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VeriCoin – Detailed review
When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This is a review of VeriCoin.
Origin & Background
VeriCoin is a cryptocurrency that runs its own exclusive protocol called proof of stake time, or PoST. No other digital currency runs this procedure. The currency has the trading symbol VRC. Presently, VRC transactions are 10 times quicker than Bitcoin. And, VeriCoin holders achieve interest like a savings account (unlike holders of Bitcoin). This staking procedure relies on your computer’s CPU. Moreover, it enables for the digital mining of new coins while also validating transactions on the network.
As a result, anyone in the world with an internet connection can transfer and obtain funds in a matter of seconds. People who are not able to, or don’t have access to, a bank account will now have access to a prosperous financial network. The currency intends to offer massive advantages to unbanked and underbanked individuals globally. The proposal of a binary-chain is a new conception in the crypto community. On the other hand, it’s designed to solve numerous critical issues.
The largest issue with cryptocurrencies is that they face an impractical task. Digital currencies try to be a genuine currency. In the meantime, digital currencies are less than ideal as a store of value because their prices continuously change.
Minimizing transaction times is complicated without sacrificing safety on the network. VeriCoin and Verium claim to have solved this issue together using their dual blockchain system called Binary-Chain.
- VeriCoin transactions are 10 times quicker than Bitcoin, and they will be even quicker when paired with Verium.
- The development team illustrates VeriCoin and Verium transaction fees as miniscule.
- Miners earn Verium through proof of work time (PoWT), with higher fees and slower block times.
- VeriCoin and Verium use CPU mining for decentralization. Moreover, anyone who has a PC or another laptop can mine Verium. Verium is also premeditated to be ASIC and GPU defiant, enabling anyone to participate. On the other hand, it creates a more decentralized network and it offers superior safety over today’s centralized mining schemes.
Finally, we have not identified any obvious cons with the VeriCoin.
If you have concluded that this is the coin for you, congratulations! Buy VeriCoin here.