What is Viacoin (VIA)?
Future of VIA Cryptocurrency and know how to buy VIA

#1 - What is Viacoin (VIA)?

  1. Viacoin is a Srcypt-based cryptocurrency derived from Bitcoin. Similar to Bitcoin and other cryptocurrencies, Viacoin is also an open-source project. Viacoin aims to be the cryptocurrency of future, by integrating many innovative key technologies such as SegWit, APoW, Lightning Network, Dark Gravity Wave, and more.
  2. Viacoin claims to allow 25 times faster transactions than Bitcoin. It can be merged mined with the other Scrypt cryptocurrencies like Litecoin, This is done by using an Auxiliary Proof-of-Work (AuxPoW) algorithm. Every six months, Viacoin halves the block reward that is given to users for Viacoin mining, resulting in a low inflation rate of Viacoin.

Development of Viacoin

  1. The Viacoin cryptocurrency was launched back in July 2014 by BTCDrake (A Bitcoin core developer). The development team was later joined by another Bitcoin core developer: Peter Todd, as chief scientist and advisor.
  2. In September 2016, the original founders decided to retire from the Viacoin development. Before they left, the project was handed over to a then 21 years old developer — Romano. Although some may find him too young to lead a project like this, Romano’s vision seems to have pushed Viacoin towards success.

 

#2 - What are Benefits of Viacoin?

Viacoin Technology

Viacoin is a Scrypt-based cryptocurrency that works on an Auxiliary Proof-of-Work consensus mechanism. Scrypt is a password-based key derivation algorithm, It was specifically designed to resist large-scale hardware attacks. The Viacoin project is based on Bitcoin but it takes advantage of many robust technologies to make it a future oriented cryptocurrency.

Key features of Viacoin.

  1. Auxiliary Proof-of-Work: Merged mining AuxPoW allows Viacoin to use the mining capabilities of other Scrypt coins. This means users can simultaneously mine Viacoin with other Scrypt cryptocurrencies, without affecting the hash rate of both cryptocurrencies. Though Viacoin gives low block rewards, miners can still get free coins since they are able to merge mine those coins with Viacoin.
  2. SegWit: SegWit or Segregated Witness is integrated into Viacoin. SegWit is a transaction format that shrinks the transaction size by separating the witness data from the transaction. SegWit implementation allows easier script upgrades and helps Viacoin to add more features such as Lightning Network, Bidirectional payments channels and Atomic swaps.
  3. Lightning Network: Lightning Network allows instantaneous transactions among the participants in Viacoin network by leveraging the smart contacts on the Viacoin blockchain. It is essentially a transfer network that lies above the Viacoin blockchain. Lightning Network can allow billions of transaction in one second, effectively making legacy payment methods redundant.

 

#3 - How to Buy and Store Viacoin?

How to Buy Viacoin?

Anyone who wishes to possess viacoin can either take advantage of Viacoin mining or buy or Viacoin on a cryptocurrency exchange.

  1. Potential buyers can buy Viacoin in several global cryptocurrency markets some popular choices are Binance, Bittrex, Upbit, Coinroom, Poloniex, etc. Most exchanges have paired VIA with BTC, other paired cryptocurrencies are ETH and BNB.
  2. Instead of comparing rates on different cryptocurrency exchanges, buyers can use CoinSwitch, the best cryptocurrency trading platform. CoinSwitch allows users to access all leading exchanges at a single place, users can make an informed decision by comparing Viacoin on all available exchanges and make a trade at best rates.

How to Store Viacoin?

Viacoin Copay. Image source: Google Play Store

  1. Viacoin provides a series of official supported Viacoin wallets.
  2. Viacoin Core is a desktop wallet, which is available for the major operating system such as Windows (32bit & 64bit), Mac OSX, and Linux.
  3. Viacoin Copay is available for Android, and the other two are Vialectrum web wallet and Viacoin Paper Wallet.
  4. Viacoin can also be stored on third-party wallets such as Coinomi mobile wallet or hardware wallets like Ledger and Trezor.

 

#4 - What is the Future of Viacoin?

Trend so far

  1. As of July 2018, Viacoin is ranked 262nd in the global cryptocurrency market with a market capitalization of over $24.8 million. Viacoin has a maximum supply of 23,176,392 VIA with currently, 23,062,570 VIA in circulation.
  2. On July 18, 2014, Viacoin crypto went live for trading on the global cryptocurrency market at the initial price of $0.102205. During August of the same year, its price touched $0.40 allowing nearly 400% return on investment. For most of the 2015 and 2016, a decline in its price was observed with some minor hikes.
  3. From April 2017 onwards, Viacoin witnessed a continuous increase in its price. On January 08, 2018, it closed at its highest price so far of $6.84, since then it has been slowly shedding its price and as of July 2018, its price is settling around $1.08.

Also Read: Complete Analysis of Viacoin | Live Viacoin (VIA) Price Charts And Predictions

Price History (All prices are in USD)

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

1.10

1.13

1.05

1.11

265,599

25,440,500

Jan 01, 2018

4.53

5.34

4.44

5.16

2,829,730

103,964,000

Apr 01, 2017

0.116831

0.116921

0.093741

0.109879

164,321

2,629,400

Jun 01, 2016

0.005360

0.005797

0.005317

0.005520

233

112,825

Oct 01, 2015

0.003995

0.004361

0.003991

0.004357

163

71,184

Feb 01, 2015

0.020727

0.021767

0.019623

0.021129

1,014

272,950

Jul 18, 2014

0.102205

0.120792

0.092364

0.114220

310,728

1,022,050

 

#5 - How is Viacoin Different?

A comparison between Viacoin and other cryptocurrencies. Image source: Reddit

  1. Although Viacoin is derived from Bitcoin, it provides 25X faster transaction speeds when compared to Bitcoin.
  2. Both Bitcoin and Viacoin use the Proof-of-Work consensus mechanism, but Viacoin uses a Scrypt algorithm compared to Bitcoin’s SHA256 algorithm.
  3. Auxiliary Proof-of-Work (AusPoW) allows it merge mined with other Scrypt based cryptocurrencies, this functionality is available in most cryptocurrencies.
  4. The average transaction fee of Viacoin ($0.0011) is relatively low compared to the transaction fee of other cryptocurrencies especially Bitcoin’s $6.667.

#6 - Should you Invest in Viacoin?

  1. Cryptocurrency market is a highly volatile place, but if we look at the rather stable performance of Viacoin, the potential for growth is not hard to miss. Analysts believe that it may be a future candidate for the top cryptocurrencies.
  2. In 2016, Romano became the lead developer of Viacoin project. Under his leadership, Viacoin has achieved many successes so far, and the Viacoin community has shown a lot of faith in his abilities. As of July 2018, Viacoin’s price seems to be settling around $1 compared to its launch price of $0.102205.
  3. So far the Viacoin team has been continuously completing the objectives, set on their roadmap, also there are many projects, ready to be launched soon. Viacoin Samourai, a highly secure and feature-rich wallet is the most recent addition to Viacon’s already impressive wallets range. But as always investors must do a thorough research before making any investment.

 

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