VeriCoin was launched back in 2014 and has been through a rough time for a cryptocurrency. A few months after its launch, the VeriCoin network got hacked. This put a damper on the cryptocurrency’s plans. It didn’t help that the altcoin’s main feature, which was proof-of-stake mining, could be found in other altcoins.
However, VeriCoin did manage to bounce back. In 2015, VeriCoin implemented a new Proof-of-Stake protocol entitled Proof-of-Stake-Time, which was to become its signature.
There are several features that make VeriCoin unique. First of all, there is the fact that VeriCoin uses a Proof-of-Stake-Time standard. This is actually an evolution of the original Proof-of-Stake system. Proof-of-Stake works by having miners bid on the network to take a block to process. The normal way that the blockchain protocol judges who processes a block is by having it competed over via Proof-of-Work. Proof-of-Stake lessens the pressure on the miners.
However, Proof-of-Stake usually has no duration. Miners set a level of how much of a cryptocurrency they are bidding to process blocks and leave it alone. With the time factor added, miners can adjust the levels of their investment. It also allows for an interest rate scheme to be implemented. Users who stake their coins for longer periods of time are rewarded more interest. It also means that the network can have a more stable level of functioning as it encourages people to mine constantly.
VeriCoin has more than Proof-of-Stake-Time going for it, though. One of its more popular features is VeriBit. This is a novel service that allows the user to pay for items with VeriCoin where you normally could only pay in Bitcoin.
This opens up a lot of possibilities for those who own VeriCoins, since Bitcoin is one of the most accepted cryptocurrencies out there. It’s also pretty easy to use. Just type the amount in Bitcoin to send and the Bitcoin address. The service then automatically converts your VeriCoin to Bitcoin to pay for the transaction.
VeriSend and VeriSMS are two other great features for VeriCoin. VeriSend can mask your transactions, ensuring your complete anonymity, while VeriSMS allows you to send commands to your online wallet via SMS messages. Both of these ensure that using the VeriCoin cryptocurrency is convenient and secure for you.
Overall, VeriCoin has managed to find its legs after its shaky start. It is just a question of time on whether it will develop into an excellent altcoin in its own right.