https://medium.com/veruscoin/introducing-pure-the-currency-100-backed-by-verus-bitcoin-d07033be15acIntroducing Pure — The Currency 100% Backed by Verus & Bitcoin
Pure is a decentralized currency fully backed by Verus (VRSC) & Bitcoin (tBTC). Hold Pure to be exposed to both Verus and Bitcoin while accruing fees from conversions. Or use it to convert from tBTC to VRSC and vice versa.
Pure launch block: 2,975,703 (Sunday 24 March, 2024).
✅ Start preconverting to Pure now for an 8 day period. Read further to learn how.
❓ tBTC is BTC on the Ethereum network. Threshold.network supplies a decentralized bridge for users to bridge BTC to Ethereum. tBTC is also bridged to Verus.
⌨️ Join the Verus Discord and type in /pure to see how much is in the reserves, the Pure supply & its protocol prices.
What is Pure?
Pure is a decentralized currency launched on the Verus blockchain. It is fully backed by its reserves: Verus (VRSC) and Bitcoin (tBTC), with a reserve ratio of 50/50%.
The currency is called Pure because it aligns with the true ideals of decentralization and transparency:
Bitcoin and Verus are fully decentralized and controlled by its nodes and block producers. No single entity or company controls them. They are not a business — they are rent-free protocols.
Bitcoin and Verus had fair launches. No ICO, no premine and no developer fees or taxes.
Bitcoin and Verus have a limited supply.
Bitcoin and Verus are censorship-resistant.
Hold Pure to be exposed to two decentralized cryptocurrencies upholding true cypherpunk values.
Another benefit of holding Pure is that the currency accrues conversion fees. When users convert from Pure to VRSC or tBTC (or vice versa) they pay a conversion fee of 0.025%. When users convert between VRSC and tBTC they pay a conversion fee of 0.05%.
Half of those conversion fees (50%) stay in the Pure reserves, increasing the value of Pure since no new Pure is minted. The conversions are MEV-resistant and verified by the miners and stakers of the protocol. Learn more about Verus DeFi.
Conversions between VRSC and tBTC are only possible after the preconversion period has ended on Sunday 24 March, 2024. From now on you can only add VRSC and tBTC into the reserves of Pure.
Users can also create subIDs which cost 0.00021 tBTC.vETH (in Pure). These costs are burned reducing Pure in circulation. Learn more about VerusID and what you can do with it here. If users create an identity with your subID as referral, they pay 2/3 less — you get 1/3 and 1/3 is discounted.
What is the preconversion period?
The preconversion period is an 8 day period in which users can fund the reserves of Pure with VRSC and tBTC. Depending on how much they added they will get their fair share of the 20,000 Pure after the 8day period.
The initial supply of Pure is 20,000. After the initial supply has been distributed by the protocol, the supply is dynamic. When users convert from VRSC or tBTC into Pure, Pure is minted. When people convert from Pure back to VRSC or tBTC, the Pure is burned.
What is tBTC, how do I get it & bridge it to Verus?
tBTC is BTC on the Ethereum network. The decentralized bridge between Bitcoin and Ethereum is supplied by the Threshold Network.
Existing solutions that bridge Bitcoin to Ethereum require users to send their Bitcoin to an intermediary, in exchange for an ERC-20 token that represents the original asset. This centralized model requires you to trust a third party and is susceptible to censorship, threatening the premise of Bitcoin as sovereign, secure, permissionless digital asset.
The second generation of tBTC is a truly decentralized (and scalable) bridge between Bitcoin and Ethereum. It provides Bitcoin holders secure and open access to the broader DeFi ecosystem. tBTC v2 allows you to unlock your Bitcoin’s value to borrow and lend, mint stablecoins, provide liquidity, and much more.
Get tBTC on Kraken, Uniswap, Curve & others. Or mint it yourself
tBTC token address:
https://etherscan.io/token/0x18084fba666a33d37592fa2633fd49a74dd93a88You can send tBTC to your MetaMask wallet or Verus Mobile first, and later you have to bridge it to the Verus blockchain. Bridging is done through the non-custodial Verus-Ethereum Bridge
Adding tBTC ERC-20 to Verus Mobile
Here is a guide to add the tBTC ERC-20 to Verus Mobile:
Press the plus-button bottom-right corner
Press “Add ERC-20 Token”
Select checkmark to “Find using mapped PBaaS currency”, and fill in “tbtc.veth”, then press Continue
Press OK when a warning screen pops up.
