Sabtu, November 27, 2021
BerandaAMA RecapRECAP AMA IDCRYPTO X VERUS

RECAP AMA IDCRYPTO X VERUS

Speaker : Verus Team
Date : Saturday, February 27th, 2021
THERE IS 3 SESSION FOR AMA

  1. INTRODUCTION
  2. QUESTION FROM TWTITTER
  3. FREE ASKING

SESSION 1 (INTRODUCTION)

IDCRYPTO:
Hello Rahdi Fakhoury and Chris, welcome to our community, we are glad to be with you here.

Rahdi Fakhoury:
Thank you!

Chris:
Thank you.

IDCRYPTO:
Please introduce yourself and tell how you started a crypto business to the idcrypto community !?

Rahdi Fakhoury:
Verus is a 100% open source Community project with contributors all around the world and it’s a bit different than what you’re used to in the sense that there is no business or bank in the background taking a cut. Is a community-driven project lead by a legendary developer Michael J. Toutonghi and other community members from around the world, Like us here today: Chris, Macoofer and Rahdi.

IDCRYPTO:
And please introduce yourself and your background to us?

Chris:
Im a software developer who has been with the project from its conception back in 2018 May, I write the mining software for CPU and GPU , also other blockchain software and help explain the technology.

Rahdi Fakhoury:
Hello it’s nice to meet everybody, I initially got into Bitcoin back in 2011 and lost track and refound it in 2014 and I started a YouTube channel called the Bitcoin miner. Where I’ve been teaching people about Bitcoin and other cryptocurrencies and how to get involved for the last 6 years.

Macoofer:
I started looking into the whole crypto world around a year back as I was curious about the mining aspect of crypto currencies. After some experimenting, I built a few mining servers for various coins that are now up and running for just under a year. As I was gathering more information I found the verus project and community and immediately got hooked after a warm welcome and insights of their huge potential. I’m trying to be more involved ever since and currently working on a series of explantory animations for the community.

IDCRYPTO:
Very interesting background, thank you for introducing yourself to us.
Next, can you introduce about Verus to the IDCrypto community?

Rahdi Fakhoury:
Verus is a truly free, decentralized protocol and rent-free blockchain framework that provides chain interoperability that can scale to the world. It’s not just a protocol, but an ecosystem of interconnected blockchains. Once on mainnet, the Verus DeFi system will be a fractal, market-driven, and completely liquid worldwide network of independently valued currencies and protocol-based currency baskets that allows anyone holding Verus to perform cross-chain transactions, launch a fractional reserve token and merge mine and stake on up to 22 blockchains at once.
The next generation DeFi enabled platform is designed as a scalable, secure, public network with privacy built-in. Verus offers superior decentralized finance for community driven liquidity by utilizing simultaneous parallel processing of DeFi transactions, allowing Verus to advance the technology underpinning automated market makers and community liquidity. The result is a series of improvements including the elimination of front-running, lower costs and optimization of liquidity.
Verus was fairly launched with no ICO, no pre-mine, with advance mining notice, and no development fee or other rent-seeking taxes, with one-hundred percent of rewards from the network returned to miners and stakers. It’s unique consensus algorithm called “Proof of Power” – 50 percent Proof of Stake and 50 percent Proof of Work – is a provable hybrid solution to 51% Hash Attacks and the staking algorithm solves the two major theoretical issues undermining other Proof of Stake systems, “nothing at stake” and “weak subjectivity” by leveraging its smart transaction capabilities to remove any incentive to attempt cheating, making it a losing proposition. No specialized mining equipment is necessary to mine VRSC; VerusHash, a quantum secure hash algorithm that is near-equally mineable on both CPUs, GPUs and FPGAs.
Verus offers recoverable friendly name identities, and unique smart transactions to ease the development of applications and services. In addition to these capabilities, which are available today using the Verus Desktop GUI application for Windows, Mac, and Linux platforms, Verus is testing its upcoming release that supports unlimited tokenization of assets.
Coupled decentralized bridging protocols which will allow various coins, both ETH-like and UTXO coins, and others, to be represented on the Verus system in a decentralized manner, and it will also allow all Verus-created currencies to be sent to and represented in the Ethereum network as automatically created ERC20 tokens. This will lead to an expansive universe of potential tokens and coins with liquidity across the Verus system and other leading blockchain networks.
Recoverable Human-Readable Names.
Smart Transactions
Protocol-based Currency Baskets
Interoperability
Automated Market Makers
Decentralized Bridging Protocols
Cross-Chain Transaction
Onchain Conversions
NFT Identities, Gaming, Collectibles and more.
Verus has 4x the supply of Bitcoin for a total supply of 83,540,184 VRSC.

IDCRYPTO:
Verus looks very interesting, thanks for a very detailed explanation, I hope the community can understand what Verus is.
Next, Can you share with the community what Verus has been doing since its launch?

