Announcing availability of CLI testnet and first release candidate (RC1) for the Verus ID and VerusHash 2.1 Network Upgrade!
This is the first release candidate (RC1) for the next major upgrade to the Verus network. It is considered fully ready for testing on both VRSCTEST testnet and VRSC mainnet. While this release is likely to work fine on mainnet through the coming activation, it is not yet an official release that you should expect to support mainnet activation. This release is intended for community members and
ecosystem developers to have a chance to test and familiarize themselves with Verus ID technology on testnet. If you install this version, please make sure to upgrade to an official release before network activation, which will happen at block
800200, expected to be mined or staked on December 15th.
This release enables two technology upgrades, one that would be considered big news to most cryptocurrency projects, an improvement to the
FPGA-equalizing hash algorithm, and a revolutionary, new decentralized identity technology,
Verus IDs, that will disrupt today’s centralized systems with the most secure, quantum ready, fully decentralized, self-sovereign digital identity system in the world.
Verus ID - A Better Blockchain Identity TechnologyIf you’ve been around crypto for even a little while, you’ll start to hear things like “not your keys, not your coins”, “lose your keys, lose your coins”. If you lose your keys, no one will ever be able to recover your money.
In fact, trading off decentralized, censorship resistant public systems for this risk to your cryptocurrency assets is such a fundamental issue in blockchain systems today that it is considered an acceptable price for having the benefit of full control over your own funds and blockchain assets.
Verus ID provides an elegant solution to these previously unsolved, fundamental problems, and also provides quantum-ready friendly identity names and blockchain funds addresses as self-sovereign, revocable, recoverable identities that provide the following advantages over today’s blockchain systems:
- Identity and currency address are one and the same. Your friendly name can be used as both a reference to who you are and an on-chain destination for any funds transfer.
- Each identity must have a set of addresses (1 or more) and a minimum number of signatures required from those addresses to spend or sign on behalf of an identity. Each identity also refers to two additional identities that have authority over:
- Primary - this is the self identity and may modify any part of the identity except its name, its parent, which is derived from the blockchain on which it is defined, and unless it is also one of the two other authorities, it may not modify any data under their control, including the identity of the other authorities once specified.
- Revocation - this identity may revoke the primary identity, which will also revoke access to all funds and transactions under its control, but it may not spend any funds or sign on behalf of the identity.
- Recovery - this authority may redefine/recover a revoked identity, but it may not change the revocation authority, nor may it modify an unrevoked identity at all.
- Identities are transferable by defining them with primary addresses with private keys, which are under another party’s control. When identities are transferred, the revocation and recovery authorities may or may not be modified as well, as long as the party updating the ID has the authority to do so.
- If an identity is transferred from one party to another, all funds in transactions that are under the control of that identity will also transfer to the party to which control is being transferred. In the native wallet, these changes are automatically reflected in the wallet balance and visibility of the balance of an identity using z_getbalance identity@”.
- If later, a new address type or signature algorithm, such as one that is quantum secure s added to the Verus blockchain, all transactions sent to an identity that is updated to be under the control of the new address type will be subject to its spend conditions as well. That means that if you have 1000 transactions sent to your identity name/address, an upgrade to a quantum secure address, when they are available, will retroactively secure all 1000 transactions under the control of that address.
You can download RC1 at:
https://github.com/VerusCoin/VerusCoin/releases/tag/v0.5.9-37For more information or help visit our discord:
https://discord.gg/VRKMP2S
