Verus is a unique currency of privacy and confidentiality and can be quoted directly from the abstract part of its whitepaper:
“The Verus project aims to establish a secure cryptocurrency that focuses on privacy and distributes it fairly, but outside of this objective, Verus wants to be much more than a privacy protection coin, with two fully decentralized proof of work and proof of stake test algorithms”
Verus uses zk-SNARKS, a type of cryptography used in the Zcash blockchain. zk-SNARK stands for Zero Knowledge, Succinct Non-Interactive Argument of Knowledge. By using zk-SNARKS, the transaction information is completely encrypted using the Zcash blockchain unique design test (zk-SNARK) algorithm. This provides a lot more of anonymity. Many people may say that blockchains like Bitcoin is private, but it’s not really private. Transaction records are stored in a fixed ledger that can be queried. With zk-SNARKS, we get protected transactions that enable transaction validation while preserving all entries private.
Verus uses Komodo’s Delegated Proof of Work and Proof of Stake algorithm, which keeps it safe and nearly impossible for 51% of attacks.
Defense against the centralization of ASICS
Verus uses its own hash algorithm called VerusHash. It’s a new optimized algorithm for processors. According to the developers, they claim ASICs is currently not available and do not expect to be until the coin economy strengthens its development. However, if the ASICs are specifically designed for VerusHash, the goal is to create an open source hardware design available to the community. This avoids centralization by making ASICs easy and affordable for everyone, not just one or two large companies and wealthy clients.
Verus developers report that they do not currently know of a truly ASIC-resistant algorithm, but their approach gives a fresh start to zk-SNARK’s privacy and is the most sensible way to manage the centralized nature of ASICs.
So, What is an ASIC?
If you ask, some manufacturers have developed special hardware circuits to extract certain types of digital coin. ASIC stands for Application Specific Integrated Circuit and these circuits can be found in abundance within our daily lives. Your washing machine probably has an ASIC, a small integrated circuit specially designed to control your machine. Thus, if a cryptocurrency such as Bitcoin is available, hardware manufacturers create ASICs optimized to function as a data-mining platform and outperform the performance of a general or even high-performance system, such as a laptop or desktop.
ASIC-resistant means simply that there is no advantage over a standard CPU system in creating a particular circuitry for extracting the cryptocurrency, as this would require the use of a large amount of memory in the ASIC. Conversely, that would require a too much physical area in ASIC and would be viable as an effective mining device.
This makes the Verus coin perfect for mining with a standard processor.
Facts and Characteristics of Verus
The Verus coin was launched in mid-May 2018 and is a hybrid fork for proof of work and a proof of stake of Komodo crypto coin.
The team considered and developed a timed lock mechanism. This means that all the coins that were extracted before and those that managed to enter early and use the highest reward and the lower limit of a new blockchain were unable to dump. The coins are blocked and cannot be used either for a random period between 3 and 24 months. These are completely random time intervals per block per person.
Instead of the usual model, “Pay us and we promise to meet in a few years,” they decided to launch their coin fairly. A time previously announced when the mining would begin. That’s right, no advance mining, there are no funds from the founders, no ICO. The rewards of a linear ramp from the minimum coins to a maximum of 384 coins rewarded per block. After the first ramp, the reward is reduced by half months until it gets to 24 pieces per block.
All rewards stake-able are those under 96, which means that having coins will bring many rewards. The piece itself consists of 50% proof of work and 50% proof of stake. Therefore, the rewards aren’t something to play with.
What Other devs are saying about Veruscoin:
Name: Verus – VRSC
Maximum supply: 83,540,184.
Algorithm: PoW / PoS VerusHash – 50/50 + DPoW
Block time: 1 minute.
The Required Configuration:
64-bit CPU / OS, CPU with AES-NI and AVX instructions
Windows, Linux (tested by Ubuntu)
Mac High Sierra. 4 GB of memory
In summary, Verus plans to create a platform on which to build voting or even electoral systems that support their vision of a better society through blockchain.