[ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released

[pnosker]

Since CRY was so nice to accuse us of stealing ANON from others and saying how theirs is better, I figured I would write a quick analysis on theirs.

Firstly, I love their stick figures.

Anyway, their implementation is not possible.

Let's go through their list point by point (my commentary in bold):

CryptCast Synopsis
● Wallet A wants to send an anonymous transaction to Wallet B.
● Wallet A (sender) encrypts a message towards Wallet B (recipient) by
using private/public key concept, with Wallet B’s public key.
I'm not sure if CRY is talking about using the CRY public/private keys as in addresses and private keys, but I looked very heavily into that and it's not possible. The pubkey (or address) is actually a hash of the privatekey and cannot serve as a private key. It's possible to get Wallet B's public key, but only if it has sent a transaction before and thus it's in the blockchain. There's no transmission system to send that public key.
● The message is broadcasted through the nodes connected to Wallet A, and
will reach will reach Wallet B via the broadcasting system that already
exists in the Bitcoin protocol.
What I presume CRY is discussing here is probably the OP_RETURN function being integrated into BitCoin right now. It is not in the CRY codebase and is tough to integrate. More importantly, it only can store 40 bytes of data: https://bitsharestalk.org/index.php?topic=3830.0. That is not close to enough to do what is being proposed.
● Wallet B is the only one that can decrypt the message with Wallet B’s
private key.
● Wallet B receives the request for secure transaction from Wallet A.
There is no mention of how this will be done and is not easily done.
● The message contains the total number of transactions that are capable
of transmitting, and the total amount of coins.
I'm surprised there are no checksums, address verification, etc.
● E.g., if Wallet A wishes to send 3 transactions and Wallet B accepts it,
it returns 3 new addresses (encrypted message with pubkey of wallet A.)
As I said before, this is not possible to send in 40 bytes. Not only that, but where is the pubkey of wallet A going to come from?
● The message is again broadcasted till it reaches wallet A.
Broadcast until it reaches? What if Wallet A is turned off? How does it stop wallet B from broadcasting? Is there an ack? Otherwise this is certainly going to flood the blockchain. Can someone say 1 TB drives for a coin wallet?
● Wallet A decrypts the message, receives the new addresses and creates 3
transactions for each IN transaction it has, sending them to each new
address it got from the new wallet.
● Multi-transaction time-delay will be optional for maximum anonymity if
speed is not required.
● If Wallet B does not accept any type of secure transaction, it encrypts
again a message with decline response
● Wallet A then has the option of sending plain, non-secure transaction,
or to not send it at all.

I got tired of analyzing more but frankly this is impossible to do without completely restructuring the blockchain and requiring a very serious hard fork.

But isn't VRC just a mixer?  Its still centralized and traceable.

It is a "mixing-type" of anon. It's pseudo-centralized. Centralized in the sense that it requires some sort of "master node" like system, but since we're releasing the API code to anyone, anybody can create a ring-node system. In fact we would greatly prefer that-- then we can not run our own if need be. Honestly, I would have preferred not having to run the supernodes/blockchain explorer/etc. myself... it's getting expensive and time consuming.

As for traceable, when it's deployed I'll offer a bounty to trace a single transaction. The identity of the TX Send address will unlock a zip file containing a privatekey good for some amount of VRC. I don't think it will be possible to do.

[1714220029]

1714220029

[cryptoholic11]

Dumped all my CRY so I wouldnt have to cry later after being scammed. Happily bought more VRC.

[exoton]

when is smspayment and anom life for us , im debating with myself if i should wait one week for the next paycheck to buy more or if i should borrow money to buy more , currently just holding 500 and im planning to get remotely rich of this

[cyberhacker]

waiting for a richlist for VRC holders. 

[7vpo]

VeriCoin on Mintpal. Please update main thread.

[kleineaap]

VeriCoin on Mintpal. Please update main thread.

And watch Mintpal closely btw 

[PUMPBANDIT]

VeriCoin on Mintpal. Please update main thread.

And watch Mintpal closely btw  

HELL YEAH! This coin has one direction!
Dev is doing a great job, support is turning up slowly but surely!
 

[foxy]

wow. shots fired.

guess the next few days will separate the brains from the blaggers.

[drkman]

The more people that hold and stake their VRC in their wallets, the higher the interest rate that EVERYONE earns so lock it up buys and girls and let's take this coin up 10x from here.

[testbug]

...

...

There's no "truely anon" anon, just like there's no "perfect" passwords. With enough computing power you can crack anything. And that includes a decentralized system. Anyway I look forward to it. I'm happy to discuss privately if you'd like. We had a short term VRC testnet with a different merkel hash where we tested trying to send encrypted data via the message tx values but it was impossible to have efficient sends/receives. But please, before you release more details, feel free to PM me. I won't leak anything and will let you know what I think if you're interested.

