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Sr. MemberActivity: 504Merit: 250 Re: [PRE-ANN][VRC] | VeriCoin | 14 day PoW | PoS - Dynamic Interest | No Premine May 10, 2014, 12:46:41 AM #10 Quote from: bamsterdam on May 09, 2014, 11:28:13 PM dont see any innovations? maby the dev could tell some info, future plans, features en development? So many coins pow/pos now.



Quote from: testbug on May 09, 2014, 11:37:57 PM Yes we really could need some further informations.



I like the system with higher stake if the coin isnt traded very much. But without further informations the coin will maybe die.



So the innovation here is the dynamic interest rate. The way it works is that the interest rate scales according to network stake. If there's a higher amount of staked coins, the interest rate goes up. That means the more "invested" you are in the coin, the more interest you will make. This essentially gives incentive for you to hold your coin in your wallet rather than keeping it on an exchange, gives you reason to tell your friends to acquire some coin and keep it staking, etc. because it helps both you and them. It's the only coin that provides additional reward for keeping the coin. It also provides a reasonable interest rate compared to Blackcoin (1%) and other PoS coins (10%+ interest). Most stable economies have higher inflation than 1% so assuming the coin's value keeps steady it makes more sense to put it in FIAT and earn traditional interest. With the dynamic scaling interest rate, you're likely to make 2-2.5% interest which is much more in line with mature economies.



In addition, we keep the very fast transaction times of Blackcoin, allow for a longer mining period so the distribution is more fair (14 days vs 5-7 days of other PoS coins), have a completely fair start with no premine at all and a pre-announcement thread, etc.



We really want to see this coin succeed. I've been mining and holding cryptocurrencies for years now since I was in College mining bitcoin on my laptop. I was a Doge miner on day 1 and thought it was neat but thought the PoS aspect of Blackcoin was a great idea. Still, I thought the interest rate was too low to incentivize holding and I think there's a lot of inter-community turmoil going on right now. Us devs have had Vericoin in testing for over a month now. We wanted to make sure all of our ideas were implemented correctly and so we created a few test nets before our release. We could have released an immature coin early but because this is something we all believe in and think has real potential we're a little late to the hybrid PoW/PoS game. Hopefully the community will see the merit in the coin and we can get mining, get some donations into the foundation for bounties (a la Blackcoin), and get a real community started.



Check out the reddit page: So the innovation here is the dynamic interest rate. The way it works is that the interest rate scales according to network stake. If there's a higher amount of staked coins, the interest rate goes up. That means the more "invested" you are in the coin, the more interest you will make. This essentially gives incentive for you to hold your coin in your wallet rather than keeping it on an exchange, gives you reason to tell your friends to acquire some coin and keep it staking, etc. because it helps both you and them. It's the only coin that provides additional reward for keeping the coin. It also provides a reasonable interest rate compared to Blackcoin (1%) and other PoS coins (10%+ interest). Most stable economies have higher inflation than 1% so assuming the coin's value keeps steady it makes more sense to put it in FIAT and earn traditional interest. With the dynamic scaling interest rate, you're likely to make 2-2.5% interest which is much more in line with mature economies.In addition, we keep the very fast transaction times of Blackcoin, allow for a longer mining period so the distribution is more fair (14 days vs 5-7 days of other PoS coins), have a completely fair start with no premine at all and a pre-announcement thread, etc.We really want to see this coin succeed. I've been mining and holding cryptocurrencies for years now since I was in College mining bitcoin on my laptop. I was a Doge miner on day 1 and thought it was neat but thought the PoS aspect of Blackcoin was a great idea. Still, I thought the interest rate was too low to incentivize holding and I think there's a lot of inter-community turmoil going on right now. Us devs have had Vericoin in testing for over a month now. We wanted to make sure all of our ideas were implemented correctly and so we created a few test nets before our release. We could have released an immature coin early but because this is something we all believe in and think has real potential we're a little late to the hybrid PoW/PoS game. Hopefully the community will see the merit in the coin and we can get mining, get some donations into the foundation for bounties (a la Blackcoin), and get a real community started.Check out the reddit page: http://www.reddit.com/r/vericoin , and join us on IRC on Freenode #vericoin. Support the VeriFund Endowment.

VRC: VFEndownxxnHea9mv59kZx8c7TysGbndYx