Quote from: monsanto on December 08, 2017, 04:36:58 PM

Quote from: MoonIsBlue on December 08, 2017, 12:23:24 AM

But what exactly are the technological implications of this? Is this a platform with a currency, is it designed to operate as a currency only such as Litecoin? I checked this project about 4 months ago for the first time and I find it interesting, something I believe Soferox launched an ICO for. But I'm not tech savy and all this announcement isn't making me any wiser on what exactly is being developed? Will this be applicable to other chains? I'm looking hard to find something here that I'm missing. Can someone guide me?

Like most crypto projects, I think the ultimate utilization of verium/vericoin's unique features will probably play out in ways not yet envisioned. But there are some things that I can envision already, and maybe I can explain it better if I apply those ideas to an alternate reality where bitcoin core and bitcoin cash joined forces instead of going to war. (Warning: possible plasphemy ahead for btc maximalists Wink

)

As we know, the BTC core community has moved away from the idea of providing on-chain scaling, emphasizing "store of value" aspects and the idea of digital gold. The response is BCH, which has a community trying to operate it as p2p digital cash, with super low fees but still on-chain. That will be difficult (maybe impossible) if they stay proof-of-work.

So imagine if BCH instead of trying to steal BTC hash power moved to proof-of-stake for the lowest fees possible. This would have less security than BTC blockchain but would have much lower transaction fees than BTC. In this scenario, BTC and BCH decide to work together on a single wallet (like the Gemini wallet coming for verium/vericoin) and institute auxiliary proof-of-work mining connecting both chains. This binary chain wallet would allow someone to send BCH cheaply for every day purchases, while also having BTC as an extremely secure place to deposit funds for the medium to long term, and for large transactions. Also, BTC could continue to work on 2nd layer solutions while joined in this binary chain. It would seem to be the best of both worlds. The proof-of-stake side gets additional security from the binary chain while retaining low fee txs, and the proof-of-work side gets an easy way to withdraw funds into a cash like system for every day use: BTC digital gold + BCH digital cash.

You could even have competition between 2nd layer low fee solutions on the BTC chain versus BCH transactions. This would fuel innovation while both communities are synergistically working together in the same system.

Now with verium & vericoin we will have something that can create the above vision from the ground up, with a specific algorithm in verium to retain decentralization through CPU mining. I think this project has so many unique things about it, that the road map can only be used as a rough guide for how it will impact cryptocurrencies.

Long story short, I believe this project is ripe for a black swan event.

You make a good case. I agree with all you said, Vericoin will shoot up very soon, just wish the development would speed up!

CageKennylz

Posts

Merits