About VeriCoin

About VeriCoin

All things VeriCoin.

What Is VeriCoin?

Launched on May 10th, 2014,
VeriCoin is a Proof-of-Stake-Time, (formerly Proof-of-Stake), Digital Currency that features a variable interest rate which fluctuates depending on how many coins the network is staking as well as how long you personally actively stake them to earn interest. Users who stake their coins for longer periods of time are rewarded more interest while simultaneously increasing the overall network security.

On the first anniversary of VeriCoin, May 10th, 2015, VeriCoin implemented a new Proof-of-Stake protocol entitled Proof-of-Stake-Time.

Why Should I Use VeriCoin?

VeriCoin was created to specifically address the glaring issues other Digital Currencies were faced with. By providing investors with reasonable, long term interest gains - when they stake their coins - we have created an incentivized, economically stable, self sustaining financial system.

Along with innovative features such as VeriSMS, VeriSend and VeriBit - VeriCoin makes it simple for the average person to use Digital Currency in their everyday lives.

  • Extremely Low Transaction Fees
  • No Central Point of Failure
  • No Charge-backs
  • No Counterfeiting
  • Controlled by Consensus
  • Virtually Instant Transactions
  • Efficient and Streamlined

How Did VeriCoin Begin?

We began creating VeriCoin in March of 2014 and officially launched on May 10th 2014.

We were intrigued by the power and efficiency of the Proof-of-Stake system but just as equally dismayed by the operations of a few of the other Digital Currencies at the time. The misleading IPOs (Initial Public Offerings), the Centralized ownerships, the broken communities and the lack of a legitimate mechanism for minimizing inflation bothered us to no end.

We knew we could do better. Much better.


What Makes VeriCoin Unique?

VeriCoin features a unique combination of strengths that position it well for long term, mass market adoption.

Network Stake-Dependent Interest is the novel mechanism for minimizing inflation while maximizing incentive to participate in the network. VeriCoin features a dynamic interest rate that is dependent on the liquidity of the network.

VeriBit is a novel service that allows the user to pay for items from the VeriCoin wallet with VeriCoin - wherever BitCoin is currently accepted. This automatically makes VeriCoin the most spendable Alternative Currency aside from BitCoin itself.

How Do I Acquire VeriCoin?

By visiting www.vericoin.info you will find two separate drop down menus on the far right that link to exchanges where you can purchase and trade BitCoin for VeriCoin or simply purchase VeriCoin directly utilizing PayPal or Moolah.

*You may also connect directly to an exchange through the VeriCoin wallet itself for an even quicker experience.

What is VeriBit?

VeriBit makes it possible to spend VeriCoin wherever BitCoin is accepted! Aside from BitCoin, VeriCoin is the most spendable digital currency there is.

How it works:

VeriBit is used in the same way as sending BitCoin from a BitCoin wallet. Simply type how much BitCoin you would like to send and to what address. It's as easy as that!
The VeriBit service then calculates the average current exchange rate of VeriCoin to BitCoin and requests this amount of VeriCoin to be sent to the VeriBit server for the transaction. After your VeriCoin is received, the requested amount of BitCoin is sent to the specified BitCoin address.

What is VeriSMS?

VeriSMS functions as a text-based gateway and wallet system that links your cellular network to the VeriCoin network. VeriCoin users can load VeriCoins into their wallet and use the SMS network to make global transactions within seconds!

How it works:

VeriSMS service works by using SMS commands (Short Messaging Service) - or more commonly known as text messages. These commands are sent to the SMS wallet system. The text messages which are sent are connected to your wallet and then identified with your phone number. These commands are routed through the SMS network via a regional phone number which communicate with your VeriCoin wallet.

What is VeriSend?

is an optional privacy service - built directly into your wallet - which masks your transaction data essentially giving you the ability to remain anonymous.

How it works:

VeriSend is a coin mixing service which makes it nearly impossible to track the connection from sender to the receiver. This is done using a ringnode system that is continuously cycling (mixing) coins. The VeriSend coins are sent into this stream and then reappear in random fractions of the original amount that was sent.

How Do I Earn Interest With My VeriCoin?

To earn interest on your VeriCoin, simply unlock your wallet and wait. Coins that reside within your wallet for longer than eight hours will begin earning interest. It is a good idea to encrypt your wallet first. Both of these features are found under the Settings menu within your VeriCoin wallet.


What Are The Technical Aspects Of VeriCoin?

The Technical Specifications of VeriCoin are as follows...

  • Name: VeriCoin
  • Ticker Symbol: VRC
  • No Premine, No IPO
  • Type of Coin: PoS (Proof of Stake)
  • Proof-of-Stake: Network-Stake-Dependent Interest
  • PoS Rewards: 1.5-2.5% APR Interest, Network-Stake-Dependent
  • Min Stake Time: 8 hours, No Max Stake Time or Amount
  • Confirmations: 10, Maturity: 500
  • Minimum Transaction Fee: 0.0001 VRC (Paid to Stakers)
  • PoW ended at: Block 20160, Minted 26,751,452.35 VRC
  • Total Coin Supply: 26,751,452.35 VRC. (1.5-2.5% inflation in perpetuity.)
  • RPC Port: 58683, P2Port: 58684
  • Current Features: Network-Stake-Dependent Interest, VeriBit, VeriSMS, VeriSend, VeriCard.
  • MultiPool Rewards: Dependent on current price of VeriCoin and hashrate of miner.
FAQ Manager ©2015 Iversia from RPGfix.