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Verus is an open-source platform that seeks to provide blockchain technology as a service. This platform allows developers to build and launch their blockchains quickly. Blockchains built on Verus have built-in connectivity and liquidity. Moreover, they are independent and completely customizable.
This is an approach we have not seen in many blockchain projects. It is unique and very appealing. Verus uses the VerusCoin cryptocurrency to power activities on the blockchain. The developers believe in fairness.
Therefore, this had no premine, ICO, or similar events. This ensures that no one gets a head start advantage over others. Additionally, the coin developers donated their early proceeds towards the project’s development.
The Verus team identifies a common problem in most blockchains. The team believes that patterns of centralization are hurting the adoption of blockchain technology. Additionally, they recognize the lack of scalability as a problem. Hence, they designed Verus for privacy, safety, open participation, and unlimited scalability.
To launch a chain in the Verus ecosystem, developers require a VerusID. The developers will use this ID to name their chains. Any chain created on the Verus blockchain can have multiple levels. This means that developers can launch other chains under the original chain made on the platform.
Additionally, all chains launched on Verus inherit the consensus mechanism used on Verus. That means that they also inherit the security features of the coin. Further, miners of the Verus blockchain can mine on these chains. They can even merge mine these chains alongside Verus. Chain creators decide on the rewards per block on their chains.
Further, Verus consists of bridges to connect to other blockchains. Consequently, it supports cross-chain transactions. This allows the coin to act as a liquidity platform. Users can easily find liquidity from the reserves on the Verus blockchain. This helps them save a lot of money by avoiding hefty fees charged by centralized exchanges.
Additionally, tokens from the coin's blockchain are transferable to other blockchains. The first crypto bridge Verus supports is the Ethereum/Verus Bridge. Others will follow in due time.
Yes, it is possible to mine Verus Coins. It uses a Proof of Power consensus. This is a 50% Proof of Work and 50% Proof of Stake mining algorithm. Here, miners generate 50% of all blocks through staking and the other 50% through mining.
The developers of Verus believe this is the best approach to solve major mining problems. It makes attacking the network unprofitable.
Further, Verus uses a unique mining algorithm called VerusHash. This algorithm is light, making mining fair for all miners. You do not need expensive hardware to mine the Coins. CPU mining is the most profitable on the Coin.
Additionally, mining with a GPU is sometimes profitable. You cannot use FPGA or ASIC miners. There are no ASICs developed to mine Verus yet. Therefore, solo mining is ideal for the coin. You can do it on a home desktop. But you can join a mining pool to increase your chances of getting a reward. Some mining pools that you can join include Verus Pool, LuckPool, and LePool.
Verus believes in protecting the decentralization of the blockchain. Therefore, there is no central team that runs all operations. The platform is open-source, and the community votes for updates to deploy.
However, a team of developers dedicates its time to keep the project up to date. The platform calls these individuals contributors. The Lead Developer is Michael J. Tuotonghi. He was previously a Vice President and Technical Advisor at Microsoft. Additionally, he has excellent experience in distributed systems and machine learning.
By his side is Alex R. English. He is a Developer and the Program Manager. Alex has experience in software development and technical editor. He is also a seasoned system administrator. Additionally, he was one of the early adopters of cryptocurrencies.
These individuals have immense experience and knowledge to support this project. Additionally, there are many other experienced professionals in the contributors’ team. Further, the community can openly contribute to the development of the network.
Verus has great security features. The Proof of Power consensus helps keep out 51% attacks and double-spends. To successfully attack the network, you would require more than 50% of the validation power. However, this is impossible to get. This is because of the 50/50% ratio between the PoW and PoS. Consequently, it has never had a successful 51% attack on its network.
Additionally, it uses Komodo’s delayed Proof of Work consensus. This means that miners can merge mine this coin alongside Bitcoin. Hence, the coin can take advantage of the hash power of the Bitcoin blockchain. This adds another layer of security to the platform.
Further, the platform believes in respecting people’s privacy. They want the users to have full control of their data. Therefore, they use zk-SNARKs technology to ensure user data remains private. This is ZCash’s native algorithm. Hence, VerusCoin offers competition for ZCash.
Verus Coin is the cryptocurrency that powers all operations on their blockchain. It has a reasonably encouraging performance in the markets. It currently ranks 349th in market cap share. That is after two years in the market. Moreover, the coin is showing a general gain value over time.
However, it still has a lot of room for improvement. The Verus blockchain needs to see better adoption before its value can grow.
The platform is an exciting deployment of blockchain technology. It is very versatile and offers a wide range of services. Developers can easily launch their blockchains on top of Verus. Additionally, users can perform cross-platform transactions. The company has decentralized bridges that make this possible.
Further, the platfom has a unique mining algorithm that makes it hard to attack the network. The security on this blockchain is top-notch. Moreover, it involves speedy transactions and has privacy features.
While the price is very volatile, it does show a steady gain in value. Therefore, this cryptocurrency has growth potential.
You can easily add this cryptocurrency to your portfolio. You can buy it from several exchanges. These include Graviex, Bithumb, Bitfinex, and STEX. The current price of one Coin is $0.305733. Further, the circulating supply of VerusCoin is 59,905,813 VRSC.
You will need a wallet to store your coins. For this, you can use the coin's Wallet. It is available as a desktop application, mobile application, and even as a paper wallet. Further, you can access the wallet on the different desktop command applications.
There is no denying the versatility and robustness of this blockchain. It offers blockchain as a service. Developers can quickly launch applications secured by the blockchain. Additionally, it supports merge mining of chains launched on the network.
However, this cryptocurrency still has a lot of room for improvement. No enough developers are using the blockchain at the moment. The development team should do a better job of marketing Verus. Only then will it see better adoption.
As an investment, this cryptocurrency is still a gamble. It does show some slight gain in value over time. However, this can change at any time. The price is very volatile, and it could plummet.