VPNCoin & BitNet: More Than Currency

VPNCoin & BitNet: More Than Currency

When Uphold acquired BitNet in 2016 it used what was left of BitNet to create it’s UMS, or Uphold Merchant Services. Included with the BitNet acquisit

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When Uphold acquired BitNet in 2016 it used what was left of BitNet to create it’s UMS, or Uphold Merchant Services. Included with the BitNet acquisition was of, course, BitNet’s cryptocurrency VPNCoin. A cryptocurrency is a digital currency in which the regulation of the generation of units of the currency along with the unification of the transfer of funds is regulated through encryption techniques. VPNCoin’s hashing algorithm is Proof of Stake. Proof of Stake hashing algorithm is an alternative to Proof of Work. Like Proof of Work its intention is to prevent doublespend and help to provide a consensus, though it seeks to address some perceived downfalls of Proof of Work. It does so by changing the resource that is compared. With Proof of Work mining, or adding transaction records to the public ledger, depends on the skill of the miner. So a skilled miner could mine a block that is greater than the amount of the currency they own. With Proof of Stake you can only mine the percentage of the block that you also own. So someone who holds 1% of the currency can mine 1% of the block. Essentially they want to protect their currency from suffering the same fate that Bitcoin did.

VPNCoin dates back to 2014, it’s actually BitNet’s first crypotcurrency issued, and the VPNCoin wallet goes beyond just a mere currency. It allows you to access the internet so all of your Facebooking, Tweeting, and Youtube watching can continue uninterrupted. It allows you to change your IP address as well as encrypt your network data giving you full online privacy. They also boast the ability to breakthrough network restrictions as well as reducing network delay. There’s custom style support, they support plug in extensions, provide detailed transaction records, and it gives you the ability to run VPN serivces. You can use VPNCoin wallet in conjunction with IPJOIN and create your own new dark net. It is all of these functions that have some cryptocurrency bloggers anointing VPNCoin with the honor of being the “first practical virtual currency” that uses Proof of Share hashing.

All these features are great but if you’re going to invest in a currency you want to make sure that it is worth something. As of press time VPNCoin had a Market Cap of $1, 139, 355 and a volume (24h) of $20, 347. There are approximately 400, 339, 746 VPN available and it’s market rating is between 75 and 149 depending on the source.

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