Verus Announces New Multicurrency, Multichain DeFi Protocols and Immediate Public Availability of Fully Functional, Multichain Testnet
Without any programming, you can now create new identities, currencies, liquidity pools, and blockchains for your business, your government, your projects, a worthy cause, your family, or your next decentralized application suite. Send currencies worldwide on the same chain, or across blockchains with ease. Even convert currencies to others on the network without an exchange by sending to yourself and converting along the way.
A New Era of Crypto
All of these features are currently available on Verus testnet (VerusID is already on mainnet), and the community is in high gear, hardening and preparing the testnet protocols for mainnet release. The new Verus testnet is a full-featured, intrinsically decentralized multi-chain blockchain platform with an unlimited number of identities, currencies, liquidity pools, and blockchains. It is accessible from the released versions of Verus Desktop and Verus CLI wallets, and it is the beginning of a new age in crypto. There are so many things you can do with Verus that you cannot with any other cryptocurrency platform, and you can try them all today.
Capabilities which to our knowledge are not available on any other decentralized platform today
As Verus PBaaS (Public Blockchains as a Service) offers completely new capabilities that go beyond today’s decentralized platforms in many fundamental ways, the worldwide Verus community put its energy into creation, rather than convincing everyone that its capabilities are possible. Members across the Verus worldwide community have worked hard to make this all possible, and we are more than excited that you can now experience it firsthand. If you have an interest in the future of crypto, you owe it to yourself to learn about Verus, an unlimited scale, decentralized future with truth and privacy for all.
The Verus testnet, available in the Verus Desktop or CLI wallets as VRSCTEST, has the following capabilities, which to our knowledge are not available on any other decentralized platform today.
1. Self sovereign, revocable, recoverable identities (currently on mainnet) with zero-knowledge privacy support (VerusID) — Enables permissionless registration of friendly name strong identities and funds addresses that are simultaneously fully self-sovereign, revocable, and recoverable.
The Verus network and all PBaaS chains also support zk-SNARK, zero-knowledge privacy for private transactions and messages. When combined with VerusID, Verus becomes the only blockchain network in the world with zero knowledge privacy with friendly-name IDs.
2. Staking-capable time locking and theft prevention (Verus Vault) — Enables identities to be locked, preventing any funds under their control from being spent while locked, but still allowing seamless staking of funds.
When locked, a user specifies an unlock delay, typically long enough to notice when someone who might have compromised a user’s keys would have to unlock the ID before spending. The only way to circumvent the unlock delay is to revoke and recover an ID. Users may also choose to create and use fresh private keys when unlocking an ID as well. This enables virtually theft proof workflow and a solution to inheritance, trusts, vesting schedules, the 5$ wrench attack, and identity theft. IDs may be used as friendly name cryptocurrency addresses for all currencies on all Verus PBaaS blockchains in the Verus network. The VerusID protocol is a protocol, which can also be implemented on non-Verus systems.
3. Multi-currency, user created, decentralized tokens and merge-mineable, interoperable blockchains without programming — Enables any user with an ID to create their own token currency or even full fledged, multi-currency, ID-issuing 50% POW/50% POS, 51% hash attack resistant blockchain that can send and receive from the Verus chain which launched it.
All PBaaS chains run from the same daemon, and projects may choose to join the worldwide Verus community in improving the daemon. In doing so, they will start with a complete, multi-currency, ID-capable blockchain with DeFi capabilities that is merge-mineable and stakeable with other blockchains in the Verus network.
4. Consensus integrated DeFi liquidity pools and fractional currency baskets — Enables any ID owner to define Verus DeFi fractional basket currencies with one or more asset currencies backing the liquidity pool at a fractional percentage ranging from 5% to 100%.
The Verus DeFi protocol ensures that all currency conversions that use a particular liquidity pool and are mined into one block are solved and priced simultaneously, addressing the problems of miner extracted value (MEV) and front-running, while providing fee-based DeFi integrated incentives to miners, stakers, and liquidity providers, ensuring smooth consensus operation and fee conversion capabilities by integrating DeFi liquidity pools directly into the consensus and cross-chain bridge protocols.
5. Simultaneous blockchain and blockchain liquidity pool launches — Enables the launch of a world class, worldwide, merge-mineable blockchain along with a fully decentralized or centralized “bridge” converter liquidity pool as part of defining a new blockchain.
