What is Verium (VRM)?
Future of VRM Cryptocurrency and know how to buy VRM

#1: What is Verium?

  1. VeriumReserve or VRM is a cryptocurrency created by the developers of Vericoin. Both Vericoin and VeriumReserve together form an intertwined network, also called a dual-blockchain.
  2. In its dual chain, Vericoin acts as the currency, owing to its cheap transaction fees and faster block time, while Verium acts as a store of value due to its higher fees and slower block time that de-incentivizes spending.
  3. This binary blockchain secures and accelerates transactions by leveraging two complementary protocol technologies (Proof-of-Stake-Time[1] and Proof-of-Work-Time[2] ), into a blockchain system.
  4. While VeriCoin is providing value based on the optional cost in the ecosystem, Verium is the Digital Reservation paired to further decentralize the system, accelerate it, and scale automatically.
  5. Verium is Vericoin’s PoWT (Proof of Work Time) counterpart. The variable block time paradigm of Verium increases the performance of the blockchain while ensuring enhanced security.
  6. The concept also addresses the scalability issues present in many digital coins like Bitcoin. Moreover, it simplifies the difficulty mechanism of cryptocurrencies without compromising on the security. This enables the mining power to grow more efficiently and organically.

 

#2: What are the benefits of Verium?

Verium Technology

  1. Verium runs on a unique protocol, the PoWT (Proof-of-Work-Time) algorithm. The algorithm solves blockchain scaling issues by introducing a new variable block-time paradigm that increases both the speed of the network transactions, as well as the mining power and blockchain performance. This, in turn, ensures a high level of network security at any level of mining throughput. PoWT also allows mining to be GPU and ASIC resistant.
  2. Since Proof-of-Work-Time (PoWT) is a novel approach to forming a consensus that scales with mining power, the speed of blockchain operations also become faster as the power increases. This also allows for auto-adjustment of rewards and difficulty thus, making mining a profitable investment.
  3. Both, the linking of the binary chain, and Verium’s auxiliary mining protocol (AuxPOW) allow Verium to control and optimize VeriCoin.
  4. This symbiotic protocol was built to optimize VeriCoin’s block-time to less than 30 seconds. These technologies, together, have made VeriCoin’s network an efficient and scalable system for consumer transactions well beyond the current standards.
  5. While the knowledge of specialized computing hardware helps, anyone can easily mine Verium. All they need to do is download the Verium Vault software to any computer, click mine and start earning Verium, which is incidentally also called the digital gold that backs the digital currency VeriCoin.
  6. Vericoin’s Proof of Stake-Time (PoST) on the other hand, as an algorithm forms a consensus by introducing a stake-time component to the network. Here, the probability to stake increases over time. While this incentivizes staking and enhances the security of the network, it also enhances the decentralization of the consensus.
  7. The use of complementary blockchain protocols and underlying algorithms offers 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.

 

#3: How to Buy & store Verium?

Where can one buy Verium?

  1. Verium is available on multiple crypto exchanges, including Bittrex, Livecoin and Cryptopia. There’s only one pairing - that with BTC, that is available though.
  2. One needs to purchase some BTC tokens to be able to buy Verium coins. This can be done across a lot of exchanges that facilitate BTC to VRM trading.
  3. Users can head over to CoinSwitch, the largest cryptocurrency conversion platform, to access rates across exchanges at once, and compare prices. With support for more than 300 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at multiple exchanges. This way, you can choose the best deal for you!
  4. Even better news is, CoinSwitch allows you to both choose your own deal and also provides recommendations on the best deals available in the market at the given point in time.
  5. What’s more - with CoinSwitch, you do not rely on a separate VRM wallet from the exchange to store your VRM cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

Where can one store Verium?

  1. To store Verium, a user will need to use a Verium wallet. The wallet, like other cryptocurrency wallets, allows for the storage and transmission of the Verium coins. Both Verium and VeriCoin have their own designated wallets which can be used to store the cryptocoins.
  2. You can download the Verium Wallet from the official Verium website [3]. It can be viewed as an account in the ordinary banking system that might serve as an online banking client also.

