While much of the dialogue in the blockchain and crypto space dwells on record breaking increases in gas prices and fixes to scale Ethereum, developers are already coding historic technological advancements in the protocol layer that solve many of the issues and challenges the blockchain community is facing.
These framework solutions are not leapfrogging current tech for a competitive, monopolizing advantage, but are building for collaboration, blockchain agnosticism and inclusive bridges with interoperable tools, so these systems can work more efficiently, together.
There are many projects making huge advancements in the areas of consensus algorithms, privacy, self sovereign identities, fractional reserve currencies and bonding curves, conversion, currency design and launch, but the space has yet to see a protocol that is simultaneously and expediently innovating on all of these layers and weaving the solutions together — until now.
Democratizing the Protocol Layer & Public Blockchains as a Service
It launched without an ICO, without a pre-mine, and taking no development fees, and within 15 minutes of its announcement, it was mined and staked by thousands of network members worldwide. That was more than two years ago, and today, open-sourced Verus (Verus Coin.io) is on the leading edge of scalable blockchain technology that, although flying relatively underneath the radar, is having huge ripple effects on the space.
The project is supported by contributors around the world and an independent non-profit foundation that offers bounties and aids in the decentralized building of technology by the community. It is in rapid development and has already actualized many parts of its vision for a rent-free blockchain framework that provides chain interoperability and can scale to the world.
An Intergenerational Advantage
While many blockchain developers are still cutting their teeth on this technology, the lead developer of Verus has been around for a while. While Mike Toutonghi often shys from the limelight and shuns hype, it is worth telling that he is a seasoned web veteran who led Kernel development on Microsoft 95, and is also one of the founders of Microsoft’s Java efforts and .Net. Much like his days at Microsoft, where he was adding threads to operating systems where there were none, starting platform efforts that are now used by millions, or architecting data systems for Internet scale advertising, he similarly felt needed to help build the world’s future blockchain infrastructure.
Toutonghi saw that chains needed to talk to each other, that consensus algorithms were not resilient enough, and so began by adding Custom Consensus (smart contracts) to Bitcoin script. The development pioneer went on to modify the core consensus rules and now Toutonghi, alongside his son and dozens of leading developers around the world, are pushing the limits even further, mitigating some of the biggest vulnerabilities and innovating solutions by doing what Toutonghi does best — inventing solutions, weaving across layers, and building bridges.
READ MORE: https://medium.com/veruscoin/verus-testnet-release-marks-new-advancements-in-crypto-2701bf3e7c3