Speaker : Mike (Lead & Developer)
Date : Saturday, July 31, 2021
THERE IS 3 SESSION FOR AMA
2. QUESTION FROM TWTITTER
3. FREE ASKING
SESSION 1 ( INTRODUCTION )
Hello Mike Welcome to IDCRYPTO community, we are glad to be with you here.
Hi! Glad to be here and thank you for hosting this AMA.
Session 1 Knowing The Verus Development in Q2.
1. Previously the speaker for Verus was mr. Rahdi, and at this time we don’t know you, could you introduce yourself to us?? And please tell how you started a crypto business to the idcrypto community?
While I have started a number of projects and businesses in the past, including the WebFives social network, which was purchased by Microsoft and also Microsoft’s .Net platform, Verus is very different, as it is not a business. It is a worldwide blockchain network with no ICO, no premine, and no founders reward, so in that sense, it is much more like Bitcoin than most other crypto projects, and yet Verus also has the most advanced identity and DeFi/AMM technology of any network in crypto. Verus was started in an effort to properly move blockchain technology forward and realize our vision of Public Blockchains as a Service (PBaaS).
Verus was launched with zero coins premined, and all Verus coins exist because they have been mined or staked by someone on the Verus network.
Cool, you’ve had a really good experience, should Verus be great under a developer like you.
2. Can you share how Verus has developed in the Q2 and Q3 ???
Since we already have been testing our solution to MEV and multi-currency liquidity baskets for almost a year now on testnet, our focus in this quarter has been to complete the multi-chain, extreme scaling work, which will be integrated into the upcoming mainnet release, and also to complete the Ethereum bridge, which will allow Verus currencies to be used on Ethereum as ERC20s and ERC20 currencies to be used on Verus. Those efforts are almost complete, and we will soon be working 100% towards releasing the mainnet with multi-chain and DeFi capabilities. We expect the mainnet release of this groundbreaking technology in Q3.
Perfect development. Thanks for answer this question.
3. What do you think about developing the Verus project so far?? Is all going well as plan?
Over 3 years ago, we laid out a vision that most people believed was impossible. We didn’t care what naysayers believed. We built nonstop from the beginning. We are now at the point where every technology we described in our vision paper is complete with benefits in security, ease of use and fairness of DeFi. It is all working on the public testnet today, and we will soon releast to mainnet. I could not be more pleased with the fact that mainnet will soon enable the entire vision. When that is released, I believe the period where we start to experience true awareness in the industry will begin, as to use Verus will be to save or earn more money. In my opinion, we are currently the most underappreciated project in all of crypto, partly because we do so much. Soon, I believe that will change.
Cool, I hope mainet will be released well as planned.
Very happy to know your progress, I hope here can make more succesfull development in the future.
SESSION 2 ( QUESTION FROM TWTITTER )
1. From @yatinn21
Community is the pillar of every company. What is #VenusCoin strategy for building a strong global community? How can the community contribute their quota towards the success of #VenusCoin and generate passive income?
Verus is a protocol and a community. It is not a business, there is no single entity in control of the protocol, mining, staking, coin, or future. There are thousands of Verusians in the community, and there are companies and organizations in and supporting the community and development as well.
As with Bitcoin, Verus is a public protocol, and while the Verus Coin community developers and other contributors, including the Verus Coin Foundation, update and upgrade the protocol, ultimately, the people mining and staking Verus power the network. In the earliest days, a number of the founders directed a large portion of their early staking and mining rewards to the Verus Coin Foundation, a private, non-profit organization, that does not control the project and is not controlled by the community, but has supported the project for years in realizing the Verus Vision and continues to receive donations for it to continue its work.
Our community is strong, knowledgeable, and passionate about the unique solutions Verus provides. We are always open to new Verusians, and visitors to our Discord will find many of the main community contributors talking and sharing thoughts and ideas in the open every day with people from around the world.
As far as generating income, Verus offers mining, staking, and beyond that, as a community project many stakeholders in the community, including the Foundation, reward meaningful contributions in many areas to help ensure that people who really do contribute to the project find a welcoming, supportive place with financial opportunity.
Nice very detailed explanation.
2. From @Sophiamangak
Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is it like this? If not can u tell us, What makes it different from other projects?
Though we realize it is quite unusual these days, the Verus community is a community, as mentioned, and as such, we lay out a vision and don’t make promises. Both mainnet and the community came into being May 18th, 2018 and published the Verus Vision paper in June of 2018. It was a Vision and a call to action for people worldwide to help realize the vision of Public Blockchains as a Service (PBaaS), which we have now completed. These technologies are running live, worldwide, and are being prepared for mainnet release. Verus may seem like magic, but we did not make promises. As a community, we agree on and work towards a vision. We have now built every technology in that vision paper of 3 years ago, and even more than what we originally described.
Thanks you for your answer.. I hope our community understand with your explanation.
I hope so, and please let me know if I should clarify anything.
Sure, thanks you sir.
3. From @elliekingcash
What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?
This last year has already marked some incredible milestones for the Verus Coin community. Last year, we had already had the industry’s only self-sovereign, revocable, recoverable identities running on mainnet and had started up a worldwide, multi-currency, DeFi capable testnet. We made the decision towards the end of the year that before we would release the new, multi-currency DeFi technology to the Verus mainnet, we would finish our multi-chain protocol and connect to the Ethereum network through a decentralized bridge, which is now almost complete.
That is what we refer to as the “Verus Bridge”, and of course, Ethereum is only the first, large external system we expect to bridge to. To understand how Verus multi-chain and the Verus Bridge work, you can think of Cosmos, Polkadot, and Thorchain all in one, but without smart contract issues and where all mining and staking is fully decentralized, all blockchains are independent, and all projects get DeFi and AMM connectivity to Verus and all networks for which it has a bridge.