Macoofer:
Verus is Building the Next Generation Defi Enabled Platform That Offers Solutions For Defi’s Challenges And a Blueprint For Blockchain Evolution!
But it all started on May 21st, 2018, without an ICO, without a pre-mine, and taking no development fees, and within minutes of its announcement, it was mined and staked by thousands of network members worldwide. That was almost three years and in that time Verus has has solved some of the biggest problems plaguing other blockchain today.

Rahdi Fakhoury:
We do too!

Macoofer:
Verus (Verus.io) is on the leading edge of scalable blockchain technology with a Provable solution to 51% Hash Attacks, by utilizing a unique consensus mechanism: Proof of Power a 50% Proof of Work and 50% Proof of Stake.
Proof of Power is a groundbreaking consensus protocol that uses a unique hash algorithm, VerusHash, a quantum secure hash algorithm that nearly equalizes the cost and performance ratios of most computers, lowering the hardware barrier of entry and making it so that anyone can help participate in securing the Proof of Work network.
Verus protocol also elegantly solves two theoretical weaknesses in other Proof of Stake systems, “nothing at stake” and “weak subjectivity” by using smart transactions and consensus enforcement to remove any incentive to attempt a “nothing-at-stake” attack, making it a losing proposition.
VerusIDs are true self-sovereign identities and aren’t simply an ID system as much as a fully functional blockchain NFT protocol.

Verus ID provides:
Quantum ready friendly crypto addresses.
Fully decentralized IDs, anyone can create one and have complete, self sovereign control,Revocable,Recoverable,Private And with a Built-in Decentralized referral program, enabling natural growth.
There are many Innovations happening on the Verus blockchain to list here and we invite you to come join our Discord and learn more about:
Verus’ whole system build that offers fundamental advances woven into the protocol layer that create an interoperable-blockchain DeFi network.
Currency Launches with Fractional Reserve Option: Anyone with a VerusID can launch a currency on the Verus test network as a stand-alone currency or with a fractional reserve. The fractional reserve can be a basket with multiple tokens providing built-in liquidity pools and access to finance.
Front-Running Resistant Protocol:

Simultaneously solves all DeFi transactions for a particular currency or liquidity pool in a single block, meaning that neither miners nor fee inflators gain by putting one transaction in front of or behind another, since there is no “front”.
No Fluctuating Gas Fees: Conversions are as quick as sending currency and fees remain flat at 0.025% between fractional basket currencies and their reserves in either direction and 0.05% for reserve<->reserve conversions, which are preferred for arbitrage or currency agnostic, conversion bargain-hunting.
Interoperable Blockchain Bridges: The Verus network enables bridging with other blockchains that implement a specific protocol interface. This cross-blockchain protocol works automatically between independent and merge-mineable PBaaS blockchains on the Verus network, and there is an ETH contract-based implementation of the protocol in progress.
Revocable, Recoverable & Theft Resistant IDs: For the first time ever, using VerusID (technology currently on mainnet), people using the network can recover funds in any currency on the network, should private keys be lost or stolen. Funds can be inherited if a wallet owner passes away. This is all possible while remaining 100% self-sovereign and decentralized.

IDCRYPTO:
did Verus do a token sale? how and where do we get the Verus token?

Chris:
No, we had no ICO or token sale, we have a Verus Foundation which supports the project through donations and community support.

Rahdi Fakhoury:
You can find Verus on exchanges.

Macoofer:
Ontop of getting Verus coins through the exchanges, you can also mine and stake verus coins.

Rahdi Fakhoury:
Earn VRSC with Referrals
VerusID has a referral system in which anyone can earn VRSC. Referrals go back 3 levels as part of the blockchain rules. An unreferred VerusID costs 100 VRSC, all of which goes to the miner or staker of the block that contains that VerusID registration.
If someone has a referral, their VerusID costs 80 VRSC, and 20 VRSC goes to the referrer. If the referrer has a referrer, they also get 20 VRSC. Up to 3 referrers get 20 VRSC each and the remaining 20–60 VRSC goes to the miner or staker of the block.

SESSION 2 (QUESTION FROM TWTITTER)

IDCRYPTO:
Question 1
Can you tell us about the unique innovation that @VerusCoin brings to make futures trading more perfect?
From:@Didikpluss

Chris:
Starting with Ethereum as its first multi-currency bridge to other networks, the Verus cross-chain multi-currency and identity protocols enable interoperability across the world’s blockchain networks, allowing for a decentralized Internet of blockchains, currencies, and tokens and the next evolution in decentralized world finance. The new tools and capabilities on today’s Verus testnet will encourage people to move from a single currency or chain mentality to one of cryptocurrency fungibility and blockchain project collaboration, which in the Verus Vision, is what enables society to benefit from the potential of Public Blockchains as a Service (PBaaS).
Verus is a foundational blockchain that builds key primitives at the consensus level of the protocol and is a UTXO-based cryptocurrency with DeFi in its consensus protocol and utilizes liquidity pools, automated market makers and fractional currencies in the Verus ecosystem.
In a Decentralized Finance (DeFi ) system there are no people you buy or sell your currency to. You only interact with a pool of liquidity. Inside this pool of liquidity can be many different currencies, small or large amounts. The liquidity pool is attached to a currency. The currency that is attached to the liquidity pool has a value that is determined by what is in the liquidity pool.

