January 2022 — Verus Monthly Recap
The latest Verus updates on development, community, ecosystem and more. Subscribe to the newsletter here.
Next to the monthly recap on Medium, you can receive the exact same content through a newsletter. Subscribe here. I’ll keep things short and to the point.
🌎⚠️🔒 VaultAlert.net Release
With VaultAlert users can check the status of their VerusID Vault from anywhere in the world. VerusID Vault always protects your crypto assets even if your private keys are compromised. Read more on VaultAlert here.
Last month a lot of quiet progress was made on the development of the Verus multichain protocol. A new public testnet is on the verge of release with additional core protocol features. All effort is put into making Verus a decentralized and robust protocol that just works.
Exporting Currencies
Currencies on one PBaaS-blockchain can be exported to any other PBaaS-blockchain. This means that a currency can easily be made available on multiple blockchains.
An example: we have CHICKEN-currency on a PBaaS-chain and want it to be available on the Verus-blockchain as well. We export CHICKEN-currency to the Verus-blockchain for a fee and now CHICKEN-currency is available there too. It goes without saying that all fees go to the miners and stakers of the network.
We can pay this fee in whatever currency we want, as long as it is available in the bridge-converter.
This fee is defined by the PBaaS-chain where you want the currency to be exported to, and thus can differ within all the multiple blockchains in the network.
Fee Structures
On the previous public testnet you could only make transactions if you had the native currency of the blockchain. Now you can use any currency that is in the bridge-converter as a fee to do operations on any PBaaS-blockchain.
Any currency on a blockchain can be used as fees to do transactions. Example: if you have USDC on the Verus-blockchain you don’t need VRSC to send the USDC around. It automatically converts a small fee of USDC to VRSC through a bridge-converter and uses that as its transaction fee.
This is an incredibly hard problem to solve. Yet it is working now on internal Verus test builds.
🔊 Public Technical Updates from Mike Toutonghi
On January 8, 2022, Mike Toutonghi gave the community technical updates on the Verus Discord channel. 🔊 You can listen to it here.
Awesome Mining Rigs
Some community members have shown their mining rigs in the #mining channel on Discord this month. I just wanted to share them here because they are hella cool.
