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Verium

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Verium (VRM) – The Digital Commodity

A purely digital commodity which runs on it’s own unique protocol PoWT (Proof-of-Work-Time). Verium was created to be an innovative, independent store of value asset, in addition to supporting the VeriCoin blockchain. Verium solves the blockchain scaling issue by introducing a new variable block-time paradigm that speeds up as mining power increases. This allows Verium to automatically scale, enhance transaction speed and capacity, while ensuring security at any level of mining. Through Verium’s auxiliary mining protocol, Verium will also process VeriCoin blocks. This process will speed up VeriCoin’s block-time to 30 seconds or faster. This enables VeriCoin’s network to provide an efficient and scalable ecosystem for consumer transactions well beyond current standards. Verium is accessible to anyone with a PC or laptop in three easy steps. needs reference to Dual Blockchain

Verium is a purely digital minable asset. Anyone can mine Verium from their personal computer with one click. Verium will be part of the VeriCoin dual blockchain system. Type !vrmwallets to download the wallet miner and start mining.

The World’s First (in what?) CPU Mineable Digital Commodity

Verium is a hard minable store of value

Links

  1. Official Website
  2. Verium Wallet
  3. Verium Mining and Proof-of-Work-Time

Complete listing of links for social media, support, resources, etc.:

Verium Specs

  • Proof of Work-Time
  • Difficulty dependent blocktime (Max ~6.2 minutes, minimum 15 seconds)
  • Rewards: Blocktime dependent rewards (~Reward halving every minute decrease in blocktime till 10x VRC supply parity, then variable ~3% disinflation)
  • Algo: scrypt² (N of 1024² or 128MB per thread)
  • Block 1: 564,705 VRM minted for ICO participants who purchased VRM using VRC
  • Minimum Transaction Fee: 0.2 VRM (High commodity transaction fee paid to miners)
  • RPC Port: 33987, P2Port: 36988
  • Confirmations: 30, Maturity: 100

CPU Mining

The days of needing specialized computing hardware and sophisticated know-how to mine digital currency are over. Anyone can easily mine Verium. Just download the Verium Vault software to any computer, click mine and starting earning Verium, the digital gold that backs the digital currency VeriCoin. Verium is one of the few digital currencies that can not be mined by specialized GPUs and ASICs. Why Is This Important? By making it easy for anyone and everyone to mine Verium, we create a more decentralized system. Did you know that right know China accounts for over 2/3rds of all Bitcoin mining power? (source Bloomberg.com)

Power Based Rewards

As mining power increases the reward slowly decreases, this mechanism makes the reserve commodity supply curve drop based on increased demand and can drive a value increase over time and increased usage.

Digital Gold Standard

By building a consensus-paired digital ecosystem, the currency (VeriCoin) can scale to mass usage and remain extremely inexpensive, and the reserve commodity (Verium) can scale while stabilizing value via a growing supply cost.

Blockchain Explorers and Tools

Buy & Trade Verium

Ticker: VRM https://bittrex.com/Market/Index?MarketName=BTC-VRM

Fee efficient transactions

5 blocks / transaction will probably be the cheapest, so 5 blocks ~ 20 coins will cost 0.2 transaction fee, that means at best 1% of what you mined.

pnosker :

 fee isn't related to the # of VRM transferred, it's related to how many bytes the transaction is
 You could send that 150 in one tx to a new wallet address and send another 150 to the same, and send those 300 VRM for just 0.2 fee

Q: I know the fee is related to bytes sent but is this not directly correlated to the size of VRM? Whenever I have sent any VRM there has always been a scaling up of the fee depending on the size of VRM sent and these fees always seem to be the same when certain amounts are sent.

pnosker :

That's just because you have inputs with roughly the same amount of VRM in them since you're mining. The # of bytes a tx takes up corresponds to the # of inputs (each 3.xx VRM input to add up to the 150) and outputs (the # of addresses you're sending to, if using a change address or sendmany it can be more than 1) If you bought 10000 VRM from an exchange, for example, and wanted to send 5000 of them, it'd only take 0.2 VRM since the inputs would have been combined by the exchange

for example this tx [1] fee is 0.2 but 16375 VRM was sent

masterminer @pnosker Ah very interesting. So if I read that correctly, if I mine 150 VRM and send it to Bittrex I will be charged 1 VRM in fees. If I then send 150 VRM from Bittrex to my wallet it will be 0.2 VRM in fees?

maximaus So wallet to wallet will still be 0.2 presumably Good to know I was also unclear about this

pnosker :

it depends on the inputs @masterminer, I'm not sure how many inputs bittrex combines but I'm saying your rule of thumb 1 VRM for 150 VRM send isn't always valid