Bridge converter currencies have the same flexibility as other fractional 100% asset backed or partially asset backed currencies, but is bound to the launch of the new blockchain, runs on the new blockchain, and all fees generated via cross chain fee conversions or general use of the liquidity pool are earned on the new blockchain with no rent going back to the Verus blockchain, only seamless connectivity.
6. Blockchain-based, crowdfunding currency launches with minimum participation or automatic refunds, including for dual launches (blockchain and bridge) — Enables you to set required minimum levels of worldwide participation in your preferred currencies on chain. If by the start time of your currency, minimums are not met, all participants will automatically get their pre-conversions (minus network fees) refunded.
The launch options also provide for maximum participation in one or more currencies, pre-launch discounts, price neutral pre-allocations to select IDs that increase the fractional reserve ratio to issue currencies, similarly price neutral carve-outs of proceeds, and pre-launch discounts for early participants. Using VerusIDs, launches can also include vesting schedules in the pre-allocations as well.
7. An interoperable, multichain network for new use cases and unlimited scale — Allows for the creation of an unlimited number of interoperable blockchains in the Verus network.
Notary IDs, specified at chain definition, provide decentralized blockchain-specific bridge confirmation, enabling public blockchains available to the world for merge mining and staking, as well as private, internal blockchains, which are easy to setup with seamless, secure sending of public currencies into an organization and onto their internal private network and back, with all features and currencies of the public chain but none of the access. There is no limit on the number of blockchains that may continuously operate and interoperate on the Verus network. While there is some overhead for cross notarization, the model for the Verus blockchain network is fractal, enabling an unlimited number of simultaneously operating, interoperable blockchains.
8. Merge mining of up to 22 blockchains simultaneously — Lets you multiply your hashpower by up to 22x by mining multiple chains at the same time, on the same hashpower.
Verus has no limit on the number of simultaneously running blockchains across its multi-chain network, and rather than requiring more and more hash power and energy to process the scale of transactions that can be supported across all of these chains, Verus makes merge mining up to 22 blockchains easy and automatic by individuals or even pools.
You can discover and select your favorite projects from across the Verus network using the Verus Desktop, and mine them all, effectively multiplying your hashpower by up to 22x. Start your own project and pay some of your costs by mining other currencies as you mine your own. Each blockchain continues to run on its own independent worldwide network, yet you could make your choices to earn rewards on all or some of the blockchains and participate in their cross-chain operation. Together, Verus automatic merge mining and its 50% proof of stake, 51% hash attack resistant algorithm makes runaway energy costs for crypto mining and transaction processing a thing of the past.
9. Blockchain fee pools and anti-front running — Addresses MEV and more elegantly solves the EIP1559 problem with a block reward independent economy.
As DeFi protocols become the new “killer apps” for blockchain, soon to be joined by identity and future NFT models, fees earned by miners and stakers in a block can now often exceed block rewards. This is a natural outcome of blockchains being used for commerce and was a consideration of Satoshi’s as the rewards that would replace block rewards over time.
When DeFi protocols, VM-based applications, or other functions earning fees are completely separate from the blockchain consensus protocol, as is the case in Ethereum and most other VM-centric systems, miners and stakers often have perverse incentives to reorg the blockchain and capture the blocks with unusually large fees, even after they have been mined by another. The Verus developers consider this a fundamental security flaw in the consensus protocol and are introducing the Verus Fee Pool, which will be operable on all PBaaS chains as well.
The Verus fee pool is a complete solution to enabling a blockchain economy and works by simply requiring that miners put all fees into the fee pool and then take a fraction of the fee pool as their fee reward. This way, it is always more efficient to continue mining forward, as any large sum of fees will be distributed with exponential decay over the current and future blocks. In addition to the Verus Fee Pool, fees for conversions may be paid in the source currency and are automatically converted to Verus or the native blockchain currency on a PBaaS chain before being exposed to miners as transaction fees, providing an entirely new and complete solution to both the problems of large fee disruptions and integration of DeFi conversions into the consensus security protocol.
Written by miketout & michaeltoutjr
Join the New Era of Crypto
Discuss and share ideas on your own blockchain or currency project, or if you need help come to our Discord server. We have a dedicated channel #pbaas-project-ideas