SMS wallet is our top priority right now but yes we are working on our own anon features.

As a citizen of Germany, i always have to laugh when i am reading about "merkel hash" etc        

[CatKiwi]

The volitility of this coin today has been fantastic! Have traded my way from 2807 VRC at 10am this morning to 4620 VRC this evening. Thanks panic sellers!

[stormia]

rofl, CRY's whitepaper is such a piece of shit.  Evidence of a total scam -- they can't even make a proper whitepaper.

...

looking through your post history it looks like you really have it out for darkcoin

[shai_]

Im out

not gona be greedy and blow this gain

good luck fellas

look like you were right..
good that i saw your post last night
sold my VRC, which i mined with only 1 GPU... since 1 day after VRC's launch (hit some blocks!)
huge profit

Thanks for this wonderful coin and good luck to the people who bought from me

I love the idea of network dependent interest - the more the network is secure - the more everyone earns..

[Lovethecoins]

I don't think this coin is done nearly a revamping of holders I've held my from day one and will continue to do so until the price is closer too 20k staking away for the community love this coin let's just get it going right way stop panic selling

[CatKiwi]

I don't think this coin is done nearly a revamping of holders I've held my from day one and will continue to do so until the price is closer too 20k staking away for the community love this coin let's just get it going right way stop panic selling

It's just a shake out - everycoin that rises this much can and must have one. Darkcoin had it, remember Blackcoin? The shakeout at the 1500 Satoshi mark? then again at 4000 Sat, and so on. Each time however the coin pushed upwards to new highs, higher than any thought possible.

Expect VRC to shoot upwards once the so called 'weak hands' have sold. Many people mind you bought in low and will want to take their profit, cant stop em, just gotta wait for them be done.

[dotnetmin]

Im out

not gona be greedy and blow this gain

good luck fellas

look like you were right..
good that i saw your post last night
sold my VRC, which i mined with only 1 GPU... since 1 day after VRC's launch (hit some blocks!)
huge profit

Thanks for this wonderful coin and good luck to the people who bought from me

I love the idea of network dependent interest - the more the network is secure - the more everyone earns..

Good decision, the distribution of coins with 25Mio within a few days is as bad as it could be..
Looks like pump and pump on a higher price level failed here.
Looks like people learned from the past but still some miners made a huge profit.
Congrats to see people are getting more clever. Also those who are not too greedy and also these who are not willing to pay others profit.

[flex65]

I don't think this coin is done nearly a revamping of holders I've held my from day one and will continue to do so until the price is closer too 20k staking away for the community love this coin let's just get it going right way stop panic selling

It's just a shake out - everycoin that rises this much can and must have one. Darkcoin had it, remember Blackcoin? The shakeout at the 1500 Satoshi mark? then again at 4000 Sat, and so on. Each time however the coin pushed upwards to new highs, higher than any thought possible.

Expect VRC to shoot upwards once the so called 'weak hands' have sold. Many people mind you bought in low and will want to take their profit, cant stop em, just gotta wait for them be done.

you're right.
now some traders out, they sold vrc and got good profit.
now its time for another traders.
20k for vrc is real, but its need some time.
.... and ps: some "bad" posts can dump price to very low, and those people (who wrote fud posts) make their profit after pump.

[flex65]

do not be surprised if price will rise to 10k for a few hours

[bitbd83]

I don't think this coin is done nearly a revamping of holders I've held my from day one and will continue to do so until the price is closer too 20k staking away for the community love this coin let's just get it going right way stop panic selling

It's just a shake out - everycoin that rises this much can and must have one. Darkcoin had it, remember Blackcoin? The shakeout at the 1500 Satoshi mark? then again at 4000 Sat, and so on. Each time however the coin pushed upwards to new highs, higher than any thought possible.

Expect VRC to shoot upwards once the so called 'weak hands' have sold. Many people mind you bought in low and will want to take their profit, cant stop em, just gotta wait for them be done.

Exactly & that is how newbies are making losses, pro's are taking higher profit.

[flex65]

I don't think this coin is done nearly a revamping of holders I've held my from day one and will continue to do so until the price is closer too 20k staking away for the community love this coin let's just get it going right way stop panic selling

It's just a shake out - everycoin that rises this much can and must have one. Darkcoin had it, remember Blackcoin? The shakeout at the 1500 Satoshi mark? then again at 4000 Sat, and so on. Each time however the coin pushed upwards to new highs, higher than any thought possible.

Expect VRC to shoot upwards once the so called 'weak hands' have sold. Many people mind you bought in low and will want to take their profit, cant stop em, just gotta wait for them be done.

Exactly & that is how newbies are making losses, pro's are taking higher profit.

its not a secret - sell only half and buy when low