You have added the tBTC ERC-20 in Verus Mobile and are now ready to receive it.
Bridging tBTC to the Verus blockchain
You have to bridge the ERC-20 tBTC over to the Verus blockchain with the bridge website or with Verus Mobile to participate in the preconversion period.
🔔 It costs a considerable amount to bridge over to Verus. The Ethereum blockchain is quite congested and transactions are expensive because of it. Bridging costs estimation: when ETH is @ $3900 and the gas is at 60 gwei, you pay around $150 to bridge tBTC over to Verus. It can take up to 60 minutes before the tBTC arrives on the Verus blockchain.
Let’s start how to bridge with MetaMask and the Verus-Ethereum Bridge website:
https://eth.verusbridge.io/ Connect MetaMask with this website:
https://eth.verusbridge.io/ Address: where you want the tBTC to end up on the Verus blockchain
Token: select “[tBTC v2] as tBTC.vETH”
Destination: select “[tBTC v2] as tBTC.vETH on VRSC”
Choose the amount you want to bridge over
If you use Verus Desktop don’t forget to add tBTC.vETH in the “Multiverse”-tab!
You can also bridge with Verus Mobile.
First let’s add tBTC.vETH to your Verus Mobile wallet:
Press the plus-button bottom-right corner
Press “Add PBaaS currency”
Enter “tbtc.veth” and press continue
Press “ADD”
Now let’s bridge the tBTC ERC-20 over to the Verus blockchain.
Press tBTC v2
Press “Send” and then “Convert or cross-chain”
Press “Send off-chain”
As the recipient address fill in a Verus address you own (R- or i-address, or VerusID)
Fill in the amount you want to send
Then as “Select network to send to” choose Verus
Then as “Select currency to receive as” choose tBTC.vETH
Now you can safely bridge the tBTC over.
So now that you’ve bridged tBTC over to Verus either on Verus Mobile or Verus Desktop, it’s time to preconvert.
How do I preconvert to Pure?
When you preconvert you put tBTC.vETH or VRSC in the reserves of Pure. After the 8 day preconversion period you receive an amount of the 20,000 Pure, distributed by the protocol.
You can preconvert with Verus Desktop and Verus Mobile.
Preconvert with Verus Desktop
On Verus Desktop click the “Convert Currencies”-button and then go to the “Advanced”-tab.
Choose amount to send (tBTC.vETH or VRSC)
“From Currency”: fill in tBTC.vETH or VRSC
“To Currency”: fill in Pure
“Destination Address”: fill in a R-/i-address or VerusID where you want to receive Pure
Check the box: “Send as pre-convert”
“Refund Address”: Sometimes a currency has a minimum or maximum amount to preconvert before it launches. For example, when the minimum preconversion amount is not met, and thus the currency not launched, you will receive your funds back. In this case there isn’t a minimum or maximum but you still need to fill it in. Can be the same as your Destination Address.
Now click “Convert Currencies”, and that’s it! You have now added a currency into the reserves of Pure and have to wait until Pure is out of the preconversion period.
Preconvert with Verus Mobile
Press tBTC.vETH or VRSC
Press “Send” and then “Convert or cross-chain”
Press “Preconvert”
As the recipient address fill in a Verus address you own (R- or i-address, or VerusID)
Fill in the amount you want to preconvert
Then as “Select currency to preconvert to” choose Pure
The network to send to is Verus
Now press “Send” and confirm, and that’s it! You have now added a currency into the reserves of Pure and have to wait until Pure is out of the preconversion period.
Now that you have preconverted tBTC or VRSC into the reserves of Pure, all you have to do is wait for the preconversion period to be over. When that time has come you will receive Pure in your wallet.
Once you have received Pure into your wallet you can always convert it back to VRSC or tBTC.
Join the crypto revolution with Verus & Pure
Pure is a unique currency backed fully by VRSC and tBTC, launched on the Verus Protocol. Join the Verus Discord and explore what Verus has to offer!
Verus solves scalability by neither sacrificing decentralization or security
The Verus-Ethereum Bridge is non-custodial & trustless
Launch currencies (like Pure!) without any coding needed
Launch fully interoperable, independent and customizable PBaaS-blockchains
VerusID: self-sovereign identities
Verus DeFi: simple, low-cost, MEV-resistant and without any middleman
Verus is the protocol for builders: join the community at Consensus 2024
And so much more.
Join the community. Learn about the protocol. Use Verus. Get ahead of the game.
http://www.verus.io/discordhttps://twitter.com/VerusCoinhttp://www.verus.io/