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Also as pnosker mentioned. The Verium address will be the same format as VeriCoin, so a VeriCoin private key you own can be imported into your Verium wallet and vice versa. The balance will be different depending on which chain it is on (VeriCoin or Verium) but you can hold one private key with both Verium and VeriCoin on it from each chain. We will release an update to the VeriCoin wallet prior to the ICO that is a bit lighter, has some UI improvements but will also make exporting a private key very easy in the user-interface for this purpose. So when the ICO starts you will use the VeriCoin wallet to generate your Verium address and export the private key for importing into the Verium wallet once it is released.
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We have created a stake-only endowment: VFEndownxxnHea9mv59kZx8c7TysGbndYx
All funds donated to this will be staked perpetually. Only staked interest will be used to fund any VeriFund project.
Feel free to send any donations in and get this baby going! The donated funds will never be sold/traded/given away/used for projects. Only interest from it will be.
All ICO funds usage will be voted on by the community, details of voting procedure to come later, but we would like to have 50% of the VeriCoin raised in the ICO to be sent to this endowment and staked perpetually. If you also like this idea be sure to vote for it. |
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HI guys Great to see that you have reopened this thread..... however it just looks so suspicious that the first thing you do is announce another ICO. Everybody wants there own little sand box to play in until they want to raise cash, then it's lets get a thread running on Bitcointalk  . It will be interesting to see how long this thread stays open. Anyway I hope you are here long term and good luck with your new venture. Cheers Jon  We won't be closing this thread again. We actually waited till we were presenting something new to open this thread so it was a more interesting discussion and to address a larger audience. While working on PoST, I realized we can improve PoW by making time variable as well. This was the beginning of Verium because variable block time is good for security and efficiency of mining, but not so great for transactions. That's when I realized PoW is inherently more of a commodity and PoS is inherently more of a currency. An optimal system requires both with separate protocols. |
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What will happen to VRC after the verium buy/swap ? will it still exist as a trade able coin in its current format ?
VeriCoin isn't going anywhere. The swap is just to reward some holders with the ability to get some "gold" since they have "cash" already and at a discount. Only 25% of VRC at most will be swapped. The swapped VRC will be used for bounties, to cover hard costs (such as hosting the website and services), for marketing and PR for VRC and VRM, etc. to be decided on in the future. I guess I thought the swapped VRC was going to be burned. So to get verium, you need to buy with vericoin, but all the vericoin that is paid will be sold in order to support verium and add additional marketing for vericoin? When you say at most 25% of VRC will be swapped are you saying 25% of total VRC coins in circulation could eventually be sold to support this project? The community will decide what is done with the funds via a vote, but one of the best ideas out there I think is to hold about 50% of the ICO fund in perpetuity and stake it. The stake earnings could cover all the hard costs for the long term and sale of the stake earnings will be minimal and spread out over time. If this were the case about 50% would be frozen and this could be enforced via a multisig setup. |
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NICE, should be buying the cheap VRC for VRM So, How does it work? Its not very clear from the infographic. Thank you. As we get closer we will go into detail, but we are going to setup a web interface where you submit a VRM address you generate in a test net wallet and save the private key. After receiving the VRM address the site will generate an associated VRC address that you send VeriCoin to. Depending on how much VeriCoin you send in, when Verium is launched the system will send out the corresponding amount of Verium to the address submitted. Then you import the Verium private key into the new Verium wallet. |
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What will be total VRC supply? Current VRC supply is 27,633,075 VRC. VRM will have a total supply 10x less than VRC once after years of mining it hits that. |
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Sorry, i didnt read the whole thread on the last pages. So we have to swap to Verium? Did i get this right? And the "early swapper" will receive more VRM than the late swappers? Hey testbug how's it going? Good to see you. Swap is totally optional read first page for details, VRM and VRC will be paired cryptos, one currency, one reserve. And yes early swap is cheaper than late swap ICO |
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Yes the ICO will start on a specific day to be determined, in the the second half of July and run for 30 days. |
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Will the ICO tokens only be able to be bought using VRC or will you guys be accepting BCT as well for the ICO tokens?
