The VeriCoin + Verium Story & Vision
VeriCoin's origin starts in the summer of 2014 when two innovative PhD. students from Rutgers University were determined to solve challenges they saw (and correctly anticipated) with existing cryptocurrencies.
The objective:
Create a cryptocurrency that was scalable, fast, secure and with nearly zero fees.
The requirements:
The project had to be open-source and fair. No pre-mine, No ICO, No centralized team owning the lion's share of coins.
The ultimate goal:
Opportunity Through Accessibility
Accessibility Through Opportunitiy
Innovation and transparency has been - and always will be - key characteristics of the project.
VeriCoin became the first cryptocurrency to utilize a unique blockchain protocol called "Proof of Stake Time" which provided an added layer of security and consensus over standard Proof of Stake coins. It was one of the first projects in which the developers were not anonymous and presented their true names and faces.
The VeriConomy Is Born
In 2016 the developers released their biggest innovation and concept to date - Verium. While VeriCoin acts as an extremely fast and near-zero transaction costs currency, Verium was designed as a digital reserve backed by the hard costs of a unique "Proof of Work Time" protocol. Keeping in mind the goal of "Opportunity Thru Accessibility", Verium can only be efficiently mined with conventional CPU memory - something most everyone in the world has easy access to. This allows more people the opportunity to profitably mine with computing hardware they already own or can get easy acquire.
The next chapter...
Our dream is to help build a world in which everyone has the opportunity to easily access, use and benefit from the advantages of cryptocurrency. Through accessibility, more opportunities will be presented to those who seek it.
We believe by creating a technically and economically sound protocol that is accessible to everyone through open-source, new heroes will emerge and will sieze the opportunity to innovate and continually improve the VeriConomy digital currency and reserve ecosystem.
If you share the same beliefs....that you should control your own money, transactions should be peer-to-peer, permissionless, trustless, fast, and free, then we hope you have an interest in joining our team. We are always looking for those who share our vision to work alongside us in helping to make the dream of "Opportunity Through Accessibility" a reality.
"Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it's the only thing that ever has"
Margaret Mead
Development Roadmap
Proof of Stake-Time (PoST) is a novel approach to forming a consensus by introducing a stake-time component, where the probability to stake increases over time. This better incentives staking and enhances the security of the network. It also enhances the decentralization of the consensus.
Technical Whitepaper
Proof of Stake-Time (PoST) is a novel approach to forming a consensus by introducing a stake-time component, where the probability to stake increases over time. This better incentives staking and enhances the security of the network. It also enhances the decentralization of the consensus.
Contributors & Developers
The VeriCoin and Verium team largely consists of innovative, hard-working volunteers who are passionate about creating a positive change to the global digital economy. Our mission is to empower the individual to freely control their own money. Our active community of volunteers reside all over the world. The quantity and quality of community members providing development, marketing, awareness and general support continues to improve and we look forward to working with other like-minded persons who believe our dream can be a reality. If you have ideas and/or would like to contribute or work with us, please contact [email protected]
