Verus marketing meetings summary

(Saturday, January 6, 2024 and Tuesday, January 9, 2024)

5 min readJan 9, 2024

can be done by anyone (with bots or manually), not dependent on the new auto-arbitrage capabilities of the Verus daemon
already happening on the bridge converter basket right now, brings prices closer to other markets, generates fees for liquidity providers (helpful for the protocol & users)
same advantages for everyone trying to arbitrage, if multiple parties try to arbitrage at the same time, their arbitrage transactions are all solved in the same block and get the same conversion rate, which means profit might be significantly less than expected for everyone

different from any existing arbitrage on Verus or anywhere else
perfect knowledge of how much profit you will make before transactions are solved, without anyone being able to join you
happens only on the solving of an import
when a miner or staker creates the block with the import transaction and there is still a difference between the solve price and external markets or the on-chain marketplace, they can join (not front run) the solve with no more transactions added after them
protocol allows up to 10 transactions to be added to the solve
arbitrage funds can be separated from other funds with the following daemon startup parameters:

-arbitragecurrencies=[\"currency1\",\"currency2\"]

-arbitrageaddress=anyRaddressorIDwitharbcurrencies

Someone puts an order to buy 1000 VRSC with 1300 DAI on the on chain marketplace (price of 1.30 DAI/VRSC is below the price of VRSC in the liquidity basket → no one takes the order).
Someone dumps VRSC using a reserve transfer, bringing the price at the solve down to 1.29 (order is not a bad deal anymore).
The solving daemon looks for on chain orders buying one of the set arbitrage currencies for other currencies that are in the basket, then does what-if scenarios (one at a time) to find the most profitable order to arbitrage (biggest order size and price difference), in the example that would be the buy order of 1000 VRSC@1.30 DAI.
If you win the block, the arbitrage will be executed (selling 1000 VRSC for 1300 DAI and converting it back to VRSC through the liquidity basket at 1.29 DAI) and you will end up with more of your arbitrage currency then you started with (around 1007.75 VRSC in the example). If you don’t win the block the arbitrage won’t be executed, your arbitrage funds won’t move, and you won’t lose anything, making auto-arbitrage risk-free.

auto arbitrage feature could be developed further to be more advanced (developers can work on this now)
protocol would allow multiple transactions at once, you could fill up to 10 on chain orders in every block you solve
has to be done well, low performance code could slow down things so much that it impacts the number of blocks you solve
companies could provide arbitrage money with a hook they code into someone’s daemon to feed them transactions to add to solved blocks

not build into the protocol itself (only preallocations to a few hundred people)
can be done in many different ways, like programs that do numerous transactions to distribute airdrops

services/apps can sell IDs as a part of onboarding users
all the user needs is the Verus Mobile app to get an ID in a few minutes
ID creation and fees are handled by the service
services can also let users use their existing IDs
ID provisioning and the universal payment system feature will probably come out with the next release of Verus Mobile

Coingecko/Coinmarketcap doesn’t seem to have any mechanisms to list a true DeFi protocol (required APIs for Verus are finished now), they are expecting an exchange-like entity
Shreyas has done 90% of the work for the Rosetta integration
now is the time for developers to start building on Verus
Mike will try to write information and help people learn more about Verus this year
light full nodes can be done now, leveraging the notarization protocol
this year might be good for an updated vision paper, anyone can write it, Mike would participate

no public info about events because things are not under contract yet, and we don’t want others to grab our venue
finding a caterer for the events is still in progress (low availability because of wedding season)
other people are working on graphics and the booth, content will come out when they’re ready
Mike’s videos are in post-editing and will also be a part of Consensus
multiple videos with the same message but edited differently (words, graphics or Mike speaking) will be released one at a time before Consensus
this time we are planning to give out gift-bags at the events
DCAL is donating two pre-built Orange Pi 5B (16 GB RAM) to give out at consensus
price drop of VRSC made things more difficult, the donation window is still open until Consensus, if you want to donate use the addresses below:

1JrgohmxB618J13bDF1V71STavrqeqghSU

0xdC415012eA218402E58E0221E4F8EA1544973A63

Consensus2024@

one way would be to install everything and leave the Verus folder blank
Oink is working on an image that contains scripts to download and start the wallet, but doesn’t have any of the folders that are available when Verus is running pre-installed
Z-Cash parameters will be pre-installed because they don’t change
Oink plans to make various images (Ubuntu, Debian and CLI-only)
images will be open source
Orange Pi’s with 16GB RAM will be able to run multiple chains and merge-mine them