Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released - page 90. (Read 1356140 times)

This is a problem with this promotion idea and good reason to vote against it in my view.  We will hold more votes on promotions like this and other fund usage details soon.

If you are like me and had questions regarding this portion of the rewards given out, please head to this thread  https://www.vericoinforums.com/threads/rewarding-the-top-250.1329/


I am definitely leaning toward the side of shenanigans at the moment for inability to fairly distrubute that top 250 list, as I know that isn't one person who owns all 250, but there is definitely not a current system worked out that is showing that 250 people would be getting rewarded instead of 250 addresses'   

Added VRM ANN for easier information finding for new people: https://bitcointalksearch.org/topic/annvrm-verium-powt-cpu-mining-scrypt-scaling-new-roadmap-released-1540023

Verium ICO fund distribution (result of community vote):
-50% Stake endowment fund: Coins will never be moved, just interest from staking used in-perpetuity for infrastructure costs
-20% Development
-20% Marketing and Design
-10% Third party partnerships

Verium in addition to it's benefits to VeriCoin will be a powerful, innovative and efficient PoW (Proof of Work) too.

The variable block time paradigm does a number of great things:

* It increases blockchain performance with security.
* It automatically addresses the scalability issue BTC has.
* It softens the difficulty mechanism without loss of security, so that mining power can grow more efficiently and organically.
* Rewards in minutes per mining between blocks enables more profitability of mining that is dependent on power and time burning electric.
* A decreasing reward as the blockchain speeds, incentivizes a balance of efficiency and power, while maintaining security with a corresponding block time.
* ASIC and GPU resistant due to memory hardness.

So as a standalone PoW it will be one of the best and most innovative approaches to PoW.

What does this mean for Vericoin?

In short you get more security, faster transaction times and lower fees in VeriCoin the currency through Verium the reserve commodity.

"Protocol and Pairing"



"Verium - A currency and a Reserve"


"Distribution"



"Polls"

Polls are closed. Breakdown is:

50% of ICO will go to stake endowment fund. Never to be moved, just interest used.


The other 50% is split up in 20% Development, 20% Marketing and Design, 10% Third party partnerships

This is a nice breakdown. In future we will discuss and vote on elements of these categories.

"Free Verium"

We are considering granting free Verium to VRC holders. Our idea right now, though not set in stone is:

At the end of the ICO, the top 250 VRC addresses in terms of balance at that time and having had staked at least one block in month preceding the ICO end date will receive 1 VRM per 500 VRC with no partial VRM for between 0-500 VRC. For example, if you have 20,000 VRC, you would get 40 VRM. If you had 20,499 VRC you would still only get 40 VRM. Your VRC private key would be able to redeem the VRM by importing it to your wallet. If you keep your money on an exchange you would get nothing.

This will reward VRC stakers who are contributing to the security of VeriCoin. It will also help VRM gain some early adopters. It's a mutually beneficial arrangement, one of many in the Veri ecosystem.

What does everyone think of this idea? We have not made any decisions yet, but this will definitely play into it.

In addition to this, as effectsToCause mentioned earlier, we have proposed taking 50% of the ICO funds and donating it to our VeriFund endowment: VFEndownxxnHea9mv59kZx8c7TysGbndYx. This address is only going to be used to stake perpetually. No donated coins will be used for funding anything. Only interest made off staking will ever be used to fund and support VeriCoin. Consider it a staking burn address where you know your donation will never help reduce the price of VRC.

Basically:

Be in the top 250 list of VRC Addresses: https://chainz.cryptoid.info/vrc/#!rich
Stake your coins regularly
Get free Verium

Please comment with your take on our ideas for the VRM introduction and swap.

"Date for the Verium ICO swap"

The Verium ICO starts on 20 July.

"Will VRM miners be able to mine VRC blocks?"

VRM miners will be able to mine VRC blocks using AuxPOW once it's turned on. We won't be turning it on in the initial days while we optimize VRM, but it will be enabled once we finish Aux testing.

VRM doesn't depend on VRC necessarily, but because we will have an equivalent system to VeriBit (VRM->VRC and VRC->VRM), it will initialize an ecosystem. Also because VRC will be much easier to spend (faster, lower fees) than VRM, it will make sense for VRM users to use VRC as a currency.

VRM will be the mined asset. VRC will be the dollar bills.

"Is Verium GPU / ASIC resistant?"

Well we have done a lot of testing and have not been able to get any GPUs to mine it. All GPUs we have tested with (R9 280x) so far have only produced hardware errors. So this is good, it keeps the playing field level.

Our VRM wallet has a start mining button and you can choose the number of cores you want to mine with. So CPUs will be able to hit it (but you will need a good amount of system memory, it looks like 8 GB is around the minimum). Maybe some day someone will make a GPU miner that works, but as of right now, most GPUs don't have enough memory and the ones that do seem to error out.

Definitely don't expect ASICs to be able to mine anytime soon due to the massive memory requirements. Even if an ASIC manufacturer adds additional memory, they would have to use a fast enough of a bus to transport the data, so if it happens, it's very good for VRM because no other coin uses the technology and the cost to design an ASIC would likely be millions of dollars.

"So how do I mine Verium?"

Using your Central Processing Unit (CPU).

