Categories: EducationFAQ

What Is Vericoin?

There are many different cryptocurrencies out there which most people have forgotten about as of right now. Vericoin is one of those currencies which has been around for quite some time, and it has had some interesting developments. In conjunction with the Verium currency, it is the first dual-blockchain protocol to combine a digital currency with a digital reserve.

What is Vericoin Exactly?

On the surface, Vericoin is another cryptocurrency which tries to succeed where Bitcoin has not. As such, the currency is trying to distinguish itself from most other cryptocurrencies. Its dual-blockchain protocol, known as Binary-Chain, is pretty interesting to keep an eye on. It offers quite a few advantages including fast transactions with lower fees, higher mining rewards, and a focus on CPU mining.

Under the Hood

It is evident there are some interesting aspects to Vericoin. As touched upon before, the Binary-Chain protocol links Vericoin with Verium, and creates a two-way connection between a cryptocurrency and a digital reserve. As such, users can complete transactions within 30 seconds. Verium’s transaction times are also down from five minutes to under half of that, which is a good sign.

With this double-chain approach, Vericoin is able to achieve a greater degree of decentralization as well, which is always a positive development in the world of cryptocurrency. With two different blockchains linked together, achieving complete immutability is far less of a challenge than people might expect at this stage.

Vericoin itself also offers users a way to earn interest by staking coins. It is another way of securing the VRC network as a whole, as well as a way for a lot of people to be part of a different cryptocurrency ecosystem. Verium, on the other hand, is an independent store of value which uses Proof of Work Time as an algorithm. It creates a rather intriguing ecosystem.

The Future of Vericoin

There is still a lot of work to be done as far as Vericoin is concerned. The team is currently working on integrating Verium with P2Pool, which is always a good thing. There is also an improvement coming to Proof of Stake Time 2.0, which should be finalized in the next few weeks. A mobile miner and mobile wallets are also nearing completion and will come to market later this year.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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