About viacoin

Viacoin Coin Review: Mining Guide, Price & Analysis of Viacoin Cryptocurrency

Viacoin is an open-source cryptocurrency created in the year 2014. The developers of Viacoin derived it from Bitcoin’s protocol. However, it is faster and offers anonymity in transactions. Additionally, it is more mining efficient. it

This coin is a game-changer. It has technological features that wildly improve the standards of cryptocurrencies. It has a comprehensive OP-RETURN of 120 bytes. Additionally, it supports the Lightning Network and Segregated Witness.

This makes the network very fast and secure. This is the value proposition of Viacoin. To be faster and more efficient. This is very easy to get behind. However, the market is not reflecting this. Viacoin does not rank very high in market cap share.

The main reason for this is that it is facing a lot of competition from better-funded projects. However, this coin does have the potential to grow in value. The team behind just needs to market it better. Let’s look at how it works.

How Viacoin Works

An update to the Bitcoin protocol reduced the capacity of the OP-RETURN from 80 bytes to 40 bytes. This is what sparked the development of Viacoin. Viacoin addresses this shortage by having an OP-RETURN of 120 bytes. This makes it more efficient than Bitcoin.

Additionally, Viacoin uses modern programming languages such as C++ and Python 3. Additionally, the system uses a hierarchical deterministic key generation system. This makes it easy for users to reset and secure their wallets. Further, the coin is compatible with the B19P. This makes the process of mining very easy and efficient.

Even better, the coin uses smart contracts. This means that there is no need for middlemen in transactions. Users can simply trust the code of smart contracts to facilitate transactions. Additionally, smart contracts add another layer of security to transactions.

Viacoin also uses Sicache. This is a UTXO cache that accelerates and optimizes transactions. Also, it uses an algorithm that increases output from mining. This algorithm prioritizes low fee transactions over transactions with higher fees.

Lightning Network and Segregated Witness

These two features make Viacoin more efficient. They do this by opening off-chain payment channels and by reducing transaction sizes. Moreover, they make it possible to exchange cryptocurrencies. For example, you can easily exchange Viacoin for Bitcoin. This is possible through the atomic swapping feature. You do not need centralized exchanges to do this. This gives you more freedom and control. Moreover, you avoid hefty charges from centralized exchanges.

Can Investors Mine Viacoin Coins?

Yes, investors can mine Viacoin coins. Viacoin uses the Proof of Work consensus. The work of miners is to validate transactions on the blockchain. This helps in keeping the network secure. This is because transactions recorded and confirmed are immutable.

The process of mining coins is reasonably easy. The entity uses the Scrypt mining algorithm instead of the SHA-256 algorithm used by Bitcoin. Scrypt algorithm is faster and requires less computational power.

Additionally, Viacoin has small blocktimes of 24 seconds. This makes it faster and easier to mine. This is a feature that many miners enjoy.

Further, the platform implements merged mining. This is also called Auxiliary Proof of Work. This is an algorithm that makes it possible to mine two coins at the same time. This way, Viacoin can take advantage of the hash power of a more established coin. Miners can then mine the coins together. Most miners choose Litecoin as the established coin.

Merged mining does not require much computational power. Therefore, it is more efficient and consumes fewer resources. Moreover, the users can enjoy more security. This is because it takes advantage of the hash power of the more established coin.

The Team behind Viacoin

The developers of Viacoin are BTCDrake and Peter Todd. Both are core developers of Bitcoin.  However, they both left the team of Viacoin. A developer known as Romano took over the operations of the company. He is a young developer that is doing a great job leading the Viacoin project.

The official website of Viacoin does not introduce us to the other team members. There are just names and links to GitHub, LinkedIn or Twitter. This feels like too much work. The team can simply introduce themselves on the website.

However, the team continues to show a lot of dedication to Viacoin. They work hard to maintain the security and efficiency of the network. Some people give them the benefit of doubt for this.

Privacy and Security

Viacoin has excellent security features. It is a blockchain. Distributed nodes of the network work together to keep the network secure. They maintain a consensus throughout the network. Additionally, the nodes help each other recover in case of a successful attack.

However, this is not enough. Miners help in validating transactions. Once they confirm and record transactions on the ledger, they are immutable. This keeps out anyone looking to change information about transactions.

The entity also gains extra security from merged mining. This is because company takes advantage of the hash power of a more established coin.

Viacoin also focuses on keeping transactions private. Their Viacoin Samourai wallet can help users keep transactions confidential. It masks the identity of users and their account details. The wallet also operates a multi-signature system.

Our Take on Viacoin

The mission behind Viacoin is easy to support. The project seeks to improve the efficiency of cryptocurrencies. Additionally, it aims to make transactions faster. This is very important for the global adoption of cryptocurrencies. It means that cryptocurrencies can be used in paying for goods and services.

Moreover, the security of the system is very high. The developers work very hard to keep the security elevated. Additionally, the platform allows users to send and receive cryptocurrencies. They do this through their proprietary wallet.

However, this cryptocurrency is not seeing much success in the market. There are competing cryptocurrencies doing better in the market. The Viacoin team needs to do a better job of marketing their project. This is the only way it will see more adoption.

Advantages

• Viacoin involves very fast transactions.
• Mining Viacoin is not computationally expensive.
• Viacoin supports private transactions.

Disadvantages

• Viacoin faces a lot of competition from more established currencies.

How to Buy the coin

If this coin pleases you, then you can go ahead and purchase it. Some of the best exchanges to buy Viacoin include Binance, Bitfinix,  VCC Exchange, Bittrex and YoBit. These are exchanges with high trading volumes. This means that the coin is easily accessible. The price of the coin currently stands at $0.204619.

The coin ranks 661 in market cap ranking. This is with a market cap of $4,741,507. You can choose to hold the coin and sell at a later date. The best crypto wallets to hold Viacoin coins include Viacoin Eclair Wallet, Trezor, Ledger and Copay.

Final Verdict

This coin has a lot of potential in the market. It maintains most of Bitcoin’s protocols. This means it aligns with the original vision for cryptocurrencies. Further, it comes with an added advantage. It is faster and more efficient. Moreover, it can support private transactions.

However, it does not see as much success as competing cryptocurrencies in the market. All it needs is better marketing and community engagement. At this point, it is impossible to tell the direction that this coin will take.