We will only be accepting VRC, we are working on setting start date and ICO distribution schedule. More details coming soon. Are you planning to do ICO before or after BTC halving? Can't answer that because the start date is not yet finalized but it will likely be around the halving time. |
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Will the ICO tokens only be able to be bought using VRC or will you guys be accepting BCT as well for the ICO tokens?
We will only be accepting VRC, we are working on setting start date and ICO distribution schedule. More details coming soon. This is just my 2 cents so take it for what it's worth but I'd suggest accepting VRC & BTC and just make it clear that any and all BTC that is sent in will be converted into VRC on behalf of the investors for the swap. That way you don't limit it only to people who hold VRC. Again just my opinion on the subject but you guys know what you're doing. Hey Xosihc! I know what your saying, but to me enforcing a trade pair of the two directly while defining Verium to the market is more important than raising limits. |
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Will the ICO tokens only be able to be bought using VRC or will you guys be accepting BCT as well for the ICO tokens?
We will only be accepting VRC, we are working on setting start date and ICO distribution schedule. More details coming soon. |
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dang amesterdamer, Amazing! Posted to OP
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Anything interesting on roadmap??? or Any reason for me to buy it? been watching for sometime for oldtime sake, but not sure I should buy vRC.
Take a look at the roadmap here: https://www.vericoinforums.com/roadmap/The percentages of this are out of date, need to update it still, but these are the projects we are working on. |
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Are you guys still part of SuperNET? Yes it is. Still adding links and info to first page. |
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For the Vrm ico could it only be purchased with vericoin? Assuming like dao where you purchase eth to transfer to dao?
Yes only VRC will be accepted for the VRM ICO |
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Nice to see this thread open again  HELLO WORLD I only have a question... how much time will take to barabbas and/or altcoinUK to come here and spoil the party? The 2 most emblematic trolls at this thread are sure to pop up anytime soon , I wonder what they say this time...  Besides this, I've started working on the graphics for this ANN - should have something in the weekend little teaser:  I've been posting on Altcoin's thread and have had some good constructive discussions with him. I let folks know there this is reopened. Nice work amesterdamer!! |
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1. What percentage of the VRM supply will be available for ICO?
2. What will the ICO funds be used for?
3. And what is the incentive for people taking part in the ICO?
Can somebody from the dev team please answer these 3 questions? I am sure a lot of people want to know the answers. Thanks you very much.
1. What percentage of the VRM supply will be available for ICO? Still determining this based on mining requirements etc. 2. What will the ICO funds be used for? The funds will largely be saved for long term usage on likely infrastructure, development, projects and collaborations. All usage of funds will be publicly and transparently voted for by the core community at vericoinforums.com, which anyone can be a member of. There are some post requirements and such for voting though. 3. And what is the incentive for people taking part in the ICO? The ICO will likely be a first come, first serve tiered discount (probably starting at 40% discount) on what we estimate the value of Verium to be based on the 10x lower total supply ratio with VeriCoin and it's price at the time of the ICO. Thanks for replying. I was wondering since Verium will use a new blockchain and new algo, if it would have been possible to implement high level of anonymity there? It's probably much easier then implementing that on the existing Vericoin blockchain? Then people will have even more incentive mining and buying Verium from ICO. We can use Vericoin as fast paced ecommerce currency while Verium can be used for large anon transactions. I believe it fits your existing concept very well. Please give it some consideration if it is not too late. Interesting idea. I have been working on a clean decentralized anonymous technology somewhat similar to a "stealth username" which would combine both anonymity with intuitive username sending. I still have a fair bit of work left do on it but it should work well when complete. It was my intention to add that to the Vericoin blockchain or both Verium and Vericoin. Adding only to Verium is an interesting idea though too. It will not be complete by Verium release because Verium is a new PoW protocol which itself requires quite a bit of coding and testing. After Verium is stable though I will resume work on stealth usernames and decide what makes the most sense for implementation. I also have some other related interesting ideas about what can be done across two separate blockchains that may end up being part of it. |
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