IDCRYPTO:
Question 2
Regarding Revoking and Recovering, if someone irresponsible has our identity, can that person do Revoking and Recovering without us knowing? how do verus verify the authenticity of data identity from forgery?
from: @PertamwRonem

Rahdi Fakhoury:
In order for someone to “have” your identity, they would need your wallet.dat file, which holds not only all your transactions, but also your private keys, or otherwise have your private key, associated with your Verus ID.
If you have for example one ID and revoke and recovery both set to “Self” Someone who has access to that ID also has rights to revoke and recover.
In order to prevent this, you could for example make a second (or more) ID, where you have a separate key to revoke and recover. And you could put the private keys to those (and the seeds) in a different secure location (safe, safety deposit box in a bank, etc).
In an optimal situation you could have say 3 ID’s, each of them separately crosslinking to each other in terms of revocation and recovery, making it impossible for anyone to revoke and recover any Id, unless they have access to all 3 ID’s.
The ID’s are hashed into the blockchain and undergo the same verification and confirmation protocol as any other transaction, so if a transaction can’t be manipulated, so can’t authenticity of an ID. Therefore, forgery is not possible.

IDCRYPTO:
Question 3
can you explain what is VerusID? what are the advantages of making VerusID? and what are the requirements to be able to enjoy the features of VerusID? is kyc needed?
from: @samkeceng4

Macoofer:
VerusID: Arguably the most advanced self-sovereign, decentralized identities; they are revocable and recoverable identities on the blockchain, packed with features and capabilities for everyone to use.
Having a verus ID, allows you to bundle and endless amount of wallet addresses under one easy Identifiable name, eg: Jack@, instead of
Verus wallet address: Lhkj3456hkjgb567b345kjh345hkjg345kjgh
Bitcoin wallet address: 3425lkj3456lkjh467lk867lkjh345hkj3456
ETH wallet address: 345lkjh567lkjh867lkjh4536lkhj453jhg4563hkjg
Any other coin wallet address: k45h36lkjh56lkj67hlkjh456h4l6hjg3456hjg3456
This Id also self-determines what sent crypto currency, goes into which specific wallet address, as it will recognize it automatically.
A verus ID allows you to digitally sign documents, files and you can even send private messages, participate in voting, and more.
In the future, additional features will be enabled like:
The ability to make a blockchain or token without any coding.
Make a fully decentralized website.
Your ID can even be used to log into websites, services, and more.
With VerusID, the possibilities are endless.
In addition, VerusID provides a theft resistant Verus Vault capability, which allows you to time lock an ID, enabling you to actively stake all funds it controls, while still requiring that the ID be unlocked and wait for your originally specified time delay before any funds can be spent. During the unlock time, you have the ability to revoke and recover your funds if the person who unlocked them was not you. You can use the Verus Vault feature to protect against funds or identity theft, and you can also use the time lock feature to setup flexible trusts, vesting schedules, and more.
For security, see the answer on Question #2

IDCRYPTO:
Question 4
you have released mining veruscoin from smartphone? Does the percentage of mining revenue depend on smartphone specifications? Is there a minimum recruitment for mining Veruscoin
from: @ReinSari

Chris:
Mining Verus is primarily based on the number of cores or threads you use, and the ARM CPU generation, thus, yes, the higher those specifications, the more hashrate you get, the more mining revenue you get. You need an ARM-supported CPU (64 bit) and a 64-bit OS to mine on a mobile device or Tablet. For example: a snapdragon 625 octacore. This for example, an octacore snapdragon 625 at 2Ghz+ will get you around 3.5 – 3.8 MH/s Compared to a Ryzen 3900X CPU which will get you around 30MH/s.

here is a miner you can run straight away without compiling on Android.