"How to generate a Verium address"

The Verium address will be the same format as VeriCoin, so a VeriCoin private key you own can be imported into your Verium wallet and vice versa.  The balance will be different depending on which chain it is on (VeriCoin or Verium) but you can hold one private key with both Verium and VeriCoin on it from each chain.  We will release an update to the VeriCoin wallet prior to the ICO that is a bit lighter, has some UI improvements but will also make exporting a private key very easy in the user-interface for this purpose.  So when the ICO starts you will use the VeriCoin wallet to generate your Verium address and export the private key for importing into the Verium wallet once it is released.

Hope this answers most questions.

https://www.vericoinforums.com/threads/explaining-verium-information.1331/

Thats what you get when you run a coin without premine - ipo etc. No funds available for marketing (yet). Most, if not all expanses are paid by the dev team.

https://www.vericoinforums.com/threads/ico-poll-for-remaining-50.1327/page-2#post-19283

Polls closed. Breakdown is:

20% Development, 20% Marketing and Design, 10% Third party partnerships.

So after the ICO we will have some funds for Marketing and Design.

There's really no marketing at all of this coin.

In short you get more security, faster transaction times and lower fees in VeriCoin the currency through Verium the reserve commodity.

Verium in addition to its benefits to VeriCoin will be a powerful, innovative and efficient PoW too.

The variable block time paradigm does a number of great things:  

-It increases blockchain performance with security.
-It automatically addresses the scalability issue BTC has.
-It softens the difficulty mechanism without loss of security, so that mining power can grow more efficiently and organically.
-Rewards in minutes per mining between blocks enables more profitability of mining that is dependent on power and time burning electric.
-A decreasing reward as the blockchain speeds, incentivizes a balance of efficiency and power, while maintaining security with a corresponding block time.
-ASIC and GPU resistant due to memory hardness.

So as a standalone PoW it will be one of the best and most innovative approaches to PoW.

Plan for distribution?

That explains the mining and technical setup, but I am not really seeing what the purpose of VRM is (ie real world use or plan for distribution).

...or is it simply a matter of creating a secure and strong network at this stage, hoping that purpose will follow later ?

Seems we're heading for 10k. How are you marketing the upcoming ICO? Did you think about writing a few posts on Medium? Maybe set a small marketing fund and advertise on The Viral Exchange?

Three if you include the one that forked a while ago 

It's really good..

Two blockchain to enforce each other !

Verium in addition to its benefits to VeriCoin will be a powerful, innovative and efficient PoW too.

-ASIC and GPU resistant due to memory hardness.

The variable block time paradigm does a number of great things:  
-It increases blockchain performance with security.
-It automatically addresses the scalability issue BTC has.
-It softens the difficulty mechanism without loss of security, so that mining power can grow more efficiently and organically.
-Rewards in minutes per mining between blocks enables more profitability of mining that is dependent on power and time burning electric.
-A decreasing reward as the blockchain speeds, incentivizes a balance of efficiency and power, while maintaining security with a corresponding block time.

So as a standalone PoW it will be one of the best and most innovative approaches to PoW.

Maybe this will help more

https://www.vericoinforums.com/threads/explaining-the-verium-vericoin-relationship.1330/#post-19306

Have vericoins.com

Entertaining offers.

His question was still not answered. I understand how the whole thing benefits VRC in a lot of ways, but I still cannot understand why people who have VRC will want to exchange it to VRM? It seams like this was not really thought out very well? I understand the ICO discount etc. etc. but what gives value to VRM in the long run? The way I see it, it will always be viewed as VRCs ugly fat little brother and will start to loose value as soon as the initial hype is over. I also understand you will try to keep it 1:10 ratio but this does not mean that the market price will be proportional.

This reminds me of the emperor's new clothes where we all pretend that Verium is so cool until somebody actually starts asking questions.

What kind of bounty? We are raising funds for bounties for various tasks to be completed.

Just kidding

Nothing set in stone. There was some talk about the top 250 holders being rewarded (for securing the network).

Is there bounty? 

How is Verium helping Vericoin?

-High fees enable secure mining in PoW
-Low fees enable valuable currency, in PoS fees can be low because staking is near costless

So a more valuable commodity and a more valuable currency is possible in those opposite cases. Security and decentralization is increased with mining and staking, but the fee structures have opposite effect.

Also variable block time secures mining and any blocks coming into VRC from VRM speeds transactions.

So in short you get more security, faster transaction times and lower fees in VeriCoin the currency through Verium the reserve commodity. This makes VeriCoin a more valuable currency.

https://www.vericoinforums.com/threads/explaining-the-verium-vericoin-relationship.1330/#post-19271


From the VRC side: VRM miners will be able to mine VRC blocks using AuxPOW once it's turned on. We won't be turning it on in the initial days while we optimize VRM, but it will be enabled once we finish Aux testing.

VRM doesn't depend on VRC necessarily, but because we will have an equivalent system to VeriBit (VRM->VRC and VRC->VRM), it will initialize an ecosystem. Also because VRC will be much easier to spend (faster, lower fees) than VRM, it will make sense for VRM users to use VRC as a currency.

VRM will be the mined asset. VRC will be the dollar bills.

https://www.vericoinforums.com/threads/explaining-the-verium-vericoin-relationship.1330/#post-19273