It has been a while since we last talked about Viacoin on CryptoArticles, but we will be keeping a closer eye on things from now on. By saying that, I don’t mean there was nothing important happening to Viacoin, but I just couldn’t keep up with everything on my own. Now that I have a bit of a gap in my real life schedules, we can talk about the recent mandatory client update.
A few days ago, before all of the Christmas madness and family reunions began, a new Viacoin Core client was released. Version 0.10.6.3 added some interesting features to the table, such as Auxiliary Proof-of-Work to allow for merged mining, and the implementation of CHECKLOCKTIMEVERIFY.
Viacoin : Auxiliary Proof-of-Work
Thanks to the integration of auxpow, Viacoin can now be merged-mined with any other Scrypt coin currently in existence. Instead of competing for hashpower with other Scrypt coins, such as Litecoin or Dogecoin for example, the hashpower can be shared across all coins accordingly when the coins are merged-mined.
One of the main advantages of Auxiliary Proof-of-Work is the increased network security, making it less vulnerable to 51% attacks. Furthermore, auxpow brings in additional revenue streams for miners, as they can mine VIA together with as many other Scrypt coins as required.
Merged mining has been enabled ever since the VIA network reached block 551,885; which occurred less than 24 hours ago. All of the major mining pools, as well as exchanges listing Viacoin, have all completed the mandatory upgrade well in advance.
Viacoin : CHECKLOCKTIMEVEIRFY
Another new addition to Viacoin comes in the form of CHECKLOCKTIMEVERIFY, which provides a reliable way to make payments which are not spendable until a certain time in the future. As you would come to expect, this technology brings a lot of interesting possibilities to the table.
Hub and spoke micropayments are one of the options being made possible by integrating CHECKLOCKTIMEVERIFY. Other use cases include complex escrow, and it can even be adapted to remove the need for lawyers in regards to inheritance trusts.
Viacoin users will be able to experiment with CHECKLOCKTIMEVERIFY once the network reaches block 598,725; which is expected to take place on January 7th 2015. All VIA community members are advised to complete the mandatory upgrade before that date if they want to be able to continue using their wallet.