Frequently Asked Questions
Can I Store Both VeriCoin and Verium In One Address?
That was the design for both VeriCoin and Verium, to share one address and one private key for both chains.
1) Open your wallet that you want to export the private key from
2) File > Export Private Key and select address you wish to export
3) Write down your private key (We do not recommend copying and pasting)
4) Open the wallet that you want to import the address into
5) File > Import Private Key and input your private key
6) The wallet will restart and your funds will show
This is an easy solution if you accidently send your VRC to the Verium Vault or VRM to your VeriCoin wallet. This will be an issue of the past when the Gemini wallet is finally released*
If you have any further questions or need further help please contact us at [email protected]
I accidently sent Verium to my VeriCoin address (or vice versa), what can I do? Is my money lost?
(See "Can I Store Both VeriCoin and Verium In One Address?")
How Do I Earn Interest With VeriCoin?
To earn interest on your VeriCoin, simply open your wallet and wait. Coins that reside within your wallet for longer than eight hours will begin earning interest around the time indicated in the wallet.
What Are The Technical Aspects of VeriCoin?
The Technical Specifications of VeriCoin are as follows...
Ticker Symbol: VRC
No Premine, No IPO
Type of Coin: PoS (Proof of Stake)
Proof-of-Stake: Network-Stake-Dependent Interest
PoS Rewards: 1.5-2.5% APR Interest, Network-Stake-Dependent
Min Stake Time: 8 hours, No Max Stake Time or Amount
Confirmations: 10, Maturity: 500
Minimum Transaction Fee: 0.0001 VRC (Paid to Stakers)
PoW ended at: Block 20160, Minted 26,751,452.35 VRC
Total Coin Supply: 26,751,452.35 VRC. (1.5-2.5% inflation in perpetuity.)
RPC Port: 58683, P2Port: 58684
Current Features: Network-Stake-Dependent Interest, VeriBit, VeriSMS, VeriSend, VeriCard.
MultiPool Rewards: Dependent on current price of VeriCoin and hashrate of miner.
How Can I Acquire VeriCoin?
VeriCoin can be acquired at one of the supported exchanges and also by staking coins you already own.
How Did VeriCoin Begin?
We began creating VeriCoin in March of 2014 and officially launched on May 10th 2014.
We were intrigued by the power and efficiency of the Proof-of-Stake system but just as equally dismayed by the operations of a few of the other digital currencies at the time. The misleading ICOs (Initial Coin Offerings), the Centralized ownerships, the broken communities and the lack of a legitimate mechanism for minimizing inflation bothered us to no end.
We knew we could do better. Much better.
Interest earned while staking vs. non-staking periods. How is the difference calculated?
The PoST white paper goes through the calculations in detail, but simply the more coins you have and the fewer coins staking on the network generally, the more often you have to stake to earn maximum possible matured interest over time. The wallet will estimate your matured interest potential for you and you can see this by hovering the mouse over the staking symbol in the bottom right of the wallet while staking.
If Bitcoin has Lightning Network, why is VeriCoin/Verium needed?
Lightning is a scaling solution but it requires transactions to occur off-blockchain. This is a useful technolgy for certain cases such as exchanges, however the censorship resistance, lack of a trusted third party and accessibility may at any point be hampered on a network that is not a solution to the Byzantine generals problem. So we are building solutions to scaling on-blockchain, such as the binary chain, to maximize security and performance without compromising one for the other.
Is Verium just a side chain of VeriCoin?
No Verium is an independent chain that is not dependent on VeriCoin, nor is VeriCoin dependent on Verium. However they benefit each other by improving each other's functionality technically and enabling the decentralized digital economy possible at the junction of a paired blockchain ecosystem.
How Can I Ask Questions or Get Involved?
For general or technical questions related to VeriCoin itself please email [email protected]
For questions related to VeriCoin Forums please email [email protected]
To volunteer or contribute, please email [email protected]
VeriCoin & Verium Wiki
Most of the resource information found above was sourced from the VeriCoin & Verium Wiki. The wiki was developed and managed by the VeriCoin and Verium community.