 

#4: What is the future of Verium?

Also Read: Complete Analysis of Verium | Live Verium (VRM) Price Charts And Predictions

Historical Data for Verium (VRM): April 2018 to July 2018

Month

Open*

High

Low

Close**

Volume

Market Cap

July 2018

$1.25

$1.31

$1.16

$1.28

3,209

21,37,440

June 2018

$1.41

$1.42

$1.32

$1.34

3,008

23,37,970

May 2018

$2.40

$2.46

$2.30

$2.32

23,751

38,91,220

April 2018

$2.73

$2.99

$2.60

$2.88

43,049

43,16,840

Historical Trends of Verium

  1. While the market cap of VRM decreased from around 4.3 million in April 2018 to around 2.1 million in July 2018, with the price of the coin stabilizing at around $1.40 in July 2018.
  2. The digital currency seems to have good historical backing, and has not experienced a steep fall in price, unlike several other cryptocurrencies.

Future trends

  1. With the price of VeriumReserve price equal to $1.331 in July 2018, analysts such as Walletinvestor believe that there is a good scope for growth in the cryptocoin.
  2. Based on the forecasts, a long-term increase is expected with the price prognosis for July 2023 being at $7.539[4].
  3. The future of VRM looks like a positive trend which investors and traders can bank upon for healthy returns.

 

#5: How is Verium different from other cryptos?

  1. The fact that VeriCoin (VRC) and Verium Reserve (VRM) form the first dual blockchain protocol, wherein a digital currency (VRC) was paired with a digital commodity (VRM), sets VRM apart from the other cryptocoins. These tokens together form a cohesive decentralized financial system using a unique protocol called the binary chain.
  2. Verium is thus not a conventional cryptocoin, but acts as a "store of value" cryptocurrency that supports the VeriCoin token chain.
  3. The PoWT algorithm also sets the digital currency apart from a lot of its peers. The coin runs on consensus algorithms that have been tailor made for it.
  4. What sets the algorithms apart is that they makes changes to the mining difficulty and rewards based on mining/hashing power. An increasing mining power corresponds to decreasing the block times. This will reinforce the security on the network.
  5. The innovation, and the status of the technology running Verium is competitive and provides an edge to it over other cryptocurrencies.
  6. Verium was designed as a complement for an already existing cryptocoin, VeriCoin. People claim that VeriCoin would have eventually been obliterated in the altcoins’ race had it not been for Verium.
  7. The thought of creating a supporting digital commodity for VeriCoin is a really innovative idea for the developers.
  8. Furthermore, many believe that this concept makes the duo of digital coins more stable, decentralized and secure than Bitcoin.
  9. There reasons why people find Verium interesting are:
    1. Verium charges high fees and enables miners to mine coins securely using PoWT
    2. One can automatically get VeriCoin by mining Verium
    3. It allows one to buy and manage VeriCoin at one of the lowest fees in the market
    4. Verium enables VeriCoin to have faster block times than most of its peers.
    5. It has higher degrees of decentralization than most digital currencies in the market
    6. Due to the underlying technology Verium is easy to mine, as it only requires the desired number of CPU cores assigned to it.

 

#6: Should you invest in Verium?

  1. Most market experts believe that Verium Reserve has the potential to become a profitable investment in the future. The expectation is that with a 5-year investment, the revenue will multiply by approximately 466.27%. If a user invests $100 in VRM in 2018, it might climb up to $566.27 by 2023.
  2. Close to 1,708,674 VRM coins in circulation in July 2018, coupled with the fast growing demand, are indicators of the soundness of the currency.
  3. Users are advised to keenly observe the price trend of the virtual coin and make their decision swiftly and cautiously. Since everyone trading in this sector knows that prediction of the immediate future and the recent past trend of the coin performance, alone do not provide a complete insight into its long term behaviour.
  4. One needs to study the technology, business concept and the organization behind the coin to make an informed investment decision. It is advised to constantly study the performance of Verium to be able to decide on the suitable point of time for investing in the currency.
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