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Verium

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Verium Reserve (VRM) was created in 2016 as an innovative and independent store of value asset in addition to supporting the VeriCoin blockchain. Verium solves blockchain scaling issues by introducing a new variable block-time paradigm that speeds network transactions with increases to mining power. Variable block-times allow Verium to scale automatically while enhancing transaction speeds and network capacity to ensure high levels of network security at any level of mining throughput. Through both linking of the binary chain and Verium’s auxiliary mining protocol (AuxPOW), Verium will also process VeriCoin blocks. This symbiotic protocol will speed VeriCoin’s block-time to less than 30 seconds. These technologies enable VeriCoin’s network to provide an efficient and scalable system for consumer transactions well beyond current standards.

Verium is a purely digital commodity which runs on it’s own unique protocol PoWT (Proof-of-Work-Time).

Verium is accessible to anyone with a PC or laptop and can be mined with one click. Anyhow it is a hard minable store of value in the sense that rewards aren't easily gained.

Verium Specs

  • Proof of Work-Time
  • Difficulty dependent blocktime (Max ~6.2 minutes, minimum 15 seconds)
  • Rewards: Blocktime dependent rewards (~Reward halving every minute decrease in blocktime till 10x VRC supply parity, then variable ~3% disinflation)
  • Algo: scrypt² (N of 1024² or 128MB per thread)
  • Block 1: 564,705 VRM minted for ICO participants who purchased VRM using VRC
  • Minimum Transaction Fee: 0.2 VRM (High commodity transaction fee paid to miners)
  • RPC Port: 33987, P2Port: 36988
  • Confirmations: 30, Maturity: 100

CPU Mining

The days of needing specialized computing hardware and sophisticated know-how to mine digital currency are over. Anyone can easily mine Verium. Just download the Verium Vault software to any computer, click mine and starting earning Verium, the digital gold that backs the digital currency VeriCoin. Verium is one of the few digital currencies that can not be mined by specialized GPUs and ASICs. Why Is This Important? It makes it easy for anyone and everyone to mine Verium using their everyday computer's CPU. This way we create a more decentralized system with a greater geographic spread between miners; the true meaning of decentralisation. Another bonus to a CPU-only algorithm is that the average person can earn rewards without needing to worry about specialised hardware (ASICs) overpowering the network and dropping their returns drastically. Did you know that right now China accounts for over 2/3rds of all Bitcoin mining power? (source Bloomberg.com)

Power Based Rewards

As mining power increases the reward slowly decreases, this mechanism makes the reserve commodity supply curve drop based on increased demand and can drive a value increase over time and increased usage.

Digital Gold Standard

By building a consensus-paired digital ecosystem, the currency (VeriCoin) can scale to mass usage and remain extremely inexpensive, and the reserve commodity (Verium) can scale while stabilizing value via a growing supply cost.

Links

  1. Official Website
  2. Verium Wallet
  3. Verium Mining and Proof-of-Work-Time

Complete listing of links for social media, support, resources, etc.:

Blockchain Explorers and Tools

Buy & Trade Verium

How to Buy, trade and sell VeriCoin and Verium.

Fee efficient Verium transactions

5 blocks / transaction will probably be the cheapest, so 5 blocks ~ 20 coins will cost 0.2 transaction fee, that means at best 1% of what you mined.

pnosker :

 fee isn't related to the # of VRM transferred, it's related to how many bytes the transaction is
 You could send that 150 in one tx to a new wallet address and send another 150 to the same, and send those 300 VRM for just 0.2 fee

Q: I know the fee is related to bytes sent but is this not directly correlated to the size of VRM? Whenever I have sent any VRM there has always been a scaling up of the fee depending on the size of VRM sent and these fees always seem to be the same when certain amounts are sent.

pnosker :

That's just because you have inputs with roughly the same amount of VRM in them since you're mining. The # of bytes a tx takes up corresponds to the # of inputs (each 3.xx VRM input to add up to the 150) and outputs (the # of addresses you're sending to, if using a change address or sendmany it can be more than 1) If you bought 10000 VRM from an exchange, for example, and wanted to send 5000 of them, it'd only take 0.2 VRM since the inputs would have been combined by the exchange

for example this tx [1] fee is 0.2 but 16375 VRM was sent

masterminer @pnosker Ah very interesting. So if I read that correctly, if I mine 150 VRM and send it to Bittrex I will be charged 1 VRM in fees. If I then send 150 VRM from Bittrex to my wallet it will be 0.2 VRM in fees?

maximaus So wallet to wallet will still be 0.2 presumably Good to know I was also unclear about this

pnosker :

it depends on the inputs @masterminer, I'm not sure how many inputs bittrex combines but I'm saying your rule of thumb 1 VRM for 150 VRM send isn't always valid