London, November 11, 2020: Privacy, identity, and the DeFi-ready blockchain ecosystem, Verus, announces its newest exchange listing on Bithumb Global, a top-tier digital asset trading platform, providing world-class fiat and cryptocurrency trading services to users worldwide. Backed by more than half a million community members, Bithumb Global enables each global user to trade, participate or contribute to the digital assets ecosystem as part of the Bithumb family, one of the most popular cryptocurrency trading platforms in South Korea with over $1 trillion USD in cumulative, annual transaction volume. Bithumb Global will now list VRSC for purchase, trading, and for a limited time – on-exchange staking.
To celebrate the new Verus exchange listing, Bithumb Global is giving away 140,000 VRSC in a series of contests, an amount worth $50,000 USD as of November 3rd and over $55,000, as of November 11th!
The contest includes three events:
1) Trading competition – Participants can compete to have the highest accumulated trading volume with a minimum of 4,000 VRSC traded. The top 1500 traders will get a share of 53,500 VRSC in prizes.
2) Buying competition – If participants buy 500 VRSC or more, they earn bonuses of up to six percent.
3) Staking giveaway – After purchasing, participants can stake to earn even more in Event 3, choosing to lock their token for 30-60 days earning up to an additional 5 percent (30% Annual percentage yield).
The contest starts when the listing is launched on November 11 at 4:00 EST / 9:00 UTC on Bithumb.pro. Participants can sign up to buy, trade and stake VRSC to earn thousands of dollars in Verus given away by the community. And before the contest, questions can be directed to Verus.io/discord. To ensure referral fees go to the Verus Coin Foundation, an independent, non-profit organization, funding by donations to support the Verus Project, its development, and community, users are encouraged to use the referral code 8jznat when making a new account.
In addition to the contest giveaways, Verus and Bithumb are teaming up to offer an ‘Ask Me Anything’ (AMA) session, with Verus lead developer Mike Toutonghi, where participants can earn while learning about the open-source blockchain protocol designed for privacy, safety, open participation, and unlimited scalability. The event will be hosted for one hour starting on November 12 at 3 AM EST / 8 AM UTC on Bithumb’s Telegram channel https://t.me/bithumbglobal_EN
In less than two weeks, Verus will also be undergoing a halving, cutting default mining and blockchain staking rewards in half and diminishing from 24 to 12 VRSC for every block mined or staked. The halving is significant because it marks another drop in Verus’ dwindling finite supply. The total maximum supply of Verus is 83,540,184. At the time of writing, there are 58,623,495 VRSC already in circulation, leaving just 24,916,689 left to be released via coinbase rewards.
Verus is scheduled to halve every 1051200 blocks indefinitely (approximately every 2 years). Miners and stakers will also be rewarded with fees for processing transactions that network users will pay. Because of its unique architecture, 100% of rewards from transactions go to miners and stakers on the network.
The Verus network has introduced a new consensus mechanism: called Proof of Power, a 50% Proof of Work and 50% Proof of Stake algorithm. It uses a statistical function that combines Proof of Work and Proof of Stake to validate each block by either, while averaging to a target percentage of blocks being validated by each form of proof.
Proof of Power is a provable hybrid solution to 51% Hash Attacks and the staking algorithm solves the two major theoretical issues undermining other Proof of Stake systems, “nothing at stake” and “weak subjectivity” by leveraging its smart transaction capabilities to remove any incentive to attempt cheating, making it a losing proposition.
Proof of Power is a groundbreaking consensus protocol that uses a unique hash algorithm, VerusHash, a quantum secure hash algorithm that nearly equalizes the cost/performance ratio of both CPUs and FPGA, lowering the hardware barrier of entry and making it so that anyone can help participate in securing the Proof of Work network, as most people believe Satoshi intended in the original BTC protocol.
The halving will take place on November 22, around 03:12 UTC. A countdown clock can be viewed at https://countdown.verus.io/halving/
Verus is a truly free, decentralized protocol and rent-free blockchain framework that provides chain interoperability that can scale to the world. It’s not just a protocol, but an ecosystem of interconnected blockchains. The Verus Project has also developed and is nearing mainnet rollout of a new technology, Verus DeFi, which has been successfully testing since last year. Once on mainnet, the Verus DeFi system will be a fractal, market-driven, and completely liquid worldwide network of independently valued currencies and protocol-based currency baskets that allows anyone holding Verus to perform currency conversions, cross-chain transactions, and launch their own fractional reserve currencies as well.
The next generation DeFi enabled platform is designed as a scalable, secure, public network with privacy built-in. Verus offers superior decentralized finance for community driven liquidity by utilizing simultaneous parallel processing of DeFi transactions, allowing Verus to advance the technology underpinning automated market makers and community liquidity. The result is a series of improvements including the elimination of front-running, lower costs and optimization of liquidity.
Verus was fairly launched with no ICO, no pre-mine, no development fee, and with advance mining notice, all network fees go to blockchain miners and stakers, as well as DeFi currency holders. Development is funded through community donations, supported by the non-profit Verus Coin Foundation, and there are no centralized or rent-seeking fees in the protocol whatsoever.
Verus supports both transparent and fully private blockchain addresses and also offers self-sovereign, fully decentralized recoverable friendly name identities. In addition to these capabilities, which are available today using the Verus Desktop GUI application for Windows, Mac, and Linux platforms, Verus is testing its upcoming release that supports unlimited tokenization of assets.
Coupled decentralized bridging protocols which will allow various coins, Ethereum-based currencies, UTXO blockchain-based coins, and others, to be represented on the Verus system in a decentralized manner, will allow currencies to be sent into the Verus network from other cryptocurrency systems and also allow all Verus-created currencies to be sent to and represented in the Ethereum network as automatically created ERC20 tokens. The Verus Community believes this will lead to an expansive universe of tokens and coins with liquidity across the Verus system and other leading blockchain networks.