The VeriCoin / Verium ICO (Phase One) sold out in the first 3 hours selling 350000 VRM for 2100000 VRC (worth around 350 btc)
Today and after a long announced ICO, buyers lined up waiting for the VeriCoin / Verium ICO to start.
The total amount of Verium to be sold in the first phase was 350.000 VRC and at the rate of 6 VRC / VRM it would be needed 2.100.000 VRC to buy all the available Verium at Phase One (worth around 350btc).
The anxiety was visible at the official VeriCoin chat where the growing number of new user flocked in. The countdown was showing only 40 minutes left when @VeriCoin tweeted "Verium ICO delayed 30 minutes to triple check system before opening."
The tweet was well received by the VeriCoin community and as some user wrote "Better safe than sorry" and soon after the ICO was starting showing the current "Vericoin ICO Verium" webpage: http://www.vericoin.info/ico.html
It didn't take long for and soon after @VeriCoin tweeted "Verium ICO phase 1 is already 73% sold out!"
One hour later, a new tweet announcing it had reached 98.5% and although the pace had slowed down a bit, the Verium continued to be sold until the last Verium. This happened around 3 hours after the beginning of this ICO.
What happen to such a big run to the Vericoin / Verium ICO?
VeriCoin developers have their unique way of seeing their project and in the last year and a half, they've developed a new protocol that is faster and more secure regarding the Proof of stake protocols. They called it "Proof of Stake Time", and it was a big jump in the network that enables a steady growth reaching a point where there's no need for any supernodes or sync-checkpointing which can be central points of failure.
The announced Verium, will be a Proof of Work Time protocol and it's unique in many fronts, for example, although it has it's own blockchain, both VeriCoin and Verium blockchains will be inter-connected opening the door to a sea of possibilities and solutions to actual problems in cryptocurrency ecosystem.
It's quite complex stuff, and to be honest, I couldn't explain it well, but in the last week, Doug Pike (aka @effectstocause here on steemit) when to chat with Alex Sterk from @blocktalk and you can know all about it in the video below.
The phase Two of the ICO will have "18 days with 10 VRC / VRM minimum price or your share of total VRC raised is your fraction of 350.000 VRM"
No one really knows if it will take those 18 days, or if it will be sold out as fast as it was on the Phase One. Either way, and for now looks like a very successful ICO for the VeriCoin developer team and community.
As soon as there's any news regarding this ICO, it will be posted asap!
Post publish edition:
The http://www.vericoin.info/ico.html is showing a new countdown for Phase 2 and it will start at the end of this month. So if you missed phase 1 you'll have another chance to buy Verium.
Thanks to Jay (VeriCoin's Community Manager) for pointing out a Typo in the title. It's corrected now. //// "selling 350000 VRC for 2100000 VRM" (changed VRC with VRM). ////
Nice little article here Bruno.
Sadly I missed the Verium as I was at work.
Thanks, using steemit to record the moment for posperity and sharing the event with other.... I think that's all about steemit ;) hehehe
@arforsgren you still have phase 2
Yes, yes. And the bonus for staking won't be to bad either.
After completing ico, verium will be released on the stock exchange, it will be possible to buy there?
I guess so. From what I've heard they are going to try to talk to poloniex in order for them to open a VRC / VRM market. But the normal VRM / BTC I believe will be on the normal exchanges as usual.
I still can not understand the difference between VERIUM from VeriCoin. VERIUM - a new cryptocurrency? Or a platform on which to work VeriCoin? What is the main feature of verium?
They are different protocols . Verium is harder to mine.
Some basic differences as I understand it:
It should be most profitable to mine Verium and stake Vericoin.
If you don't want to mine Verium with your CPU (yes it should be CPU profitable) but still want to be an active node, you can hold Vericoin which will give you slightly better interest than the Vericoin inflation rate.
If you just want to hold and wait for value to rise..but don't want to mess with staking or mining, holding Verium is the answer as it has a future set supply of 2.7 million Verium.
Verium has slower block times and higher transaction fees and also is able to speed up Vericoin block times (through auxiliary mining of Vericoin blocks I think). Vericoin will go from 1 minute block times to as fast as 20 second block times.
So they work together.. the biggest reason I think for having both exist is that the world needs a currency which is fast (short block times) and has low fees and a low interest rate. You probably need some inflation to help ensure your lowest denomination is low enough to support micro transactions and very low transaction fees. Bitcoin will run into an issue there if it gets 10 to 100 fold bigger. The world (especially crypto world) also needs a commodity.. something which is fine having slower block times and higher fees..which will keep miners well fed (which makes for a strong and secure network), and will keep the holder properly protected against inflation.
Added post publish information to main post
(new countdown added to http://www.vericoin.info/ico.html)
And then everyone dumped VRC.
I got out too early and didn't maximise. Win and lose I guess.
Read more about the ICO here:
"Verium/Vericoin (VRC) IPO - Where We Stand After Phase 1"
https://steemit.com/investments/@dogguy/verium-vericoin-vrc-ipo-where-we-stand-after-phase-1
from @dogguy