Introducing Verium and Vericoin

In Europe we stopped getting interest for our savings on our bank account, and not even the pension is secure. Meanwhile developing countries (or countries that have oil) often have a cheap electricity cost. Yet most people cannot afford the ASIC miners for mining crypto-currencies, yet alone as many currencies move to proof of stake, its even more impossible to afford the stake. Being a Dash Masternode costs you 1000 dash stake that most people cannot afford while it only earns you 2 dash per week despite the high cost. I suppose they could rent a server and become a Steem Witness, but let me introduce another alternative, since with Steem its difficult to make payments. So let me introduce Vericoin and Verium.

Similar to Steem power, you earn an interest staking Vericoin (where staking unlike other crypto currencies means for Vericoin just saving it like Steem Power). Steem Power has an interest rate of 1.9% while the interest rate for Vericoin lies at around 2-5%. The Interest rate increases as the price falls, in order to motivate people to keep their money in Vericoin. In fact Vericoin has even a reserve (similar how countries have a reserve in US dollars that can stabilize the value of their currency) and the currency is Verium. Verium has a lower block frequency, and is mostly earned through mining. Verium miners also mine the blocks for Vericoin.

Unlike other crypto currencies mining verium does not need a big investment, as the currency was build to make it impossible to mine on GPU or ASIC miners (less expensive competition). It can only be mined using your CPU. For electricity costs below 0.1$ per kWh (I will show calculation in next article) it can be profitable to mine Verium on a Raspberry Pi 2 or 3 model (which I will show how to as well). Such low electricity cost can be observed in a lot of developing countries, allowing them to mine for little investment and earn a small side income. 0.0001% of the transactions done in Vericoin will go to the miners, and in return the miners continue adding blocks.

Meanwhile in European countries where the interest rate of banks is low (some speculate there will be a negative interest rate), people can put their savings in Vericoin (or a combination of some ratio of Steem Power and Vericoin to minimize risks of the volatile crypto currency market, and hence use bet Hedging to calculate the exact ratio that optimizes the ratio or use some approximate gut feeling ratio), and use Veribit to pay anywhere where they except BitCoin but not Vericoin.

Not only Europeans can profit keeping some savings in Vericoin and Steem Power but other countries like Nigeria, where there is no confidence in banks, or Venezuela, where the money on the bank gets nullified by hyperinflation.

Instructions to install the Vericoin wallet are for each Operating System described here. I will add more info's about the Linux instructions in the next article. In the next article I will mostly guide you how to mine Verium from your Raspberry Pi.

If my article was any helpful or interesting for you, maybe consider Upvoting, Resteeming and following me. Perhaps if you really liked it you can donate some Steem Power or Verium or Vericoin.

VRM: VGRhfxkyDZXWH3bDARd62kCZQxQRpTkZa8
VRC: VVx4FbtcopoVwpLA2kDrAymRxZtEEVma1D