The world has recently made a tremendous leap forward in terms of digital technologies due to COVID. While the real-world situation is unfortunate, the digital sphere has revolutionized the way we think about finance, and VersaCoin is about to revolutionize the way we think about eCommerce.
A lot of people that used to work for companies and corporations are shifting their perspective to starting their own businesses, and as such, they are working from home and conducting commerce between individuals with a similar state of mind and mentality.
However, cryptocurrencies have been mainstream for a prolonged period of time. In fact, Bitcoin was released over a decade ago, back in 2009, so cryptocurrencies and blockchain networks might not be as new as you might initially think.
What is VersaCoin
The concept behind VersaCoin is to build a true community that uses the coin. This is the main way it differentiates itself from any other coin due to the fact that, while others are mainly focusing on the value of the coin and even the hash power, VersaCoin focuses on quality.
The main advantages of the VersaCoin include the fact that it uses robust technology through a Proof of Work Model and Advanced Checkpoint Protection as well as Script Algorithm.
It also has a fixed supply, which eliminates the effects of inflation which is typical of fiat paper money. VersaCoin is also a fully decentralized project that is self-governed, and it is managed as well as maintained by the community of users.
If you’re curious about the technology behind VersaCoin, it is a fork of the Bitcoin version 0.17 codebase; however, it lacks two main elements that are simply not required, and as such, chosen intentionally to be left out. These are Segwit and Lightning Network. If you are uninitiated, a fork is an act of modifying a coin’s rules which is accepted through a consensus of the network, where the blockchain continues to operate as a singular entity.
This is due to the fact that they were not really efficient with their goal of making the network scalable. As such, VersaCoin attempts to solve this.
Now, when it comes to its storage, it has 32MB blocks, which confirm in approx. 120 seconds, which means that it offers one of the greatest transaction throughputs when compared to any other cryptocurrency available at the time of writing. This, in turn, gives it more than 160 times the capacity of Bitcoin’s network. The algorithm is also shifted from SHA-256 to Scrypt.
What VersaCoin Solves
VersaCoin wants to return the power of mining to the community members. There are always ways to conduct this while remaining fully decentralized. This is a feature that is on the current roadmap and is based on the concept of “One CPU, one vote.” VersaCoin will be a coin for the people of the global community to use.
The coin itself is designed to be secure, fast, and specifically made for widespread adoption in both public as well as private commerce. It incorporates unique features in order to ensure blockchain integrity, with the elimination of other ways to address capacity.
The main features of VersaCoin include the scrypt hashing algorithm, the proof of work (PoW) scheme, the advanced checkpoint protection (ACP), the 32 MB block size, the 2 minute block time, the difficulty of retargeting every block, the Dark Gravity Wave (DGW) difficulty adjustment algorithm and the instant (0-conf) transactions.
Use-Cases for VersaCoin
While VersaCoin’s current focus is on eCommerce, this is a small part of it. The target audience is also smaller businesses that use Point of Sale (POS) devices.
Commerce and the community are some of the main ways through which VersaCoin can bring things together. This is due to the fact that it has been developed to meet the needs of a global community that requires a payment system that is fast, safe and secure, and processes a lot quicker than Bitcoin ever did. People need to choose what exactly they can accept in commerce, both in public and the private sectors of the industry.
This is important, as privacy has been one of the primary concerns of many people. VersaCoin presents a level of privacy by itself, which will only improve the further down the development road it goes.
The element of proof of work mining is intended so that as the network grows, the results become robust, and the coin becomes more secure. That being said, it has some drawbacks, and to combat these, VersaCoin will implement a unique Environment-Friendly system where the network can grow efficiently.
In other words, going forward, VersaCoin plans on implementing this unique environment-friendly system through which the entirety of the network can grow at an efficient rate.
This will be done through the means of allowing anyone with a laptop or desktop device to mine in the background, and as such, have an equal possibility of finding a VersaCoin, same as a person who will potentially be running the most expensive mining rig money can buy.
The project has been added to CoinGecko and was recently listed on its first exchange known as VinDAX. While the project is at its beginning steps, it has a lot to offer, and time will tell how efficient its solution becomes in real-world use-cases.
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