Vericoin Investment Overall Score: B+
Vericoin GROWTH POTENTIAL: B+
Vericoin SUSTAINABILITY SCORE: B
Vericoin BRAINS BEHIND CURRENCY: A-
Vericoin, ticker VRC, is the key partner of Verium, which is also covered in our altcoins section. They are the first cryptocurrencies to partner together and create two levels of blockchain to a space that had previously only known one. The partnership increases security strength, speed, and efficiency.
Vericoin is a much different approach to cryptocurrency than any other solution on the market. Vericoin aims to solve the problem facing most cryptocurrency providers to date. How do you maintain speed and security without sacrificing one or the other? Their solution? Binary-chain.
Binary-chain utilizes two popular and separate security systems. These systems are PoST which stands for Proof of Stake Time, and PoWT which stands for Proof of Work Time. The two systems together produce a combination of speed and security that is unmatched, but it requires the operation of two separate blockchains. This is where Verium works with its partner coin Verium. This is also where the cryptocurrencies get their advantages. Strength comes in working together.
The combination of the two partnering serves a multitude of benefits. Verium.info claims that the combination of the two blockchains can result in transactions taking as little as 30 seconds in optimal conditions for VRC. Verium also sustains great benefits.
The offering provides the investor with complete immutability. They are totally anonymous throughout the transaction process and take advantage of two completely decentralized networks. Vericoin and Verium are separate but have great value together and to me are practically the same entity. They may be the safest play on the market in terms of data protection and encryption.
Because there are two levels of Blockchain backing the currencies, VRC transactions are boasted to be as much as ten times faster than Bitcoin transactions. That’s roughly 70 transactions per second if it truly equates. Vericoin also pays interest like a savings account which is something Bitcoin doesn’t offer. You gain interest by leaving VRC in your digital wallet, but it must be connected to the internet and the Vericoin network.
The process of leaving your Vericoin in an account where it accrues interest is called “Staking.” This is the S referenced in Proof of Stake Time. The less coins being staked, the more you get paid fir staking. Staking is a different way of mining and minting new coins for Vericoin. It also helps validate transactions on the Vericoin blockchain offering. The interest rate can be rich too depending on coins in circulation.
Currently you need to transact both Vericoin and Verium separately. The two plan on being interchangeable without use of third party soon. Vericoin and Verium will essentially become one currency. They’re already acting as such.
Vericoin and Verium Developers
Vericoin and Verium share developers. From the looks of it, they are some smart cookies. Partick Nosker has multiple PHD’s in the biochemistry and biomedicine fields. He partnered with his classmate Doug Pike. Pike is a scientific programming expert who also received multiple degrees from Rutgers. His educational discipline is a Doctor in Philosophy. I’m not sure how he made the jump over to coding and cryptocurrency, but investors in VRM and VRC are glad he did.
Over time, the two discovered that by building Verium out as well as Vericoin, they could take advantage of two protocols. They later added Steve Woods a coder of 30 years and early bitcoin adopter. David Boehm and Benjamin Mahala also joined the team. The project now has front end, back end, interface developers, and third-party developers. The brains in their operation certainly aren’t lacking.
Like many other cryptocurrencies, Vericoin has gained popularity on the forums site Reddit. These days, Reddit pioneers almost every ICO and the chatter around it. Vericoin and Verium have become popular to reddit users and it has lead to a wide array of investors.
Backers of Vericoin love the dual chain technology. When compared to fees of other altcoins like Vertcoin, Vericoin is winning out. It has a limited supply and is not likely to produce more than it currently is. There is no protocol in place for a mining increase. The very value in Vericoin is in its scarcity. Given that there will always be a finite amount of the currency, but there will always be balance through staking, Vericoin is a popular option for new investors because it remains scarce while increasing in demand.
Supporters love Vericoin’s speed, claiming there is no other blend of security and speed quite like their blockchain setup on the market. I would have to agree. Vericoin and Verium seem disruptive.
For everyone who is a fan of Vericoin, there is a hater. It’s easy to play devils advocate. One would claim that there’s nothing truly proprietary in Vericoins setup. Someone like a Vertcoin could create a dual binary chain and compete straight out. What’s also stopping a 3rd or 4th blockchain to leverage the same theories? The question is, does it really make the cryptocurrency that much better?
It’s tough to say whether Vericoin and Verium supporters are right or wrong. There is no doubting one thing, they are first to market in a space. The same could be said for Bitcoin, which is losing major ground in the marketcap space. If Verium and Vericoin raise to further notoriety, they will have to crush other competitors who may take advantage of theories they created.
This could be said for any bitcoin. Being first to market is a very valuable thing to achieve and it comes with a lot of advantages. It could equally be argued that Vericoin and Verium could completely change the bitcoin and altcoin space with their setup. It’s just tough to say.
If you are looking to invest, we recommend converting you Fiat currency into Bitcoin or Ethereum using Coinbase. Then transfer your funds over to your Binance hot wallet to begin actively trading Verium and Vericoin.
Good luck out there and happy investing!