It is a well-known fact, that the Cloud Mining service providers deal huge reputation damage to the blockchain and cryptocurrency industry. The simple idea of supporting blockchain networks with computing power located in the cloud seems very attractive... until it turns out that most of the projects in space are just a Ponzi-scheme scam.
There are blockchain projects that aim to solve this problem. One of them is VCoin - a private ecosystem with its own cryptocurrency. Despite being an early-stage startup, this cryptocurrency is already got some traction and is actively traded on several exchanges, offers a functional and secure desktop wallet, and is used for global financial solutions all over the world.
This review will focus on these and many other points connected with the VCoin blockchain and give answers to the majority of questions you can be interested in. Let’s start!
What is VCoin?
VCoin is a peer-to-peer global payment network which is a relatively new player in the crypto world. This network has a lot of features and the main one is to process payments for products and services in a fast and cheap manner.
What is offered by VCoin? This network allows performing different functions including:
- Mining VCoin;
- Storing cryptocurrency in the desktop wallet;
- Purchasing and trading it etc.
The history of VCoin
VCoin network was developed by the UK company VCoin International LTD and is based out of London. The founder and creator of VCoin is Gladys Ramos. The company was established in August 2019, and the first version of the project was launched to the public in December 2019.
VCoin’s goals and innovation.
Why was VCoin created you may wonder? The main problem this network aims to solve is the challenges associated with 3rd party Cloud Mining. VCoin was developed to minimize scams and digital assets value dilution. As a result, users have received a VCOIN FULL NODE DESKTOP WALLET that can be also used for mining coins and purchasing VCC from the official website.
Technologies used in VCoin
There are 3 main technologies used in VCoin:
- The Equihash Algorithm
This is an algorithm that is easy for verification but difficult for solution arrival. It was introduced in 2016 and is considered to be a memory-oriented proof-of-work algorithm based on the generalized birthday problem.
Translated as Zero-Knowledge Succinct Non-Interactive Argument of Knowledge this term means a method according to which one party called proffer can prove the possession of some important information to another party called verifier but without conveying any other information except for this fact and without interaction between these parties.
- Proof – of –Work
Having been developed by Alex Biryukov and Dmitry Khovratovich this algorithm is based on the generalization of the Birthday problem that searches for colliding hash values.
It goes without saying that the major tool of the network is its unique cryptocurrency called VCoin (VCC). This is a proof-of-work coin that can be mined using the Equihash Algorithm. The total coin supply is 210 million and they are still available for mining as well as can be purchased directly on the official website or several popular exchanges such as p2pb2b. The coin mining process can be done directly through the wallet. Blocks are generated every 2 minutes and the reward is equal to 150VCC. According to VCoin's Whitepaper, the block reward halving is set to happen every 2.5 years.
VCoin International LTD is a young company that has already passed through several important stages of its development. The team successfully launched a blockchain network with VCC cryptocurrency, developed a marketing plan, and VCoin white paper created a secure wallet and listed the new coin on several exchanges and analytics platforms. Currently, the company is developing a mobile wallet for more comfortable access and control of assets. In future plans, they have the creation of VCoin payment gateway, mobile app launch, introducing crypto to fiat transfers, and VCoin credit card system.
What makes VCoin stand out is the combination of the Equihash mining algorithm and zk-SNARKs anonymity protocol. This newly developed financial and service network offers a variety of functions including the execution of daily life transactions and personal transactions between VCoin wallets that are completed incredibly fast. The release of VCoin’s payment getaway will make it possible to process funds for goods and services anywhere on the globe using a simple debit or credit card.