[PRE-ANN][VRM] Verium PoWT Reserve | ICO accepting only VRC July 20th 2016 [email protected]
The future of digital payment, now. Featuring the novel Proof-of-Stake-Time protocol!
Verium in addition to it's benefits to VeriCoin will be a powerful, innovative and efficient PoW (Proof of Work) too.
The variable block time paradigm does a number of great things:
It increases blockchain performance with security.
It automatically addresses the scalability issue BTC has.
It softens the difficulty mechanism without loss of security, so that mining power can grow more efficiently and organically.
Rewards in minutes per mining between blocks enables more profitability of mining that is dependent on power and time burning electric.
A decreasing reward as the blockchain speeds, incentivizes a balance of efficiency and power, while maintaining security with a corresponding block time.
ASIC and GPU resistant due to memory hardness.
So as a standalone PoW it will be one of the best and most innovative approaches to PoW.
What does this mean for Vericoin?
In short you get more security, faster transaction times and lower fees in VeriCoin the currency through Verium the reserve commodity.
No Premine, No IPO, No ICO
Proof-of-Stake-Time: Disinflation Targeted Interest
Min Stake Time: 8 hours, No Max Stake Time or Amount
PoW Phase: Ended at Block 20160, Minted 26,751,452.35 VRC
Minimum Transaction Fee: 0.0001 VRC (Paid to Stakers)
RPC Port: 58683, P2Port: 58684
Confirmations: 10, Maturity: 500
"Protocol and Pairing"
"Verium - A currency and a Reserve"
Polls are closed. Breakdown is:
50% of ICO will go to stake endowment fund. Never to be moved, just interest used.
We have proposed taking 50% of the ICO funds and donating it to our VeriFund endowment: VFEndownxxnHea9mv59kZx8c7TysGbndYx. This address is only going to be used to stake perpetually. No donated coins will be used for funding anything. Only interest made off staking will ever be used to fund and support VeriCoin. Funds will be used for hard infrastructure related costs in perpetuity. Such as domain hosting of site, forums, coin services (VeriBit, VeriSend, VeriSwap (VRM/VRC service)) and official third party services like the block explorer. Consider it a staking burn address where you know your donation will never help reduce the price of VRC.
The other 50% is split up in 20% Development, 20% Marketing and Design, 10% Third party partnerships
This is a nice breakdown. In future we will discuss and vote on elements of these categories.
We are considering granting free Verium to VRC holders. Our idea right now, though not set in stone is:
At the end of the ICO, the top 250 VRC addresses in terms of balance at that time and having had staked at least one block in month preceding the ICO end date will receive 1 VRM per 500 VRC with no partial VRM for between 0-500 VRC. For example, if you have 20,000 VRC, you would get 40 VRM. If you had 20,499 VRC you would still only get 40 VRM. Your VRC private key would be able to redeem the VRM by importing it to your wallet. If you keep your money on an exchange you would get nothing.
This will reward VRC stakers who are contributing to the security of VeriCoin. It will also help VRM gain some early adopters. It's a mutually beneficial arrangement, one of many in the Veri ecosystem.
What does everyone think of this idea? We have not made any decisions yet, but this will definitely play into it.
In addition to this, as effectsToCause mentioned earlier, we have proposed taking 50% of the ICO funds and donating it to our VeriFund endowment: VFEndownxxnHea9mv59kZx8c7TysGbndYx. This address is only going to be used to stake perpetually. No donated coins will be used for funding anything. Only interest made off staking will ever be used to fund and support VeriCoin. Consider it a staking burn address where you know your donation will never help reduce the price of VRC.
Be in the top 250 list of VRC Addresses: https://chainz.cryptoid.info/vrc/#!rich
Stake your coins regularly
Get free Verium
Please comment with your take on our ideas for the VRM introduction and swap.
"Date for the Verium ICO swap"
The Verium ICO starts on 20 July.
"Will VRM miners be able to mine VRC blocks?"
VRM miners will be able to mine VRC blocks using AuxPOW once it's turned on. We won't be turning it on in the initial days while we optimize VRM, but it will be enabled once we finish Aux testing.
VRM doesn't depend on VRC necessarily, but because we will have an equivalent system to VeriBit (VRM->VRC and VRC->VRM), it will initialize an ecosystem. Also because VRC will be much easier to spend (faster, lower fees) than VRM, it will make sense for VRM users to use VRC as a currency.
VRM will be the mined asset. VRC will be the dollar bills.
"Is Verium GPU / ASIC resistant?"
Well we have done a lot of testing and have not been able to get any GPUs to mine it. All GPUs we have tested with (R9 280x) so far have only produced hardware errors. So this is good, it keeps the playing field level.
Our VRM wallet has a start mining button and you can choose the number of cores you want to mine with. So CPUs will be able to hit it (but you will need a good amount of system memory, it looks like 8 GB is around the minimum). Maybe some day someone will make a GPU miner that works, but as of right now, most GPUs don't have enough memory and the ones that do seem to error out.
Definitely don't expect ASICs to be able to mine anytime soon due to the massive memory requirements. Even if an ASIC manufacturer adds additional memory, they would have to use a fast enough of a bus to transport the data, so if it happens, it's very good for VRM because no other coin uses the technology and the cost to design an ASIC would likely be millions of dollars.