Vericoin is both successful and popular for the way it approaches decentralization within the Proof of Stake system embedded in the network it uses. The two pieces of coded technology the currency is using are called VeriSMS and VeriBitFor. The first one gives users the ability to store coins through SMS and then later add it to their bank accounts, while the latter enables the user to do business via Vericoin with companies that are accepting the most popular online currency nowadays - Bitcoin. You have to be aware, however that VeriSMS is very vulnerable to hacker attacks, meaning that you shouldn’t use it with large amounts of money. Another spectacular trait of Vericoin is their quick reactions in the case of critical problems with the blockchain. An example from the past is Mintpal losing 30 percent of its coins, in response to which Vericoin ‘’forked’ their chain ahead of the incident and everything was swiftly normalized. That being said, transactions that happen after the incident will sadly, be lost but this is where Vericoin’s persistently quick reaction pays off. Vericoin’s Market Cap is 3 million dollars. The maximum number of issued coins is 26 million. Vericoin uses the Scrypt hash algorithm and currently only the Prove of Stake system is used by the online coin as opposed to the combination of Proof of Work and Proof of Stake that was utilized in the initial version of the cryptocurrency. Vericoin can be exchanged for BitTrex, BitOnyx, BTer, C-CEx, MintPal, Polonies and Cryptsy.
Vericoin puts is emphasis on decentralization, personal security, proof of stake transactions and the latest cutting edge technology. They are aiming at delivering the highest quality online currency service to as many people as possible all over the globe. The essential work that VeriSMS and VeriBitFor do is preventing centralized ownership. As of now, Vericoin is indeed succeeding at the goals it has set up for itself. Vericoin is in possession of exceptional plans for the future and they already have a special Android wallet that can allow users to do business via Vericoin on their mobile devices. The three developers of the online currency – David Boehm, Douglas Pike and Patrick Nosker are working tirelessly to keep improving Vericoin every day with the help of the devoted online community and the excellent development team and you, as a potential user of the cryptocurrency, can be sure that a lot of online financial positives will keep coming out of Vericoin’s services.
