Why should you hold Vericoin and Verium Reserve in your portfolio? (VRC & VRM)
** All credit for this detailed and informative writeup goes to fellow redditor; Guitarpianolover **
The internet 's first killer app was the email. Not myspace, not facebook. It was important that the internet got email right first before anything else. You couldn't have predicted facebook in 1995. Even if someone did (and someone did) and actually worked on the idea in 1995, a social network would likely fail as things in technology need to work in the right sequence. (email and search engine, blogging, ebay/amazon/, paypal email money = > social media like FB/instagram)
In Crypto, the first killer app is undoubtedly payment. And we are still some way off from getting our first killer app down! Mass adoption is still the goal and I believe there is room for multiple cryptocurrencies to thrive in the scene.
The scaling issue One problem to achieving that is bitcoin is slow and expensive to send nowadays. It will likely stay as a reserve cryptocurrency due to it's adoption rate and media coverage. With the Bitcoin cash fiasco, hopefully people now are more familiar with the limitations of bitcoin - But this is why I am bullish on vericoin/verium stack.
The possibe solutions to the scaling problem: Solution 1 : Upgrade Bitcoin's protocol Bitcoin will likely scale gradually with increased adoption. Though due to internal politics and design constraints, this process will be slow. Solution 2: from Nick Szabo :Bitcoin need a second layer blockchain to speed up transaction. Bitcoin simply was not designed for daily use. Currently the bitcoin network process about 3 to 7 transactions per second. If you buy a coffee with bitcoin, you may need to wait for hours, not to mention the txn fees will cost more than the coffee itself. Therefore, Bitcoin needs a second layer blockchain to speed up transaction and lower fees. Natually Bitcoin/vertcoin/litecoin would form a stack : with Bitcoin as the de facto reserve cryptocurrency, vertcoin/litecoin will serve as a second layer blockchain via atomic swap/lightning network Solution 3: An alternative Crypto stack such as Vericoin/Verium.
Le'ts start anew and get the tech right from the get go. No politics and solving the scaling problem right from the beginning. Again, the whole crypto space is growing at a tremendous rate, we see different country issued currency competing with each other, and the same should happen in crypto. As more money gets in, rising tide raises all boats. Verium/vericoin could possibly serve as the alternative crypto standard. No politics and the tech is right on the get go. By learning from bitcoin's mistake by observing, it solves the scaling issue (at least in the immediate future) by having a dual blockchain system, with variable blocktime and mining difficulty that adjusts themselves depending on the network status.
I hope Verium/Vericoin gets more attention and the tech behind it certain deserves it. With the Bitcoin Cash fiasco lately I hope people are doing more research regarding the scaling issue, and hopefully would arrive at the same conclusion that coins like VRM/VRC are worth watching.
Tldr:- Bitcoin too slow and too expensive -need second layer blockchain like VTC/LTC to speed things up and make things cheaper/ -or we can have coins like Verium/Vericoin as an alternative, with the right tech from the start
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