Verus to redefine trust and privacy? 7 features that set it apart

Verus is redefining blockchain with privacy-first solutions, scalable ecosystems, and a community-driven approach to rebuilding trust in the digital age.

In the age of information, we face numerous conundrums. For one, with the plague of disinformation, misinformation and global corporations competing to claim dominance over mediums of communication, we can never be sure of who and what to trust. Adding fuel to this already massive fire is the fact that we cannot even verify a lot of the information peddled to us.

Another cause for concern is the loss of privacy. With AI scanning our very faces on popular social media apps, most of us are not even aware of the ways in which our privacy is being invaded. 

Humanity does not need more data conglomerates leeching our information and targeting us for ads. Instead, we need organizations that prioritize societal benefit first and align business interests within that framework.

One such organization that stands out in its mission to redefine trust is Verus. With its technologies and new solutions, Verus is a company that monetarily incentivizes behavior that strengthens communities and institutions. Let’s find out more about this up-and-coming blockchain project.

Overview

• Website: https://verus.io/
• Token: VRSC 
• Sector: Blockchain and decentralized ecosystems
• Business Model: Open-source, decentralized platform with self-sovereign identity and DeFi integrations
• Compatibility: Interoperable with various blockchains and systems
• User support: Active community forums, educational resources, and a responsive development team

What is Verus?

Founded by a community collective and launched in May 2018, Verus is a people-powered public infrastructure. According to its website, Verus is a base to build web3, and to empower individuals and communities. At its core, the multi-chain and multi-currency L0/1 blockchain protocol focuses on privacy, scalability, and interoperability. 

As per its vision paper, the protocol operates on three pillars. The first is extreme transaction throughput and scalable decentralized applications with autochains, which provide public blockchains as a service (PBaaS). The second is selectively strong, private identity. And finally, the third is open application support with a foundation of polls, voting, and lottery selection services. 

With the help of these guiding principles, the team at Verus believes they will able to create a secure, public platform that respects privacy, and can potentially serve as the foundation of a more respectful society.

Let’s explore some of Verus’ features.

Features of the Verus ecosystem

Verus offers a feature called Public Blockchains as a Service. This provision is so that users can deploy their own blockchains quickly and easily. The network of blockchains is unlimitedly scalable and ready for world demand. The program allows anyone to create a blockchain with customizable features, native interoperability, and cross-chain functionality. Blockchains are made from the Verus blockchain and maintained by the worldwide network of miners and stakers. 

VerusID is a subsystem of Verus that provides secure, flexible digital identities. VerusID is specifically designed for self-sovereign individuals, and conscious organizations that value their data. The VerusID system makes use of the new zero-knowledge privacy technology (zk-SNARKs) so as to protect users from tracking. Moreover, VerusID has friendly name addresses that make receiving and sending cryptocurrency assets easy. Data protection is a primary concern for Verus. Therefore, the data attached to a user’s VerusID is truly theirs and only the user can control this data. Verus Vault is the new mainnet upgrade that enables an optimized level of security and safety for all user funds. Verus Vault allows users to lock any VerusID under their control while still using its funds to actively stake and earn on the network.

VerusID functions as much more than an ID. They can be bound to the user, or other VerusIDs they have authority or ownership of. They can be bound to an unlimited amount of content, data, and provable information, both public and private. VerusIDs can even hold funds. They can be personal profiles, corporate websites, or government portals. VerusIDs are much more than identities or today’s NFTs. They are owned assets of all kinds on the Verus blockchain. And with the VersusID Marketplace, these assets can be exchanged easily. With the VerusID Marketplace protocol, anyone can buy and sell VerusIDs.

• Proof of Power (PoW + PoS) hybrid consensus

Proof of Power (PoP) is a hybrid consensus algorithm that uses a statistical function that combines Proof of Work (PoW) and Proof of Stake (PoS) to validate each block by either PoW or PoS, while averaging to a target percentage of blocks being validated by each form of proof. Verus Coin implements Proof of Power (PoP) by combining VerusHash PoW and VerusPoS in a unique proof-of-work/proof-of-stake hybrid algorithm. VerusHash was developed to deliver a competitive advantage for CPUs with GPUs. It is an exceedingly CPU-friendly long input hash function, with CPU mining designed to be ASIC-resistant.

