All You Need to Know About Verus Coin

Piyasi Mitra
Piyasi Mitra is a journalist, features writer and copy editor who has worked with The Times of India and the ABP Group, and is currently exploring content creation in the digital space.
  • The DeFi protocol of Verus offers a cross-currency and also cross-chain export, import, and conversion features across blockchains
  • It’s unique technology combines the best of both worlds: ‘Nothing at stake’ and ‘Weak Subjectivity’

In Latin, the word Verus meansfor “the truth”. But in crypto world it has acquired a new definition! Simply put, this cryptocurrency is a fork of Zcash and Komodo that leverages the Komodo platform, and also supports Bitcoin and Zcash compatible transaction types as well as Komodo cross chain swaps and dPoW security enhancements.

Unique Features of Verus Coin

The Verus coin is loaded with features which are being viewed as a pathbreaking innovation in the crypto world. Around two years back, it was launched without an ICO, without a pre-mine and zero development fees. Soon after its announcement, Verus was mined and staked by thousands of crypto users worldwide. 

It all started when Verus founder Mike Toutonghi noticed that chains needed to intercept with each other, and began by customising consensus, better known as smart contracts, to Bitcoin script. 

Verus is an evolution of Komodo, Zcash, BTCD and Bitcoin, and is currently testing its latest cutting-edge technology on the public Verus testnet. This blockchain and all future PBaaS blockchains will support Sapling Zero Knowledge Proofs and Komodo crypto-condition technology as a base layer for its friendly, revocable and recoverable IDs. The community has also developed a multi-coin wallet with support for many coins and ERC20 tokens, Verus ids  built in mining and privacy, a free cryptographic signing process, staking, and Public Blockchains as a Service. This offers the advantage of enabling any institution or individual to launch a fully mineable, secure tokenized blockchain in a few clicks.

The advantages of Verus:

The USP of Verus lies is in its consensus algorithm based on Proof of Power (Verus PoP), a 50–50 split of Proof of Stake and Proof of Work and a provable hybrid solution to 51% hash attacks.

The big testnet release for Verus and is expected to be a momentous step in the history of DeFi. The core advancement stems from a multi-currency* UTXO-based “basket” that forms one fungible currency with all the benefits of each individual currency, but with the simplicity of one.

Conversion is now as easy as sending currency, and doesn’t entail the complexities of exchange.  The latest testnet release allows anyone to use the command line (under development — an easy to use dashboard) to freely mint their own token, pegged to any currency or asset.

What Miners can expect:

When holding baskets on Verus, investments automatically adjust regardless of price movements. This allows for hedging and gather long-term profits, as these holders will receive implied volatility fees for providing liquidity.

Once testing is complete, the Verus release will be live on mainnet and the development team will continue to upgrade these innovations. The best bit is that the project is receptive to open source development to support the continued innovation of these technologies.

The project’s focus is on democratization of the internet which would create an environment conducive for everyone to participate in a new economy.

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