CryptoCurrency Investing—The Most Lucrative Ideas Worth Investing in Today: Vericoin

Hey steemers,

If you read my last post you know that I will be reviewing some cryptocurrencies of interest over the next few days as possible investment opportunities. Today I’m covering Vericoin. Released over 2 years ago, this coin aims to solve many of the potential problems of major coins like Bitcoin and even Ethereum.

Strengths

The Proof-of-Stake-Time protocol (PoST) addresses many issues from the PoW protocol from the blockchain. This protocol is more decentralized and blocks are confirmed over 10x faster than Bitcoin.

The protocol introduces stake-time to create an even more decentralized network when forming a consensus majority. In other PoS protocols, coin-age requires stakers with fewer coins to hold coins for longer in order to find a proof. This allows entry into the network for anyone with coins, not limited to those that can afford ASICs and high electricity costs.

Hypothetically, a few people could accumulate coins and never spend them, thus semi-centralizing the network. Vericoin’s solution is stake-time, which requires coins to be actively staked. This further decentralizes the network by requiring that the richest coin-holders have to actively stake more often, or else receive proportionally lower rewards (interest).

Staking a coin earns the user interest (Vericoin is not mined). This incentivizes participation in the network.

Inflation-targeted Interest rate balances out the system as the rate is variable and will lower as the network strength increases (and vice versa) to even the playing field. As the Vericoin supply diminishes, the inflation rate will rise, and active stakers receive the entire inflation amount via interest.

The VeriBit service allows users of VeriCoin to easily transfer VeriCoin to any vendor that accepts Bitcoin with a quick and safe conversion, aiming to increase VeriCoin adoption.

VeriSend is a service offered by VeriCoin that randomizes transactions between nodes to mask transaction data and protect privacy/maintain anonymity.

The pervious ICO raised over 3 million USD which looks promising.

Vericoin wallet GUI

Where it’s headed

Verium aims to be the commodity to the currency of Vericoin. This pairing will further perfect the system.

Phase 2 of the ICO is raising currently money for Verium, at a rate of 10 Vericoin to 1 Verium. Verium will be PoW minable and less liquid. This will hopefully address a problem most cryptocurrencies have (including Bitcoin) regarding the confusion of the definition/regulation of the currency as a commodity vs a currency. The ICO ends in 6 hours at the time of writing.

The wallet has a user-friendly GUI, which I believe will increase adoption among less tech-savvy users, not to mention wallet upgrades en route to support Verium as well.

The devs lay out a clear roadmap on Vericoinforums.com and have apparently already achieved much of what they set out to do. They are quick to respond to questions there as well, leaving a good feeling with investors.

My one concern is that the development team is young and small and are not spending 100% of their time developing the protocol (understandably) as there is a lot going on in their lives.

Also important is that they do not have the capital to invest in a marketing campaign, although it is interesting to note how successful they have been to this point without one. The superior protocol seems to speak for itself with people that truly understand it.

Speculation:

I would think Vericoin has potential based on its superior protocol. It appears to have spoken for itself, although some PR would definitely be good for it right now. I am keeping my eyes out for anything that might push VRC more mainstream while holding onto my bag for at least the next few months. If development comes to a standstill, which I don’t foresee anytime soon, it may be time to exit.

Leave a comment and let me know what you think about Vericoin and where it’s headed!