I consider myself a fairly open minded individual, and when it comes to crypto currency, I find myself having to rethink stances and nuances as new tech or models become available. I want to focus on a coin that by most of my original definitions of a crypto currency would be atrocious, but sometimes we evolve and can see things from different perspectives. I am glad I decided to get involved with Vericoin about a year ago. I will attest that regardless of the circumstances, I am never pro fork to undo a transaction, even if the reason was valid. If you are unfamiliar I will go over it extremely briefly and let you make your own decision. An exchange was hacked and VRC from the exchange was stolen. The chain was forked to reverse the hack. I won't dwell on this as it's not related directly to Verium. I am all about full disclosure and try to be unbiased, so I just want the fork issue mentioned up front.
Verium is a new concept for crypto in some regards and the implementation has potential to be a game changer. A few technical details before leading into the philosophy and ideology side of the discussion? Verium released less than 24 hours ago and is running very well at the time of writing the article. I did have a chance to participate in the first testnet and I felt it had potential, so I have been preparing cpus for active mining for the last 2 weeks. The biggest point to note is the new algorithm: scrypt^2. The new algorithm makes for a very memory hard and slowly hashed encryption, leading to approximately five minute block time targets. Verium diverges from the normal difficulty variables here and moves both target time and difficulty as the network hash rate changes, which leads to the smoothest curve for reward to hashrate. The rewards are variable in relation to the supply and market cap, which is tied to Bitcoin. The value is undetermined at the moment other than looking at ICO investment as it's still too new to be on an exchange. Let's jump over into the other interesting aspects of the coin that get into the realm of less tangible value.
Verium was created through ICO and the funds will further develop Vericoin and Verium. Vericoin went proof of stake after being mineable for a period of time to supply the initial coins. Verium was a tool to help stability of VRC price and to remove inflation. It is a reserve currency, that is an important thing to remember if you consider mining or investment. The coin is intentionally hard to mine, high transaction fee, and slow block time. It's meant to be a holding coin, and increases the stability, value, and speed of the Vericoin network. The goals are actually quite intriguing to my crypto philosophy and I am becoming quite a fan of the coins creator. The wallet only mineable status of the coin is a dream for decentralization. It gives everyone a fair shake at mining, and when I mentioned "memory hard and slowly mined" earlier I meant it. Intel i7 running on 4 of 8 cores gets about 550 hash per minute. Yes I said per minute. The network hashrate was under 200 KH/s before I started writing. So anyone with a decent CPU using Windows, Mac, or Linux has a fair shot at mining a block. I am curious to see what value the market puts on this coin long-term and plan to run my node for the foreseeable future.
I feel that this new direction for a currency is very interesting. I am pro decentralization obviously, if you have read any of my previous posts my stances on crypto are crystal clear. I'm all in on crypto currencies over fiat. I like the idea of a companion coin that keeps the production rates and times variable to peg the more flexible spending coin. If you haven't used a Vericoin or Verium wallet before, it's developed from qt and has a very sleek GUI, Vericoin allows for VRC to BTC from the wallet, and the transaction times for VRC to VRC are incredibly fast. Holding approximately 1 - 2 Bitcoins worth of VRC per wallet I would stake multiple times daily and should hit 3-4% APR. The added stability of Verium and fair chance it provides are giving me more faith in making the right decision to long term invest in this coin. I wish everyone luck and hopefully I have enlightened some of you on Verium and why it's different.
Full disclosure, I did hold a large stake in VRC before the recent flooding destroyed my home and computers/mining rigs. As of time of writing I only hold 1 BTC worth. Cold storage doesn't beat flooding unfortunately. I do actively discuss in the community of this coin, but have no business stake or developmental influence. I am in no way a spokesman or representative of the Vericoin or Verium teams.