Verium testnet now live! : http://www.vericoin.info/ico.html

Verium update: GPU=errors. ASICs=unaffordable. Intel 8-core i5 = ~5 hashes/sec. Called scrypt-hard for a reason. Public testnet coming soon, mainnet launch likely in one week.

Verium update: GPU=errors. ASICs=unaffordable. Intel 8-core i5 = ~5 hashes/sec. Called scrypt-hard for a reason. Public testnet coming soon, mainnet launch likely in one week.

VRC/BTC is already open in multiple exchanges, if you mean VRM/BTC that will be up to the exchanges to add.

if bottom left corner of wallet window says 1.6.5.0, then no something isn't installed correctly.  Make sure downloaded installer is 1.6.5.1 and try uninstalling wallet in add remove programs first, then install again.

I think bitcointalk requires you to be beyond noobie to vote.  Preference noted..

Posted poll on VRC thread regarding VRC/VRM exhange pair: https://bitcointalk.org/index.php?topic=602041.msg15954705#msg15954705

Hey guys posted new poll about VRC/VRM pair above ^

A brief overview of current development plans:

-Once the ICO ends, we can prepare the mainnet and mine the correct required VRM from the ICO.
-Then after the ICO funds are mined, we will run the mainnet privately with a block reward of zero until all the ICO funds are sent to their respective addresses
-After all the funds have been disbursed we will open the mainnet up to the public and start the blocktime-dependent reward scheme.
-Then mining will begin
-We will be working with either poloniex, bittrex or both to support a VRC/VRM market pair.  The VRM/BTC pairs will be up to the exchanges to add at their own discretion.
-Once this market pair is up we will add VRM/VRC swap functionality to the Verium and VeriCoin wallet.
-After the Verium network has stabilized we will release a new VeriCoin wallet that accepts Verium blocks as part of it's consensus, then as Verium picks up steam so too does the currency in security, transaction speed and scalability.

Hi guys, here is the Blocktime calculation breakdown:

The blocktime is dependent on the difficulty.  The difficulty in Verium is an automatically adjusting exponential factor that is dependent on the difference between the actual blocktime and the targeted blocktime.  So as computational power grows the blocktime speeds up and the difficulty adjusts exponentially to match the computational power to the target blocktime.  In Verium however, the target blocktime is also changing, so this ends up smoothing the effective difficulty. The difficulty and the variable blocktime are a counterbalance to one another, resulting in a more organic, smooth and incremental difficulty adjustment as the computational power grows. This can greatly extend the profitability of CPU mining combined with the reward adjustment scheme.  Additionally this can potentially decrease incentive for pooling, because solo-mining can be more profitable and result in a more predictable return on time devoted to solo-mining.

Another key factor is the security enhancement of this variable blocktime paradigm.  Any competing chain that has less computational power will calculate a slower blocktime for it's chain, this results in nodes reconnecting automatically to the chain with the largest block height, which will always have the most computational power and fastest calculated blocktime.  So there is no risk that the longer chain has less power and the computational power consensus is always maintained in totality.

The blocktime calculation is logarithmic so to better intuit how this works, I've plotted it both linearly and logarithmically.  As you can see, as the consensus is getting off the ground it quickly speeds up and dampens difficulty, but dampens it only as the security is acceptable for such an effect.  It can also slow in the case of a reduced computational power.

The blocktime is calculated with this equation:
blocktime (sec) = -13.03*log(difficulty)+180

Hi guys, here is the Blocktime calculation breakdown:

The blocktime is dependent on the difficulty.  The difficulty in Verium is an automatically adjusting exponential factor that is dependent on the difference between the actual blocktime and the targeted blocktime.  So as computational power grows the blocktime speeds up and the difficulty adjusts exponentially to match the computational power to the target blocktime.  In Verium however, the target blocktime is also changing, so this ends up smoothing the effective difficulty. The difficulty and the variable blocktime are a counterbalance to one another, resulting in a more organic, smooth and incremental difficulty adjustment as the computational power grows. This can greatly extend the profitability of CPU mining combined with the reward adjustment scheme.  Additionally this can potentially decrease incentive for pooling, because solo-mining can be more profitable and result in a more predictable return on time devoted to solo-mining.

Another key factor is the security enhancement of this variable blocktime paradigm.  Any competing chain that has less computational power will calculate a slower blocktime for it's chain, this results in nodes reconnecting automatically to the chain with the largest block height, which will always have the most computational power and fastest calculated blocktime.  So there is no risk that the longer chain has less power and the computational power consensus is always maintained in totality.

The blocktime calculation is logarithmic so to better intuit how this works, I've plotted it both linearly and logarithmically.  As you can see, as the consensus is getting off the ground it quickly speeds up and dampens difficulty, but dampens it only as the security is acceptable for such an effect.  It can also slow in the case of a reduced computational power.

The blocktime is calculated with this equation:
blocktime (sec) = -13.03*log(difficulty)+180

No their consensus will be paired and run side by side, checkout first page.

Thanks, it is very interesting.  Yeah this is a first.

Hey guys we are putting the finishing touches on Verium, it's running great in testing.  Here is the block reward scheme which is dependent on the blocktime.  It is approximately a reward halving per minute decrease in the target blocktime, via this equation:

Reward = 0.375*exp(0.0116*BlockTime)

This way as the security and performance of the blockchain increases, so too does the cost of creation; but only if the computational power increases, not on a fixed schedule.  Thereby securing the value enhancing properties of a scarce commodity that is imbuing value on the ecosystem, while keeping mining relatively profitable in bear markets, or higher mining cost phases.  The minimum blocktime for Verium will be 5 seconds and the maximum will be about 5.5 minutes.



Next I will post the formula for quantifying blocktime.

Hey guys we are putting the finishing touches on Verium, it's running great in testing.  Here is the block reward scheme which is dependent on the blocktime.  It is approximately a reward halving per minute decrease in the target blocktime, via this equation:

Reward = 0.375*exp(0.0116*BlockTime)

This way as the security and performance of the blockchain increases, so too does the cost of creation; but only if the computational power increases, not on a fixed schedule.  Thereby securing the value enhancing properties of a scarce commodity that is imbuing value on the ecosystem, while keeping mining relatively profitable in bear markets, or higher mining cost phases.  The minimum blocktime for Verium will be 5 seconds and the maximum will be about 5.5 minutes.



Next I will post the formula for quantifying blocktime.

If phase 2 raises 1.5m then 500,000 VRM will be sold in the ICO total, because only 150k will be sold in phase 2 at the minimum price of 10 VRC/VRM

We are doing a couple days private testnet, then if all goes well we will release testnet wallet. We want to do some network tests first.

Testnet up and running great!

Testnet up and running great!

Coindesk press release just approved and paid for, should be published soon!