• VERUS Basket (fractional reserve system) 

Verus Basket operates as a fractional reserve system within the Verus ecosystem, enabling the creation of basket currencies backed by multiple reserves. This mechanism provides a diversified and flexible approach to decentralized asset management.

• Unlimited scalability (for worldwide adoption)

Users can create the best and most scalable meme coins on VERUS Network. Corporations and governments can also use VERUS Network for faster, cheaper and scalable worldwide operations today.

Users can mine VERUS with their CPU and phone using less electricity. Unlike traditional mining methods that need several power-hungry setups, VERUS mining is designed to use significantly less electricity. Through this approach, Verus is promoting a more sustainable approach.

The Verus Coin

The Verus Coin (VRSC) powers the Verus ecosystem. VRSC is used for cheap, fast, scalable, and final payments. The maximum supply is 83,540,184 VRSC. All coins in circulation are earned by mining and staking. Users pay VRSC to the protocol to create interoperable blockchains, for VerusID creation, and to create tokens and currencies.

It is worth noting that Verus never had an ICO, didn’t have a premine and has no developer or founder fees. It is a true community project in the spirit of Bitcoin. There are no companies, people, or other entities that take rent from the Verus multichain network. Interested individuals can buy VRSC through multiple exchanges, that the token is listed on. VERUS Coin’s price was up 500% in the last 5 months, producing massive profits for early investors.

Benefits of Verus

• Impenetrable privacy: Verus makes sure user data is protected. Its numerous features, including the Verus Vault, significantly lower the risk of breaches.
• Superior user experience: With VerusID, users won’t need multiple wallets or complex setups. This is perhaps one of Verus’ most popular features. 
• Scalability: Verus accommodates a growing user base without compromising speed or performance.
• Future-proofing: The entire Verus system is built with adaptability in mind. This makes evolving according to changes in the environment seamless.

Pros and cons of the Verus system

Verus has a long list of pros. Firstly, Verus is a multichain network where anyone can create customizable, independent, interoperable, and scalable blockchains with a few commands, provisioned by miners and stakers of the Verus network. Plus, it has a strong focus on privacy and security. Second, through advanced features like VerusID and cross-chain swaps, the project establishes itself as a smart project testing out innovative solutions in the market. Additionally, a scalable and energy-efficient consensus mechanism adds to its appeal. On top of all of these benefits, the platform boasts an active and transparent development team. 

However, no project is perfect and Verus does have a few roadblocks. The protocol is relatively new compared to more established blockchains. This could mean limited adoption. Also, a new project would require more educational efforts to get potential users familiar with its system. It’s natural to expect skepticism and reluctance to check out a new project in a space like crypto, where there’s a new project cropping up every day. And finally, the project’s dependence on community-driven development might slow feature rollouts.

Public review

After a detailed assessment of the Verus system, it is clear that Verus is a promising project with several smart solutions that could impact the blockchain industry. The system holds the potential to improve privacy and trust and make waves with its unique capabilities. 

But, what does the public think about Verus? Verus has a score of 3.7 on TrustPilot, with one user calling it “A blockchain pioneering technical innovation, thriving community, and commitment to excellence.” This positive reception shows that the project is well received. Our verdict: 4.5 on 5.

Conclusion

We have learned through detailed analysis that Verus is a promising privacy-focused project that offers interesting solutions such as Public Blockchains as a Service (PBaaS). It uses the Proof of Power consensus and offers safe, flexible digital identities. In short, it tackles some of the most pressing issues — privacy, scalability, and interoperability — through advanced blockchain capabilities. For those looking for an interesting project to sink their teeth into, Verus is a must-check. For more information, visit the Verus website and its socials.