[ANN][VRM] Verium PoWT | CPU mining | scrypt² | Scaling | New Roadmap Released

[qiwoman2]

This looks quite interesting  and I will check it out after I do the food shopping. I need to understand all the tech behind it and see how it goes and gather a bit of btc maybe to invest a bit.

[souljah1h]

looking at the vrc price about 12k sat and 1day 6vrc/vrm so 1vrm 72k sat for 1day , did you think its not to high price, sorry if i wrong

but good luck for vrm team and the ICOs

Supply is very small, about 2.7 million. 72k sat for a coin with a supply of 2.7 million is cheap imo.

350000 VRM is the initial partial supply distribution. The rest will be mined using your processor (CPU).

There is a two phases of ICO both with 350,000 VRM available up to ~25% of total eventual supply.  So maximum amount of supply at end of ICO is 700,000 VRM

Thanks for clearing that up!

[effectsToCause]

Is there any info on the pow algo? how does POWT work?

A quick overview of what we are developing:

We are currently beta testing the algo.  It will likely be what we are calling 'scrypt-hard', which requires too much memory to make an affordable asic currently, and just gives 100% hardware errors on the GPUs we've tested so far (eg. R9 280x) due to memory requirements.
In addition we are exploiting the latency of data transfer between the CPU and GPU, and differing memory speeds and sizes of the two processor infrastructures to make GPU mining too costly.  The exact final memory requirement specs will be released with a write up on the protocol once the testing is complete.

However that is not the only significant improvement to PoW, it is the variable blocktime as well.  The blocktime will start out around 5 minutes when the network is weaker, then dependent on difficulty, the blocktime will slowly decrease or increase in the case of a lower difficutly.  Additionally as the blocktime decreases so will the rewards, so this will incentivize a balance between mining efficiency and security with rewards and blocktime moving relative to one another.  The exact reward scheme is still being fleshed out, but in the final implementation it will be a continuous function that approximately enforces a reward halving per minute decrease in blocktime.  So as an example, mining rewards will likely start at around 5 VRM per minute between blocks at a 5 minute blocktime and then go to 2.5 VRM per minute between blocks at 4 minutes.  If the block targets perfectly that would be 5*5=25 total VRM reward at 5 minutes, and a 2.5*4=10 VRM total VRM reward at 4 minutes.  If the blocktime comes in less than than the target, the reward is reduced and so is the mining profitability, this enables an additional feedback for the system to incentivize a both safe and efficient blocktime for an appropriate hashing power and corresponding electricity consumption.  If for instance the value of VRM is higher it will be more profitable to mine faster blocks and the computational power increase will be required for that.  This all will be clearly elucidated in a white paper once the parameters are finalized.

[republicrypto]

interesting !! waiting for the ICO 

[souljah1h]

Is there any info on the pow algo? how does POWT work?

A quick overview of what we are developing:

We are currently beta testing the algo.  It will likely be what we are calling 'scrypt-hard', which requires too much memory to make an affordable asic currently, and just gives 100% hardware errors on the GPUs we've tested so far (eg. R9 280x) due to memory requirements.
In addition we are exploiting the latency of data transfer between the CPU and GPU, and differing memory speeds and sizes of the two processor infrastructures to make GPU mining too costly.  The exact final memory requirement specs will be released with a write up on the protocol once the testing is complete.

However that is not the only significant improvement to PoW, it is the variable blocktime as well.  The blocktime will start out around 5 minutes when the network is weaker, then dependent on difficulty, the blocktime will slowly decrease or increase in the case of a lower difficutly.  Additionally as the blocktime decreases so will the rewards, so this will incentivize a balance between mining efficiency and security with rewards and blocktime moving relative to one another.  The exact reward scheme is still being fleshed out, but in the final implementation it will be a continuous function that approximately enforces a reward halving per minute decrease in blocktime.  So as an example, mining rewards will likely start at around 5 VRM per minute between blocks at a 5 minute blocktime and then go to 2.5 VRM per minute between blocks at 4 minutes.  If the block targets perfectly that would be 5*5=25 total VRM reward at 5 minutes, and a 2.5*4=10 VRM total VRM reward at 4 minutes.  If the blocktime comes in less than than the target, the reward is reduced and so is the mining profitability, this enables an additional feedback for the system to incentivize a both safe and efficient blocktime for an appropriate hashing power and corresponding electricity consumption.  If for instance the value of VRM is higher it will be more profitable to mine faster blocks and the computational power increase will be required for that.  This all will be clearly elucidated in a white paper once the parameters are finalized.

Thanks for the update! 

[Mattei]

Hi, if someone can clarify. Read about in wallet transfer from vrc-vrm and back.  So if I spent my 6000 vrc for 1000 vrm on day 1 can I trade back to 10000 vrc in wallet after ico ends?
Also, does anybody know what time zone and time the ico starts?
  Thanks.

[effectsToCause]

Hi, if someone can clarify. Read about in wallet transfer from vrc-vrm and back.  So if I spent my 6000 vrc for 1000 vrm on day 1 can I trade back to 10000 vrc in wallet after ico ends?
Also, does anybody know what time zone and time the ico starts?
  Thanks.

The market determines the price of VRM and corresponding VRM/VRC ratio after the ICO ends, so it is a risk assessment for whether the market will hold on average approximately the value ratio of the total supply ratio.  The in wallet swap will be activated once the VRM/VRC and/or VRM/BTC markets open on exchanges.

[souljah1h]

Bump for visibility!

[marcus1986]

Watching with big interest and waiting for ICO start!

[souljah1h]

Get your Vericoin now! 

[effectsToCause]

Another really powerful thing is by not requiring Verium be a very fast currency we are testing the block confirmations and maturity. We can raise these above current standards required for quick currencies and make the double spend risk with 51% of computational power very unlikely. We can make it so that you have to get so many blocks in a row to double spend that effectively you would need significantly more than 51% of the hash rate to double spend. This may end up making Verium the most secure PoW protocol based on the probability to effectively double spend. Assuming of course it gains a strong network hashrate.

[souljah1h]

In 10 days the Verium ICO will start.

[klarki]

Hello )
Is there a bounty for translation theme into another language?
Do I understand correctly that during the ICO will be exchanged?

[souljah1h]

EffectsToCause will be at The Blocktalk show 12 July 8 PM (EST)



https://www.vericoinforums.com/threads/vericoin-will-be-at-the-blocktalk-show-12-july-8-pm-est.1337/

Talking about the VeriCoin Project & Verium and its ICO.

Link will be posted here.

[effectsToCause]

The Crypto 'Gold-Standard' : A currency and a reserve  (VeriCoin  and Verium) — Steemit https://steemit.com/crypto/@effectstocause/the-crypto-gold-standard-a-currency-and-a-reserve-vericoin-and-verium

[PeterI]

One more ICO...

[MAD945]

One more ICO...

From a proven and trustworthy developer and development team, developing for over 2 years. Consistently working hard and developing new tech and thinking outside the box to solve real world problems that crypto currency's have yet to solve till now. Releasing updates and improvements on a regular basis, yeah I will put my money with Vericoin and Verium over something or someone I've never heard of or hasn't developed anything but words in a forum thank you very much.

[dzejmsdin]

my body is ready for a swap ;-)

[MAD945]

my body is ready for a swap ;-)

Swapitty, swap, swap!

[souljah1h]

Watch the show here! https://youtu.be/fOiJ73Y8828