One of the hottest new Cryptos of this moment in time has to be VeriCoin. Even though I haven’t looked at what makes this coin more special than others, people have asked me to write an article about it, so here we go!
VeriCoin was launched very recently, on May 10th, and had a Proof-of-Work phase that only lasted a week, until May 17th. During this period, a total of 26,751,452.35 VRC have been mined over the span of 20160 blocks.
Ever since this Proof-of-Work phase ended, VeriCoin has switched over to being a Proof-of-Stake coin, and this is where things really get interesting thanks to some very unique features in VeriCoin’s source code.
Whereas generated stake is usually dependant on how many coins you have in your wallet, and a percentage determined by the coin developer, VeriCoin tackles this in a very different way. The amount of stake users earn is dependant on the network.
To put this very simply, the more people on the network who are holding VeriCoin in their wallets, the more stake everyone in the network will earn. This is an excellent incentive to make sure people actually hold their coins for extended periods of time, instead of just dumping them.
Even though we have seen several attempts by other coin developers to incentivize staking, it just never seems to work properly for more than a few weeks at best. The way VeriCoin does it really means people have to motivate each other and everyone else to keep holding their coins.
VeriCoin also has some very interesting features in development, such as a VRC Multipool, which will pay out 50% of generated fees to VeriFund. Future services developed for VeriCoin will be funded by the money VeriFund receives.
There will also be an open beta for the VeriCoin SMS Wallet this weekend. We are waiting for more details on this project, but will update you in a separate article once we’ve received more news.
Last but not least, VeriCoin is also working on anonymous features, which are dubbed “VeriSend”. As of this writing, we have no ETA on when we can expect these features to go live, but we will keep you updated accordingly.
VeriCoin is on a plethora of exchanges, as you can find the trading pair on MintPal, Cryptsy, BTER, Poloniex, BitTrex, Europex, C-Cex, CoinNext, BitOnys and Icurrex. All exchanges are trading VRC against Bitcoin.
VeriCoin website : http://www.vericoin.info/
VeriCoin on Twitter : https://twitter.com/vericoin
VeriCoin on Facebook : http://www.facebook.com/vericoin
VeriCoin on Reddit : http://www.reddit.com/r/vericoin
VeriCoin on BitcoinTalk : https://bitcointalk.org/index.php?topic=602041.0
VeriCoin donations are welcome to : VFv4QnHDzyS1yAJxC93Bwu3LRnaBWYg1jM