Vericoin (VRC) has had a spectacular run since its launch in May. Back then, the coin was trading for $0.007. Today, one Vericoin is worth about $0.27. That’s a gain of more than 3757 percent!
Why all the hubbub? Fundamentally, Vericoin’s not much different than other proof-of-stake altcoins. It pays a variable interest rate based on the number of users who have their wallets open on their computers. This incentive to keep a wallet active ensures network security and stability. The coin also offers fast transaction times: 10 minutes for 10 confirmations.
Vericoin technological innovations
Vericoin has moved aggressively to launch new features; specifically:
- Veribit lets users utilize Vericoin to pay for items online anywhere bitcoin is accepted.
- VeriSMS lets Vericoin users send cash via text message.
- Development is underway on a VeriBank, which will feature a “hot wallet” for checking and “cold wallet” for savings.
While these features are impressive, I’m not sure it’s enough to make Vericoin a long-term buy. Veribit’s the neatest feature, but it’s one that I suspect a Paypal-like entity (perhaps Bitpay or Coinbase) will handle in the future by letting users pay for transactions in whatever major altcoin they’d like (in my mind, such a system would be powered by Ripple’s protocol).
That said, Vericoin’s moving faster and more proficiently than most of the altcoin teams out there. They’ve hired a PR firm, and they seem committed to continual innovation. If they can keep that up, it’ll be a coin to watch. Otherwise, I wouldn’t be surprised to see the developers get hired away to work at VC-backed startups.
Background photo by Afasoulis.
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