chain: Binary-Chain or more commonly known as the dual blockchain combines the advantages of two complementary technologies of VeriCoin (Proof-of-Stake-Time) and Verium (Proof-of-Work-Time). It ensures higher transaction speeds while at the same time enhancing the security of VeriCoin and Verium networks.
  3. Proof-of-Stake-Time: PoWT is a nonlinear consensus that enhances the security of the consensus system while keeping the efficiencies of the Proof-of-Stake. It uses the time-acceptance model, which ensures that the reward and the probability to find a proof is increased in direct proportion to the active staking time. PoST addresses some major drawbacks of the Proof-of-Stake model that is gaining in popularity. One of them, as highlighted in Vericoin’s whitepaper - is the the "Rich Rule" problem - which allows holders of large numbers of coins to dominate staking in PoS.

    In PoST, the richest holders are required to stake more often than smaller holders to get bigger rewards. This is because the consensus model mandates a certain amount of activity per coin to receive proportional rewards. This has two consequences:

    - One is that holders with fewer coins can contribute more to staking over time, as the depth of the main chain continues to increase.

    - Two, while larger holders will enjoy a bigger vote in the model, proportional to their coin amount, they must simultaneously earn this ability to sustain an optimal trust score. Simply put, it translate to mean that the fewer coins you hold, the greater the age required to successfully stake, and the less idle-time registered.

Key features

  1. Currently, VeriCoin allows 10 times faster transactions than Bitcoin. This speed may be increased even further with the pairing of VeriCoin and Verium.
  2. VeriCoin has nearly zero transaction fees - that is only 0.0001 VRC to be precise.
  3. VeriCoin uses its own Proof-of-Stake-Time consensus which allows miners to get more block rewards which in turn ensures a secure and decentralized network.
  4. VeriCoin allows VRC coin holders to earn an annual interest by staking their VRC coin. The maximum interest earned is 10%.
  5. VeriCoin is an open-source cryptocurrency which encourages the transparency of project. The team followed the principle of no ICO, no pre-mine, fair staking protocol and no coin share reserves for the development team.

 

#3 How to buy and store VeriCoin?

How to buy VeriCoin?

Users can obtain VRC coin in three ways:

  • The first is by VRC mining through staking their coins and get block rewards.
  • The second way is Verium merge-mining with VeriCoin, which also gives free VRC coins.
  • The third way is of course trading the VRC coin on a cryptocurrency exchange.

  1. Currently, VeriCoin can not be bought with fiat currency. It can be obtained only by trading with the Bitcoin.
  2. VeriCoin is available to trade on major cryptocurrencies exchanges such as Bittrex, Upbit, Poloniex, Livecoin, Bleutrade, Cryptopia and CoinEgg.
  3. An efficient way to buy VRC coin or any other cryptocurrency is using CoinSwitch. It is the largest and most trusted cryptocurrency trading platform, which allows users to compare and trade more than 300 cryptos in real-time across all leading exchanges, at one place. Other than trading facilities, it also provides a secure wallet to store your cryptocurrencies.

How to store VeriCoin?

  1. The VeriCoin team provides its own official VeriCoin Wallet to store VRC coins. This wallet is available for Windows (64 Bit), Mac OSx (64 Bit), and Linux (32 Bit and 64 Bit).
  2. VeriCoin also allows users to generate paper wallets on its website.
  3. So far there is no support for hardware wallets.

 

#4 What is the Future of VeriCoin?

Trend so far

Also Read: Complete Analysis of VeriCoin | Live VeriCoin (VRC) Price Charts And Predictions

  1. As of July 2018, with a market capitalization of over $9.5 million, VeriCoin is ranked 455th on the global cryptocurrency market. Currently, there are 31,055,507 VRC coins in circulation.
  2. The VeriCoin cryptocurrency went live for trading on the global cryptocurrency market at a initial price of $0.003378. So far, it has shown a somewhat slow pace of growth since its launch.
  3. In January 2018, VeriCoin reached $4.63, which is its highest price point so far. As of July 2018, VeriCoin’s price is floating around the $0.31 mark.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

0.188398

0.193550

0.182234

0.187469

420,313

5,848,810

Dec 01, 2017

0.480793

0.513024

0.446964

0.491924

334,244

14,658,600

May 01, 2017

0.090879

0.098699

0.088798

0.093578

43,391

2,740,370

Oct 01, 2016

0.042924

0.043971

0.042267

0.043315

3,315

1,193,300

Aug 01, 2015

0.030831

0.030852

0.027781

0.028412

1,632

838,865

May 16, 2014

0.003378

0.004934

0.002851

0.004934

19,234

72,766

Future Prediction

Analysts predict that VeriCoin price could rise by +97.59% in one year, reaching at $0.631. By the year 2023, its price is expected to to reach at $1.135. Given the volatility of cryptocurrency market, these predictions should not be taken with certainty of course.

 

#5 How is VeriCoin different from other cryptocurrencies?

  1. VeriCoin is part of the world’s first dual blockchain protocol called the Binary-Chain. Binary-Chain grants it many advantages, which Bitcoin or most cryptocurrencies do not offer.
  2. Unlike Bitcoin’s Proof-of-Work, VeriCoin uses its own unique Proof-of-Stake-Time consensus, which further increases the security of the network and the chance to get rewards in proportion to the time of active staking.
  3. VeriCoin is cheaper and faster than Bitcoin. It already provides 10x faster transaction speeds and charges nearly zero transaction fees.

 

#6 Should you invest in VeriCoin?

  1. VeriCoin has been in the cryptocurrency market since 2014 and has successfully managed to sustain itself in highly volatile scenarios. As of July 2018, its price shows a clear growth compared to its price in 2014.
  2. VeriCoin and the Verium Binary-chain protocol have attracted a lot of attention. They promise a groundbreaking and innovative set of financial tools which should exponentially increase the capabilities of both VeriCoin and Verium.
  3. If there’s anything that VeriCoin lacks, it is probably public relations. It has not been able to attract any significant partner to boost its image. A lack of marketing might be because the project is still in its development phase. However, the launch of its highly anticipated Binary-Chain protocol might change things.

 

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