FAQ Section

Launched on May 10th, 2014, VeriCoin is a Proof-of-Stake-Time, (formerly Proof-of-Stake), Digital Currency that features a variable interest rate which fluctuates depending on how many coins the network is staking as well as how long you personally actively stake them to earn interest. Users who stake their coins for longer periods of time are rewarded more interest while simultaneously increasing the overall network security.

On the first anniversary of VeriCoin, May 10th, 2015, VeriCoin implemented a new Proof-of-Stake protocol entitled Proof-of-Stake-Time.​

VeriCoin was created to specifically address the glaring issues other Digital Currencies were faced with. By providing investors with reasonable, long term interest gains - when they stake their coins - we have created an incentivized, economically stable, self sustaining financial system.

Along with innovative features such as VeriSMS, VeriSend and VeriBit - VeriCoin makes it simple for the average person to use Digital Currency in their everyday lives.

Extremely Low Transaction Fees
No Central Point of Failure
No Charge-backs
No Counterfeiting
Controlled by Consensus
Virtually Instant Transactions
Efficient and Streamlined

We began creating VeriCoin in March of 2014 and officially launched on May 10th 2014.

We were intrigued by the power and efficiency of the Proof-of-Stake system but just as equally dismayed by the operations of a few of the other Digital Currencies at the time. The misleading IPOs (Initial Public Offerings), the Centralized ownerships, the broken communities and the lack of a legitimate mechanism for minimizing inflation bothered us to no end.

We knew we could do better. Much better.

You can find it here: VeriCoin Blockchain

VeriCoin features a unique combination of strengths that position it well for long term, mass market adoption.

Network Stake-Dependent Interest is the novel mechanism for minimizing inflation while maximizing incentive to participate in the network. VeriCoin features a dynamic interest rate that is dependent on the liquidity of the network.

VeriBit is a novel service that allows the user to pay for items from the VeriCoin wallet with VeriCoin - wherever BitCoin is currently accepted. This automatically makes VeriCoin the most spendable Alternative Currency aside from BitCoin itself.

By visiting www.vericoin.info you will find two separate drop down menus on the far right that link to exchanges where you can purchase and trade BitCoin for VeriCoin or simply purchase VeriCoin directly utilizing PayPal or Moolah.​

*You may also connect directly to an exchange through the VeriCoin wallet itself for an even quicker experience.

VeriBit makes it possible to spend VeriCoin wherever BitCoin is accepted! Aside from BitCoin, VeriCoin is the most spendable digital currency there is.​

How it works:

VeriBit is used in the same way as sending BitCoin from a BitCoin wallet. Simply type how much BitCoin you would like to send and to what address. It's as easy as that! The VeriBit service then calculates the average current exchange rate of VeriCoin to BitCoin and requests this amount of VeriCoin to be sent to the VeriBit server for the transaction. After your VeriCoin is received, the requested amount of BitCoin is sent to the specified BitCoin address.

Yes, you can find VeriBit here

June 28, 2014

VeriSend is an optional privacy service - built directly into your wallet - which masks your transaction data essentially giving you the ability to remain anonymous.

How it works:

VeriSend is a coin mixing service which makes it nearly impossible to track the connection from sender to the receiver. This is done using a ringnode system that is continuously cycling (mixing) coins. The VeriSend coins are sent into this stream and then reappear in random fractions of the original amount that was sent.

To earn interest on your VeriCoin, simply unlock your wallet and wait. Coins that reside within your wallet for longer than eight hours will begin earning interest. It is a good idea to encrypt your wallet first. Both of these features are found under the Settings menu within your VeriCoin wallet.

Varies from day to day. The VeriCoin development team is working on a fix to the front end.

The Technical Specifications of VeriCoin are as follows...​

Name: VeriCoin
Ticker Symbol: VRC
No Premine, No IPO
Type of Coin: PoS (Proof of Stake)
Proof-of-Stake: Network-Stake-Dependent Interest
PoS Rewards: 1.5-2.5% APR Interest, Network-Stake-Dependent
Min Stake Time: 8 hours, No Max Stake Time or Amount
Confirmations: 10, Maturity: 500
Minimum Transaction Fee: 0.0001 VRC (Paid to Stakers)
PoW ended at: Block 20160, Minted 26,751,452.35 VRC
Total Coin Supply: 26,751,452.35 VRC. (1.5-2.5% inflation in perpetuity.)
RPC Port: 58683, P2Port: 58684
Current Features: Network-Stake-Dependent Interest, VeriBit, VeriSMS, VeriSend, VeriCard.
MultiPool Rewards: Dependent on current price of VeriCoin and hashrate of miner.

VeriPool pays out once every hour.

If you're passionate about VeriCoin and it's disruptive potential to upend the current status quo - join the discussion here at https://www.vericoinforums.com/forums/veritalk.49/ on our VeriCoin Forums.

If you feel that you have what it takes to accurately represent VeriCoin in your area and would like to take action please fill out the VeriLeader Application at https://www.vericoinforums.com/forms/verileader-application.2/respond
to be considered for membership into our VeriLeader Program.

For general or technical questions related to VeriCoin itself please email [email protected]

For questions related to VeriCoin Forums please email [email protected]

For Twitter technical support please contact VeriCoin via @VeriCoinHelp

You can find it here: VeriCoin Rich List