Vericoin is an altcoin that has introduced several important and innovative features into the cryptocurrency world. The coin has a strengthened securi
Vericoin is an altcoin that has introduced several important and innovative features into the cryptocurrency world. The coin has a strengthened security with better anonymity level and even lower transaction fees. Vericoin’s technology enables the confirmation of payments up to 30 times faster than the ones of Bitcoin. In addition, the Veribit system allows that payments with Vericoin are possible in any place where Bitcoin is accepted. The coin can also be traded on numerous exchange markets and the development team is even working on the possibility to exchange it directly for fiat currency.
Vericoin was launched in May 2014 by Patrick Nosker, Douglas Pike and David Boehm who believed that a successful cryptocurrency can only function with the help of constant innovation and the support of a strong community. That is why they implemented new features such as the Veribit system, the proof of stake time algorithm, Verisend and Verisms. The best thing about them is that you do not need to be technically minded in order to make use of all these improvements, just the opposite, they are made simple, user-friendly and accessible for everyone.
Veribit is a service that makes Vericoin significantly stand out from the other altcoins because it enables Vericoin’s user to spend the coin wherever Bitcoin is accepted. This saves people a lot of effort, time and money spent in exchanging between cryptocurrencies. Veribit does this automatically, it calculates how many Vericoins are equal to the amount of Bitcoins required to pay and adds 2 Vericoins as a transaction fee. There is a restriction of the maximum amount of money possible to send which is expected to be rising in the future. The simplicity of paying directly from your wallet with an alternative to Bitcoin but using the Bitcoin’s already established network of merchant acceptance is a great incentive for people to opt for Vericoin.
The proof of stake time system that replaces the need for mining and improves the safety of the network. The innovative model enables people to earn interest on the amount of coins they have in their wallet. The interest rate grows with the increasing number of coins that are staking. The proof of stake time algorithm is also a more environmentally friendly alternative to the energy consuming mining of Bitcoin, for instance. What adds even more value to the cryptocurrency is the Verisend anonymous transaction system that offers optimal security and anonymity by mixing and hiding transactional data. However, the payee and the payer have easy access to their balance and transactional history. The Verisms service enables them to type addresses and send and receive money at any time from their phone.