From a medium article:
https://medium.com/veruscoin/consensus-2024-verus-showcases-fully-completed-pbaas-blockchain-technology-0dba30607369The L0/1 Verus Protocol Solves Major Issues with Ethereum and Other VM-centric Networks
Developing dApps with Verus is much more straightforward than building to a VM-based application model and results in inherently more capable, secure and scalable solutions. The Verus Protocol solves issues with gas fees, enables unlimited scale, is not vulnerable to smart contract hacks and bugs, addresses MEV at the protocol level, provides an identity model (VerusID) that applications can leverage and profit from, includes provable cross-chain and multichain support, does away with insecure and phishing-prone wallet approval mechanisms, and does not require expensive Solidity developers for applications, unless they must also have an Ethereum component to them.
All these issues are solved with the L0/1 Verus Protocol. Verus does not use smart contracts — it uses smart transactions. Verus smart transactions [read more] are much easier to use (no programming needed) in practice to achieve most capabilities, if not all, compared to VM-protocols that use smart contracts. Yet Verus is still fully interoperable with Ethereum through the non-custodial, trustless and decentralized Verus-Ethereum Bridge with liquidity pool currency [more on the Bridge].
Showcasing Verus App-Development Opportunities at Consensus 2024
Get ready for a new era of decentralized application development. Unlike today’s complex smart contract applications, requiring VM-based smart contracts that talk to user facing applications through server-side APIs and phishing-prone web-interfaces using public key hashes or rented names as identity, the Verus network is a Layer 1 (L1) and Layer 0 (L0) protocol with composable and powerful multi-chain core primitives, including identities, currencies, MEV-resistant liquidity baskets, updateable, even transferable ID-bound databases that can comprise NFTs and real world assets, all on a 100% fully decentralized, unlimited scale backbone, secured by the 50% proof-of-stake / 50% proof-of-work, 51% hash attack resistant Verus Proof of Power (PoP) consensus and accessible securely from mobile clients or cloud-based web-applications.
Build applications in your favorite framework for clients and access the Verus network either through QR-codes and deep-links to a client-side wallet under user control or talk directly to data-indexed, blockchain nodes, capable of providing fast access to an unlimited number of user identities and their unlimited Verus Data Exchange Format (VDXF) indexable key-value database providing provable, optionally private, worldwide resolvable data at unlimited scale over an unlimited number of blockchains. All of this power, including inherent eCommerce and markets of all types are usable by applications, and unlike yesterday’s Internet, application-owned data stays under application control, while user-owned data remains under user control and subject to voluntary, provable disclosure, protected by zero knowledge privacy, as it should always have been.
Write applications your way, your client frameworks, your languages, with links and RPC calls to the decentralized Internet of Value. Connect through one or more blockchains. Use, create, sell, and provision your application’s permanent IDs for secure login, KYC, commerce, and provable data at scale, all on the rent-free, credibly neutral and fully decentralized Internet of Value.
Builders of applications, organizations, and businesses can use the Verus Protocol to provision IDs, manage and interact with users and user state at any scale, launch currencies (e.g. tokens, liquidity baskets [see docs]), even fully interoperable, independent, customizable worldwide blockchains with their own economics and fee structure, while sharing mining and economic power across the entire Verus Protocol network of unlimited PBaaS chains. All currencies, whether native currencies of a new blockchain, easily created and minted tokens, or MEV-resistant liquidity baskets are easy to launch and access with the protocol on Verus or any connected PBaaS chain. All of them, from the moment they are launched can be exported to Ethereum as ERC20s [see docs] or ERC721 currencies or any chain across the Verus ecosystem. All currencies on the network, including tokens, cross-chain currencies, and even liquidity baskets and their supplies are secured by miners and stakers according to protocol rules. On other blockchain networks, this level of security is applied to single native currencies, on Verus, all currencies on a chain are primitives known to and accounted for by the protocol, eliminating entire classes of smart contract risks that result when every contract reinvents a new way to account for its currency but has no systemic control.
With Verus, currencies are compatible with ERC20s. Verus applications can leverage, but do not require Solidity developers or VM-based programming. Additionally all ERC-20s can be permissionlessly bridged over from Ethereum to Verus [see docs], giving users and application builders the freedom to switch seamlessly between the Verus and Ethereum networks.
All currencies on the Verus network (also the ones bridged over from Ethereum) can be used with Verus DeFi, another primitive inherent to the protocol. Verus DeFi enables liquidity baskets of up to 10 underlying reserve currencies and can serve as a unique, self-balancing, MEV-resistant portfolio, a permissionless or permissioned ID registrar where fees go to the LPs of the basket, or an easy way to send from any reserve currency or the basket currency itself to any other without worrying about block builder reordering or MEV, as all conversions of a liquidity basket in any direction that are processed within one or more blocks are always solved simultaneously, no front and not back. Every conversion gets the same price in each direction with no spread and an ultra low fee (max. 0.05%), again, all part of the L1 consensus.
Whether you plan to build eCommerce enabled supply chains, massively scalable ownership-based games, real world asset eCommerce enabled networks, voting systems, identity management networks, communication networks, financial networks, 3D metaverses with identities, brands, and ownership or just about any application for a better Web3 on the Internet of Value, you’ll be left behind if you don’t deep dive on Verus first.
Join us in the next crypto revolution. Verus, with truth and privacy for all!
Come to the Verus booth on May 29–31 at Consensus 2024. The worldwide community is happy to get you started with a free VerusID, the easy to use Verus Mobile or any of the wide range of protocol features.
Amazing Verus Community
The Verus community united to facilitate participation at Consensus 2024 by generously contributing VRSC, ETH, DAI, MKR, Bridge.vETH and BTC. A heartfelt thank you to all the contributors! ❤️
The Verus community used the funds to secure a two-block booth at Consensus, along with other facilities that we can not disclose yet.
Numerous members of the Verus community are participating in Consensus 2024, and we invite you to be a part of it too! Let’s create a significant presence and showcase to the world the wide range of capabilities of Verus. We’re excited and believe that it will be an excellent opportunity for the growth and exposure of the Verus ecosystem!