Our community priorities now are quite simple:
Finish the Ethereum bridge and roll it out to the worldwide testnet as a bridge to Rinkeby. That release is imminent.
Complete final protocol, harden, test, harden, test, harden, and test.
Release to mainnet along with new mobile and GUI wallets that will support all Verus features. Our community target now is to release the mainnet upgrade well before the end of Q3, 2021.
sounds interesting, with verus on the ethereum network, it will add a very large volume, Next question.
4. From @truongtran0305
Can you explain the background of your team? How will you and your team carry out this project during this current pandemic(COV-19)?
Since the Verus project is a worldwide community, not exactly the traditional kind of “team”, we naturally have a large variation of experience and talent. Many contributors worldwide have a great deal of experience in building large systems or in finance, and other have joined to help because they believe in the vision and want to be a part.
As the lead community dev, I personally have about 40 years of software development experience, from kernel lead on Windows 95 to founder of the Microsoft .Net platform, to Corporate Vice President at Microsoft, to developer of the WebFives social network, later purchased by Microsoft, and then Technical Fellow of the Microsoft Ad platform, working on machine learning systems to learn about people from their behavior online.
Other contributing developers in the community have years or decades of experience. We also have a contributing Corporate member with a CEO who is very active in the community and was an investment manager who led about $97 billion in fund investments and later served as a Vice President at JP Morgan before leaving and pursuing a vision that was so aligned with Verus that when he learned about Verus, he immediately joined the community and has been a contributor in many ways since.
We are a worldwide community of people, not a company or team, and we hope those interested and able to contribute join us. As the community grows, we periodically update our website with all of the recognized contributors to the project. Since we all work independently and worldwide, we have had some people in the community seriously affected by COVID-19, but the Verus project itself has only gotten stronger as people realize that with more remote work comes more need for digital identity and currencies as well.
Thanks you for your answer. it’s good sir And your experience is awesome.
5. From @Kokila93603877
This is a global cryptocurrency competition, so features are critical to attracting investors and the community! Can you provide a list of killer features that will make your competitors run away from your project?#VerusCoin.
Verus is a rent-free public protocol. It is extremely hard to compete with a valuable, rent-free protocol, since there is no profit being directly or unfairly extracted by any central organization from the Verus network.
Verus is the only (or first) network with:
1. A provably 51% hash attack resistant algorithm
2. The first solution to the “nothing at stake” stake attack
3. The only fully revocable, recoverable blockchain IDs with friendly name crypto addresses
4. The first complete solution to the DeFi MEV problem
Most efficient and lowest cost DeFi
5. The only system with both identity and multi-currency at layer 1
Rather than compete and/or runaway, we believe that anyone who would be competition should just learn that their best option is to join the Verus network, use it, and build better applications and solutions.
I added (or first) to the statement, since I believe that now some other networks have built provably 51% hash attack resistant consensus algorithms. We were first on that, and we are the only system with 3 – 5.
Incredible, actually the project you built is really great And I hope it will be more successful.
Thank you, We believe it will, which we also believe will be both good for Verus as well as the entire crypto movement.
Thanks for explanation in the first and second session.
I hope our community understand and fully interested to help building Verus Coin.
SESSION 3 ( FREE ASKING )
Does the VRSC token have a STAKING plan. If you how to STAKING using $VRSC tokens?
Verus has staking on the network. If you have coins in your Verus native wallet, you can enable staking in the GUI. Then, you are staking the network and actually making blocks, as a miner, but your VRSC coins are your power and determine your chances. Right now, I believe the return on staking is in the 8% range on the network, but I may be off by a percent or two.
Where can I buy your tokens right now and also which wallet support your token?
Currently, NFT is very hot, do you think you will apply NFT technology to your products in the future?
VerusIDs are actually quite capable of providing more NFT capabilities than people currently expect from NFTs. The community absolutely expects to apply our deep solution approach to release a better technology for NFTs based on IDs at a release after the PBaaS release. Right now, our focus is to improve scale, security, and function on today’s blockchains. Applications can use IDs today as NFTs, and deeper support for advanced NFT technology will be developed after the PBaaS release.
I see on bscscan there is 1 wallet holding more than 50%, is it a dev wallet?
There is no wallet holding such amounts. The largest holder, as far as I know, on the richlist, is the SuperNet investment fund, which mined, staked, and purchased their coins. They are somewhere around 7%, and I know of no organization or individual who comes close to that. If there is such a website saying what you said, it is false.
When scalability for a blockchain is so important, how does Verus handle this?
Is Verus’ scalability very good?
Verus scales with PBaaS technology.. With the multichain network, it will not have difficulty running over 100,000 TPS across the network. Here is a link to a presentation that includes this kind of scaling information on slide 7.
Many projects rug pulled and exit scam recently. Why should investors trust in this your project not to do the same?
Verus is a better platform for DeFi, not a DeFi project or contract. Verus DeFi technology is based on layer 1 protocols, which are part of the consensus mechanism that makes all the native coins on blockchains, like Bitcoin, Ethereum, etc. secure, and unlike any other system today, Verus has layer 1 currency-correctness enforcement for all currencies on the system. It’s multi-currency is in layer 1, not based on smart contracts which cannot enforce correctness of their currencies in a global way. Decentralized DeFi baskets on Verus do not give their launching projects the ability to rug pull in the normal sense of what people are doing in contracts today.
MORE DETAIL ABOUT Verus Coin