IDCRYPTO:
Everyone can do mining Verus from their smartphone.
that’s very interesting, most mining must go through machines and computers that have capable cpu’s and gpu’s, but you can do this from a smartphone.
Question 5
What is the teams orientation and development plan for 2021 in the Defi region, and why do you think Defi, this immature term, has a future? What results do you expect to achieve?
from: @Ontortk

Rahdi Fakhoury:
While much of the dialogue in the blockchain and crypto space dwells on record breaking increases in gas prices and fixes to scale Ethereum, developers are already coding historic technological advancements in the protocol layer that solve many of the issues and challenges the blockchain community is facing.
There are many projects making huge advancements in the areas of consensus algorithms, privacy, self sovereign identities, fractional reserve currencies and bonding curves, conversion, currency design and launch, but the space has yet to see a protocol that is simultaneously and expediently innovating on all of these layers and weaving the solutions together — until now.
While many blockchain developers are still cutting their teeth on this technology, the lead developer of Verus has been around for a while. While Mike Toutonghi often shys from the limelight and shuns hype, it is worth telling that he is a seasoned web veteran who led Kernel development on Microsoft 95, and is also one of the founders of Microsoft’s Java efforts and .Net. Much like his days at Microsoft, where he was adding threads to operating systems where there were none, starting platform efforts that are now used by millions, or architecting data systems for Internet scale advertising, he similarly felt needed to help build the world’s future blockchain infrastructure.
Toutonghi saw that chains needed to talk to each other, that consensus algorithms were not resilient enough, and so began by adding Custom Consensus (smart contracts) to Bitcoin script. The development pioneer went on to modify the core consensus rules and now Toutonghi, alongside his son and dozens of leading developers around the world, are pushing the limits even further, mitigating some of the biggest vulnerabilities and innovating solutions by doing what Toutonghi does best — inventing solutions, weaving across layers, and building bridges.

SESSION 3 (FREE ASKING)

Charlene Little:
What is the transaction speed of VerusCoin in comparison with ethereum erc-20 blockchain and others?

Chris:
Verus Coin is on average 250/s per chain, compared with 32 /s on ETH. Remember Verus has many sub-chains that can be launched so the transactions scale up phenomenally

Eugenia Waters:
DeFi is the new frontier and already buzzing in 2021, what roles do you play in innovativeness of DeFi and what’s your approach to DeFi and ultimate DeFi solutions?

Chris:
Ethereum has shown us what great DeFi capabilities Block chain technology can offer, Verus Expands on that and makes DeFi Faster cheaper and better. You can launch your own Liquidity pools like uniswap with a simple command on the Verus node. Then earn fees buy holding you own LP tokens you created. Furthermore you can create multi currency baskets with up to 12 different currencies in them.

Amelia:
I still haven’t found a market exchange that trades Verus token, or Verus token sale, how do we get Verus token / coin?

Chris:
See link posted earlier called “Get Verus”

Nicki:
Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?

Rahdi Fakhoury:
Unfortunately this is all too true too many times in this space but Verus is different!
Everything we have talked about here today is currently live on mainnet or on testnet! The community does not believe in hyping something that is not available for people to see and test (Further Information
)

Amelia:
I still haven’t found a market exchange that trades Verus token, or Verus token sale, how do we get Verus token / coin?

Rahdi Fakhoury:
Get VRSC

Abbie Bernhard:
Many projects with elastic supply tokens have proved to be failures, they have not kept their price. Why does VRSC have the potential to excel? What are the different algorithms used?

Rahdi Fakhoury:
Verus (Verus.io) is on the leading edge of scalable blockchain technology with a Provable solution to 51% Hash Attacks, by utilizing a unique consensus mechanism: Proof of Power a 50% Proof of Work and 50% Proof of Stake.
Proof of Power is a groundbreaking consensus protocol that uses a unique hash algorithm, VerusHash, a quantum secure hash algorithm that nearly equalizes the cost and performance ratios of most computers, lowering the hardware barrier of entry and making it so that anyone can help participate in securing the Proof of Work network.
Verus has 4x the supply of Bitcoin for a total supply of 83,540,184 VRSC.

Abbie Bernhard:
Many projects with elastic supply tokens have proved to be failures, they have not kept their price. Why does VRSC have the potential to excel? What are the different algorithms used?

Rahdi Fakhoury:
And with the Public Blockchains as a Service ecosystem activation, Verus miners will have the capabilities of mining up to 22x other chains, simultaneously! This practically multiplies your mining hardware hash power by 22 times, all while not drawing any more power! This process is called Merge-Mining and is available to everyone.
Additionally, you can stake as many coins as you want in the Verus ecosystem.
Verus has a robust decentralized and thriving protocol economy with opportunities for everyone to earn through mining and staking.
Verus, the next evolution in cryptocurrency and beyond.

Marisol Wilkinson:
As Personal Data is very Impotant, How will You provide total security?

Macoofer:
Verus is based on the zero-knowledge proof and your ID is directly induced in the blockchain, so every bit of information going in or out is automatically identified and confirmed.

MORE DETAIL ABOUT VERUS

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Oezankhttps://idcryp.to
Oezank is a Crypto Influencer who has more than 2 years of experience observing Crypto projects and strongly believes in blockchain technology in Indonesia.
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