Verus

What is Verus?

Verus is an open-source, decentralized blockchain protocol that employs a hybrid consensus mechanism involving proof-of-work (PoW) and proof-of-stake (PoS). With a strong emphasis on scalability, security, and decentralization, Verus aims to provide rent-free blockchain tools for creators and organizations to build various products, services, and systems. The protocol is multichain, allowing for unlimited scalability and resistance against 51% hash attacks, and it is entirely community-built, ensuring fair mining and staking practices.

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Recent Video Interview

Main points of the interview:

• Verus is a community-driven project with no company, DAO, or VC funding.
• Enabling CPU mining even on cell phones for global inclusivity.
• Green technology and community-driven development, focusing on decentralized, self-sovereign identities and multi-currency support.
• Decentralized identities and a 50% proof-of-work, 50% proof-of-stake consensus model.

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Public Blockchains as a Service (PBaaS)

Verus introduces Public Blockchains as a Service (PBaaS), enabling the launch of scalable, interoperable, and customizable blockchains for public or private use. Users can create tokens, basket currencies, and liquidity pools on top of these blockchains, with built-in decentralized finance (DeFi) and smart launch options. The protocol emphasizes protocol-level self-sovereign digital identities and namespaces through VerusID, providing innovative tools for builders, communities, businesses, and organizations.

Scalability, Security, and Interoperability

Verus achieves practically unlimited scalability through PBaaS, reaching high transactions-per-second (TPS) levels. It ensures security by being 51% hash attack resistant and utilizing smart transactions rather than smart contracts, minimizing risks. The protocol emphasizes interoperability, allowing seamless communication between all Verus PBaaS chains and connecting to Ethereum in a trustless and non-custodial manner through the Verus-Ethereum Bridge.

Decentralized & Community-Built

Verus embodies the true spirit of decentralization, being open, borderless, public, neutral, and censorship-resistant. The community-driven project encourages participation from anyone, regardless of background or location. Verus stands out as one of the most decentralized networks globally, with no central company behind it. All protocol fees contribute to the block producers (miners and stakers).

VRSC Coin

The $VRSC coin plays a pivotal role within the Verus ecosystem, serving as a versatile digital asset with multiple use cases. Primarily, it facilitates cheap, fast, and scalable payments on the Verus mainnet. Additionally, $VRSC enables staking, allowing anyone holding the coin to participate in securing the network with no minimum requirements. The coin is also instrumental in creating VerusIDs, launching blockchains, tokens, and supporting decentralized finance (DeFi) activities on the Verus mainchain.

VerusID

VerusID represents a groundbreaking paradigm shift in digital identity and ownership. It offers individuals and conscious organizations a set of innovative tools and features. VerusID incorporates friendly name addresses for easy sending and receiving of cryptocurrency assets within the Verus ecosystem. It prioritizes privacy through the use of the latest zero-knowledge privacy technology, ensuring user anonymity. Data ownership is a core principle, allowing individuals to retain control over their data and explicitly grant permission for its use. VerusID also introduces passwordless login, key recovery, and a Vault feature for added security against various threats.

Hybrid Consensus

Verus employs a unique hybrid consensus algorithm known as Verus Proof of Power (VerusPoP). This innovative approach combines both proof-of-work (PoW) and proof-of-stake (PoS) elements in a 50/50 ratio. VerusPoP ensures that half of all blocks are validated by miners and the other half by stakers, creating a decentralizing effect on the network. To successfully attack the Verus blockchain, an entity would need more than 50% of the validation power, a requirement known as Chain Power. This distinctive hybrid consensus mechanism promotes security, decentralization, and a balanced participation of both miners and stakers in maintaining the network.

Project Development

In response to a Discord session hijack vulnerability in the beginning of 2024, the Verus Community, led by Michael Toutonghi, assures that no funds within the Verus network or wallets were compromised. The attack targeted the Verus Discord server, employing a session hijack vulnerability used by notorious hacking groups and social engineering tactics. While the hackers gained control of the Discord server, they did not compromise Verus network funds or user wallets.

Toutonghi emphasizes the importance of caution for communities using Discord and shares insights into the attack to prevent similar incidents. The hackers exploited a link click session hijack, leading to fraudulent announcements of Ethereum-backed giveaways. Despite the incident, Discord's response time and false positive account disablement are criticized. The Verus Community has established a more secure Discord server and encourages members to join while actively seeking Discord's collaboration on enhancing security measures.

Verus Price Analysis

As of November 24 2024 Verus has a marketcap of $365M. This is {{percentagefromath}} from its all time high of $4.86. In terms of its tokenomics, there's a total supply of 84M with 93% currently outstanding. Keep in mind Verus has a fully diluted value of $392M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.