Other Observations
VirtaCoin addresses are similar to Bitcoin addresses and can be used to send and receive
Bitcoins as well, though it is to be noted that bitcoin blockchain is enitrely different and
needs to be in reach of the wallet software in order to use such feature. One can also send
VirtaCoins to a Bitcoin address and Bitcoins to a VirtaCoin address, if they have both of
the two blockchains stored in their PC. A single VirtaCoin or Bitcoin address can as well be
used to separately manage balances of both cryptocurrencies. VirtaCoin is the first and only
scrypt-based coin to do all this. Here is an example of a VirtaCoin address:
1PZiaTusAqZtiyfxUSUUUnzZSXzfAzTE1Y
It can be seen that the address also starts with a "1", just like most Bitcoin addresses.
VirtaCoins can be sent to Bitcoin addresses that begin with a "3" such those provided by
BitGo and GreenAddress and generated by CryptoLife's Universal Address Generator.
"3" Bitcoin addresses are mostly used in multi-signature wallets and can be used to send
Bitcoins to VirtaCoin addresses as well. You will need to know the private key of your
VirtaCoin or Bitcoin address to be able to view and manage the opposite balance of the
wallet that originally created the address, meaning for a VirtaCoin address created with
VirtaCoin Core you'll need the private key in order to see any bitcoins sent to that
VirtaCoin address in a Bitcoin wallet. Exchanges and some online wallet providers don't
normally provide you with the private keys of your VirtaCoin or Bitcoin address so its
best to use addresses created from wallets that you have total control of, such as desktop or
mobile wallets. Desktop wallets such as VirtaCoin Core, MultiBit and others available at
https://bitcoin.org/en/choose-your-wallet can be used to export the private keys to a file
on your computer. Mobile apps such as Bitcoin Paper Wallet and the online Bitcoin
Wallet Generator at BitAddress.org can generate addresses with private keys.
To use VirtaCoin address as a Bitcoin address in a Bitcoin wallet simply import the
private key of your VirtaCoin address into the wallet. The popular Blockchain Wallet
works very well with your VirtaCoin address and so does MasterCoin's Omniwallet.
With both these wallet you can import your private key with ease and manage any bitcoins
sent to your address. When you import only your private key your correct
VirtaCoin/Bitcoin address (public key) will be revealed in your list of addresses. Once
you have received or sent bitcoins you should be able to view any transaction done with
your VirtaCoin address as well as your BTC balance on the Bitcoin Network using block
explorers such as Blockchain, CoinPrism or Blockr.
At the moment there isn't a way of directly viewing and managing the VirtaCoins sent to a
"3" bitcoin address. However if you generate a "3" Bitcoin address using CryptoLife and
then import the private keys into a Blockchain Wallet it will reveal a "1" Bitcoin address.
That "1" Bitcoin address is associated with the "3" Bitcoin address you generated with
CrytoLife, meaning they have the same private key and "Hash 160" identifier and can now
be used as a VirtaCoin address. The "Hash 160" identifier is shown in Blockchain's Block
Explorer whenever you try searching it for an address. If you search for your "3" address
and you click on the "Hash 160" link you'll see the same "1" address that you first saw
when importing the private key. To use your Bitcoin address as a VirtaCoin address you can
import the private key of your Bitcoin address into the VirtaCoin Core wallet. Please
remember to backup your wallet before importing another address into VirtaCoin Core.
ConclusionUpon validation of our design in the Market, we expect proof-of-work designs to become
a potentially more competitive form of peer-to-peer crypto-currency due to the more
evenly de-centralised distribution resisting 51% vulnerability, also 1000 times more number
of coins than bitcoin can ever generate assumes more availabilty for investment and more
secure wealth management offering for investors (21 million max. vs 21 billion max.)
thereby achieving lower inflation/lower transaction fees at comparable network security
levels.
https://www.virtacoin.online/vtapaper.pdf